Product, Price, Promotion, Place, and People—if you have ever studied marketing theoretically, you must be familiar with these key elements of marketing. And if you haven’t, don’t worry! The concept is considerably simple, logical, and comprehensible. However, there are many guides over the internet but they greatly complicate the whole idea. Being familiar with these key terms are important in order to make your digital marketing structure more profound. This article will help beginners get a clear understanding of 5 P’s of successful digital marketing.
5 P’s of marketing is better called the Marketing Mix. It is a combination of marketing variables that a company uses to influence its consumers into buying their products. Such variables are broadly classified into 5 heads namely Product, Price, Promotion, Place, and People.
Being thorough with the concept of Marketing Mix is important to understand your customers and plan a successful product offering. It is crucial for both offline and digital marketing.
Successful digital marketing relies on these 5 P’s
1. Product
A product is any offering made by a company to its customers in exchange of some payment. It can be both tangible (goods) and/or intangible (service). Elements like function, packaging, appearance, warranty, quality etc. define the product decision. The value that your product delivers greatly determines the success of your marketing efforts. A product is at the base of whole marketing program. You can never successfully and sustainably market a bad product.
A very common misconception is that marketing starts after a product is created. Actually, marketing starts even before the product creation. You can’t create anything and expect it to sell. In the digital market space, there is a substitute for almost every product quite within the reach. Thus, your offering should provide a unique value. One needs to do due marketing research for product creation. Like understanding the market, the trends, the demographics and interests of target customers are all important to come up with the right product.
2. Price
This element of marketing mix refers to the pricing decision of a product. Discounts, payment arrangements, credit terms, and any price-matching services offered are also a part of this decision. The price a customer has to pay for particular goods or service greatly determines his/her buying decision. Thus, a sound pricing strategy is fundamental.
The production and promotion cost, the value a product/service provides, the market price of your offering, and the likes are some core factors of pricing decision. Online marketplace is so full of choices. For effective digital marketing , it is crucial to come up with a pricing strategy that helps your business stand out.
3. Promotion
This marketing mix function aims at creating brand awareness in order to reach the target customers. It consists of sponsorships, public relations, and advertising activities. Content marketing, email marketing, affiliate marketing, social media marketing, SEO, and other digital marketing efforts define Promotion. You may have created the best product in the world but it still may not sell if you don’t effectively promote your brand.
Thus, Promotion is a fundamental block of digital marketing mix. Define your target customers by creating a buyer persona and base your online promotion strategies on it. Promotional activities on digital platforms affect your pocket. Thus, it is important to ensure you spend smartly and get the most out of it. Now, many competitive digital marketing company in Mumbai and SEO agencies in Chennai are available that can help you generate high ROI on marketing.
4. Place
This element of marketing mix determines where a product will be ‘placed’ so as to gain market share and customer purchase. It basically defines the path through which a company reaches customers with its product. The process is also referred as distribution strategy. There are more than one channels of distribution and may look like as follows-
- Producer -> Wholesaler -> Retailer -> Consumer
- Producer -> Retailer -> Consumer
- And Producer -> Consumer
However, none of these distribution channels is absolute. Different businesses have different distribution requirements. Figure out which channel works the best for your business.
5. People
People refers to your production staff, digital marketing team, salespersons—basically anyone and everyone who is involved in the product or service directly or indirectly. These are the people who make the product, bring them to customers, talk to customers, give post-purchase services, and are largely responsible for the overall customer experience.
All the other components of the marketing mix are dependent upon the People element. These are the ones who carry out the tasks on each level. Thus, make sure to employ highly skilled and efficient People for the above mentioned business operations.
Final word
5 P’s of marketing, better known as marketing mix, is a set of five key marketing elements. The product element defines the creation of a profitable product. The next is to determine a price. After this comes promotion which defines the path for brand awareness and reaching the target audience. Place element comes up next which determines the ways to make the product reach the customers. And lastly, people are the indispensable part of this paradigm as they are the ones to carry out all the above-mentioned activities. Thus, understanding 5 P’s of marketing and constructing a sound marketing mix is crucial for successful digital marketing.
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