A solid marketing strategy should contain what is known in the industry as ‘the Ps’, including product, price, promotion, place, and people. Ensuring you include these in your business’s marketing framework should mean you have the right strategies in place to boost growth.
Proven track record
Used since the 1940s, product, price, promotion and place have been the basis of marketing strategies. The people category was added more recently.
Product
This refers to the service or item offered by a company to its customers and includes all the design, branding and packaging. The goal of any business is to sell something that fulfils a need for its target market and has a USP that differentiates it from the competition.
Place
The place is where customers can buy the service or product, including how it is distributed, logistics, and market coverage.
Price
Your marketing strategy needs to set a competitive price that not only ensures profit but also reflects the product’s value.
Promotion
Promotion is any public relations, advertising, promotion or digital marketing used to persuade people to buy the product. Marketing strategy consultants such as https://www.reallyhelpfulmarketing.co.uk/specialist-services/marketing-strategy-consultant/ are the experts in this, so you may want to use one to ensure you are getting it right.
People
Last but not least are the people behind the product, who are those involved in its production, distribution, and consumption. This means employees, partners, suppliers, and consumers.
The Chartered Institute of Marketing goes two steps further by including process and physical evidence in its list of Ps required for success.
Including processes can help a business find the best way of delivering products to its target audience, while physical evidence means showing the customer what they are buying, such as testimonials and reference materials.
