6 P’s of Marketing to Grow Your Business
What are the 6 P’s of marketing and how does each help sales?
Product: The product is what is being sold. Fulfilling a market opportunity with a timely product that meets customers’ needs will help boost sales.
Price: The price is the cost the customer pays to acquire the An effective pricing strategy ensures that customers are willing to buy the product, generating sales for the company.
Place: The place is where customers can buy the product. Whether a brick-and-mortar store, website, or app, proper placement of products creates sales opportunities.
Promotion: The promotion includes all the tactics used to communicate a product’s value. The goal of promotion is to attract a customer’s attention and foster interest in learning more about — and eventually buying — the product.
People: The people are the individuals involved in the marketing process on both sides of an exchange. Employees such as salespeople and customer service representatives influence how customers view a business or product, and customers provide feedback to improve the product. This interaction between internal and external people helps determine success.
Presentation: The presentation is how the product appears in the market. Customers’ opinions of how a product is presented (for example, through packaging and messaging) can impact their buying decisions.
What are the marketplace’s biggest needs or pain points? Products already on the market may fall short of meeting customers’ urgent needs, which are often called pain points. While developing a product or service, a company should ensure that it meets these needs.
What kind of offering can address customers’ needs? Sometimes a business identifies a customer need that no product or service attempts to fill, offering the opportunity to develop an innovative solution.
Which products or services are already in the market? Breaking ground in a saturated market can be difficult. After assessing existing offerings, businesses can develop a unique product.
Which companies have the most market share? Entering a market dominated by one or two companies can be intimidating. However, identifying which companies have the most market share can determine the types of products customers are buying. This data can help a business trying to make inroads into a market to decide what product to make.
Will the market need this offering over the long term? Is the product a consumable that needs to be regularly replaced, with built-in repeat business? If the product is a one-time purchase or has a long lifecycle, what additional services or accessories can ensure continued customer engagement?
How big is the market potential for the offering? Some products and services can find success in serving pain points for niche audiences, while others have a broader reach. Companies may be able to establish a network of trusted customers and then scale up distribution to a larger client base.