If business is new to you, then the easiest way to get started is with the Five P's, product, price, placement, promotion and people - this makes up much of the core - do this first, as it will give you the opportunity to project the outcome of your time and investment.
The five P’s
Points of contact between the consumer and your communications, products and people is what matters most in marketing. These influence points make up your marketing program. Its vital to list influence points… this Is where the five P’s will help you categorize your marketing.
What makes your product unique? Determine which aspects of the product make it appealing to potential customers. All features have to be listed such as personality, look, feel, packaging etc. These can be emotional and rational features combined. Listing these will give you an overall picture of your product. First impressions are very important at the initial stage where the product is just purchased, but the products performance and robustness are important in the long run.
How does the price influence the customers perception of your product? Is this product costly for a reason? Discounts and special offers during specific seasons throughout the year belong on the list of price-based influence points. Also list any extra costs the customer may have to incur, like the cost of changing a screen if your product is a phone. Extra costs can influence a customer’s perception of your product greatly. A tactic used often is using ways to make it cheaper for a customer to switch to your product from a competitor… it’s something to think about.
Placing your product (in terms of time and space) will influence the accessibility of your product. When will your product be available? Where will it be available? The location is a huge influence, since customers don’t specifically go shopping for your product most of the time. Especially if the product is new, no one will run around looking for it. As a rule of thumb, when someone wants something, they are most strongly influenced by what is available. So, getting place and timing right is crucial for a successful marketing campaign and often quite difficult to achieve. Read more on placement here.
Make sure you have a list of all the ways you are going to promote your product to potential customers. It can be through your website, advertising, emails, brochures, signs on busses and vehicles etc. The promotional material has to be included in the marketing program since it will help shape customers perception.
Last but not least… people. Probably the most important P. Without people you cant sell your product right? Put effort in listing all the points of human contact which may be important to the success of your program. If you are running a small business the list may be small… that’s totally fine. Include this list in your planning and think about ways to impress these people and encourage a sale.
Hope you found this information interesting. Thank you for tuning in.