Traditional marketers know that building a marketing strategy means considering many different elements. At its heart, though, marketing focuses on some key aspects that remain consistent no matter what you are selling or offering or what marketing strategy you are following.
These fundamental elements combine to form what is called the “marketing mix.” Initially presented by Neil Borden in the 1950s, the marketing mix has gone through many changes over the years. However, the core four elements have remained the same—Product, Price, Place, and Promotion.
Today, the 4 Ps of marketing have expanded to 6 Ps of marketing, with the two new concepts of People and Process integrated into the mix. While the traditional 4 Ps are adequate, marketers are encouraging using these additional elements to improve the results that your marketing strategy generates.
So, what are the 6 Ps of marketing? They are:
Let’s look at each element of the six Ps of marketing and how you can use them to increase your sales.
Product – What You Have To Offer
Everything starts with your product. Whether it is something created and tangible or content or service you provide, the product you want to sell is the starting point of formulating a marketing plan.
Your product needs to be unique and a must-have. That doesn’t mean it’s never been done before. It does mean that no one has done it like YOU have, which is one of your most vital marketing points.
Before you start marketing your product or even begin formulating a plan to market it, you have to ask yourself some questions:
- What is the biggest problem that my product can solve better than my competitors?
- What do my customers want? Why are they coming to me for my product?
- Can my product be better in some way? How and why?
- Who are my competitors, and what are they doing right?
- What about my competitors might consumers not like? Is that an opportunity for my product?
Price – What Your Product Is Worth
The value of your product isn’t just the price you charge for it. Pricing strategies consider the cost of making your product, marketing it through promotion and distribution, and how much profit you receive from each product or service.
When you price your product, consider what your competitors are charging for similar products and how their prices may have changed over the past year.
Pricing changes may also spur you to make changes to your product or expand your product in a different direction. If a low-cost competitor offers a similar product for less, it may be time to add a new service that is priced lower but still true to your brand.
Place – Where To Find Your Product
If your customers can’t find your product, they can’t buy it. Place is about more than simply location, though. It is about how your customers obtain your product or service, too. Accessibility is critical when you’re marketing to customers who want to get what they need as quickly as possible.
Analyzing the many elements of place may tell you that you need to expand your online presence, and accessing or implementing a delivery special would be beneficial. Place also includes presentation, so consider how your product is displayed and promoted in brick-and-mortar stores and online for maximum benefit.
People – Customers and Employees
Businesses and companies ultimately exist to serve people. They help their customers by producing and distributing high-quality, necessary products. They serve their staff by creating a positive and effective workplace that allows employees to achieve their goals professionally and live their best life. They serve their peers and competitors, too.
Analyzing all aspects of customer service and employee support can help your company achieve those goals. As a business owner, you need to ask yourself questions such as:
- Are there new customers who may be interested in our products? How do we reach them?
- How is our competition changing? What do we need to do to remain competitive?
- Does our staff have the tools and skills needed to offer the best customer experience?
Packaging/Presentation – How Does It Look?
Your marketing strategy’s look and feel are so important that it merits a P of its own.
The look starts with the product itself and its color palette and texture. The packaging then comes into play, enhancing the look of the product and, in some cases, suggesting its usage and care.
The product’s presentation is a part of these two, not only in the packaging but in the advertising and marketing. Your product logo brands it, making it stand out from the crowd and become instantly recognizable as yours when it appears on other products. The signature display of your product in stores and online is also included under this P.
Promotion – Make Them Want It, Make Them Need It
Promotion is an essential part of the marketing mix, and it has gotten harder in some ways. Consumers today are so overwhelmed with images, videos, and information that it can be easy to get lost in the mix.
You need to find new and innovative ways to reach out and persuade potential customers to become actual customers. Understanding your ideal customer, along with their demographic and sales psychology, is vital to this process.
The Value of the 6 Ps
It can take at least six months before your marketing strategies yield tangible results, and it takes time to get it right, but once you do, be consistent. Your customers will thank you.
Leveraging the 6 Ps of marketing into a successful marketing strategy, short-term and long-term, takes patience and plenty of hard work. The satisfaction of having an optimized marketing strategy with happy returning customers makes it worth all the effort.
Contact Us for Marketing Mix Strategies
At Gold Promotions, we offer a variety of services to lighten that marketing load. We have the expertise to assist you in applying the 6 Ps of marketing to your business, finding the best marketing path for you, and helping you along the way.
Want to know more? Check out our website or give us a call at 800-476-3094.