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if you didn't know the 5Ps of digital marketing until now, would you like to know what each one is? In this post we are going to explain you what each one of the 5Ps of marketing consists of so that you don't have any doubts. Keep reading!
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A marketing plan is the basis of any strategy that a company wants to undertake in order to achieve its objectives. Without objectives and without a well-defined plan, it will be very difficult to get down to work.
Although it may seem so, a marketing plan is not only where the company's objectives are stated, but it also includes other important aspects.
In short, a marketing plan is a document or a report where the market studies that our company has carried out are collected as well as the analysis of the competition to know what our strengths and weaknesses are and what we have to work on.
The marketing plan also includes the objectives, the strategies that we are going to carry out to achieve them and the planning to follow.
Once we have carried out this study, we can get down to work with our plan because we will have analysed all the necessary points and we will know which aspects we need to work on. Making a marketing plan is not a task that can be too complicated, but it is important to follow all the steps to know how we are going to act and what strategies we are going to follow.
However, another aspect that we must also take into account is that our marketing plan does not have to be the same for life. We can make a marketing plan that adapts to temporary objectives. Therefore, when the objectives change, it will be necessary to change the plan. The marketing plan is essential for the growth of our company, so it is important that we revise and update it as we change the objectives and strategies that we want to develop.
However, before we determine what our marketing plan will look like and the steps we need to take to implement it, we need to consider 5 fundamental aspects. This is where the 5Ps of marketing come into play.
The marketing strategy, which is developed in our plan, has to take into account the 5 P's of marketing and combine its marketing objectives based on them. In this way, our marketing plan will be effective and will take into account all the necessary aspects to design an effective strategy, which will really help to launch our company.
what are the 5 Ps of marketing?
1. Product
This is probably the most decisive factor when developing our marketing strategy. After all, every marketing strategy has a purpose: to sell a product or service, to make it reach the customer. Therefore, determining what our product will be like is a fundamental step.
In this step we have to determine, first of all, the physical appearance of our product: its shape, the colour of the product itself and its packaging, if it has one, its design, the image we want to project and its purpose or service.
As we already know, the psychology of colour is a fundamental aspect if what we want is to have an impact on users. How we design our brand, the colours we use... create a perception of the products in people. For example, light colours, green, white... are generally associated with biological, healthy things (in terms of food products). Therefore, knowing how to choose colours is fundamental to sell our product.
2. Price
Once we have the product, we must establish the price at which we are going to sell it. The first thing we have to take into account is what it has cost us to produce it. This is a fundamental aspect because we do not want to make a loss, so we can only establish our price once we have exceeded the threshold of its own cost. It is also important that we know at what price other similar products are sold in the market: we must adapt to the competition if it already exists.
Another aspect that we can take into account when setting our price is how it will help customers, depending on how useful it will be and how long our product will be in use.
3. Plaza
this aspect refers to the channels through which our product will be distributed. This is where our creativity comes into play. We do not only have to sell our product through one channel: the more channels we choose, the more possibilities the user will have to find us.
For example, if we have our products in supermarkets, and it is also our online page, we are already giving the user more possibilities of finding our brand within their reach.
It is important to take into account where our audience is, if our ideal customers move more through social networks and online shopping or if it will be more accessible for them to find us in physical shops.
4. Promotion
At this point we are going to make our product or service known to the customer through offers and launch campaigns. In short, through these persuasive campaigns we will try to highlight our product compared to other similar products from the competition, so that they end up choosing us. In this way we position our product in the minds of our consumers and we manage to increase the number of sales.
It is very important that in order to achieve this objective, advertising must not mislead and must convey what the product offers to the customer.
5. People (after-sales service)
Lastly, we must not forget people. When we launch a product or service on the market, it is by and for people, so we must not forget them and we must do a good after-sales follow-up. In this way, we will achieve their loyalty to our brand.
In order to fulfil this mission, interaction with the customer is required, as well as first source information about the offers, services and guarantees offered by the brand, new launches, events, etc. The customer must also know that the company will solve any type of problem related to the product/service.
The concept of quality plays an important role in this post-sales process, as it ensures that the consumer perceives the added value and identifies the difference with respect to the competition.
In conclusion, these are the 5 P's of marketing that will make any sales strategy work successfully. If we follow them and establish them as guidelines when launching a product or service, it will be much easier to attract customers through it. Go ahead and put them into practice in your marketing plan!
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