Finding effective and positive ways to influence customer perception of your product is essential. Using elements from your marketing program which will motivate customers to make a purchase is something you want to do. The 5 P’s is just the beginning of your journey.
You always have to think about things that can be subtracted from your 5 P’s list and things that can be added. The more influence points you have for each of the P’s, the better it is for your marketing program. Looking at the competition is not something to be ashamed of; it may give you some fresh ideas and concepts to think about. As mentioned above, the more influence points the more choices you will have for your marketing program. You have to focus on a handful of influence points and execute them perfectly. Trying to achieve 100 influence points is not the best idea.
One great example is GLBargain which is a computer retailer on eBay from Dearborn, Michigan, that started experimenting on selling its products on eBay. They have found a successful formula are thriving now. They shifted their marketing focus to eBay and the web overall. They are now very successful and have over 5,000 sales on eBay to various states in the US. GLBargain’s marketing program is based on lower prices, fast shipping, reliability etc. All of these makes customers happy and willing to give the highest ratings on eBay.
Everyone has their own formula that wins over customers. To craft yours, think of some innovative ways to reach and influence customers in each of the five P’s and don’t forget to add them to your list of possibilities for your marketing program.
One big problem many amateur marketeers run into is making the price their main focus of the marketing program. Price is a very dangerous place to focus your power. In a way you are buying customers, rather than winning them. Its hard to make profit these days. Low prices and coupons should not dominate your marketing program, although they should surely be a part of it. Reasonable pricing is more than enough, use discounts from time-to-time but not too often, and look for other things on your lists to focus your program on.
Hope you found this information interesting. Thank you for tuning in.