By Alex Mangrolia
I’m sure that you have heard about the 4P’s of marketing, but here are the 5P’s (Yup that’s 1 more “P” than before!). The big question about the 5P’s is “how the heck do you use them?” What are they supposed to do for your business and most importantly…why the heck should you care! I’m going to explain all that here…so sit back, relax, grab a drink and read on …
The 5P’s are a part of what is known as the “marketing mix”. They are essentially elements of marketing. Each element plays a roll in how you promote your products and/or services.
(Like you didn’t cheat by looking at the picture..but here it is anyways..)
What is the product or service that you are offering to your customers? If you did the whole SWOT analysis, then go ahead and pull that out and add this to the section (you will thank me later). Answer these questions:
a. What does your product or service do? Be very specific.
b. How does it impact your customers? (How will your customers/clients benefit? Will it save them time? Money? Etc. If so, then how much exactly, be honest with yourself here).
c. How is it different than your competitors? (Write down everything that your product and/or service does that your competitors can’t or don’t offer).
d. What advantages do your competitors have, if there is a similar product? (Don’t do the whole SWOT analysis, just note down everything that your competitor does better).
How much does your product and/or service cost?
a. Is this a one time fee? Subscription? Annual? What will your customers/clients pay you for what you have to offer?
b. How will you be accepting payments? Credit cards? Online? Check? Bananas? Once again, be specific.
b. How much are your competitors charging?
c. How are your competitors accepting payments?
d. What do you think people are willing to really pay? Do you think you might be overcharging and over-promissing? Be careful here…We all think we have the right to charge whatever we want, because in our heads we want to be rich! But it’s not worth the repercussions on your brand if you are overcharging and overpromising.
Where will your business sell the products or services?
a. Are you selling them locally? Globally? Only in the united sates? Where exactly?
b. How will you sell these products and/or services? Are you going to sell them over the phone? Online? Cold calling? Face-to-Face?
c. Where do your competitors sell their products and/or services?
d. How do your competitors sell their products and/or services?
How will you promote your products and/or services? This is basically how will you get the word out about your products and/or services. Remember this isn’t the field of dreams where “If you make it, they will come”. This is, “If you make it, they might not even show up to give you junk mail”, by Alex Mangrolia (Yes, I have to give myself some props here).
a. Are you going to run a ton of Google Ads?
b. Are you cold calling? Are you using Social media? What are you doing to make people aware that you exist in this world!
c. How will you communicate with your potential clients/customers?
d. How do your competitors communicate with your potential clients/customers? (Yes, they are after the same market share as you, so know exactly what they are doing).
The Magical 5th P of Marketing! This element refers to how your level of service, expertise and skill of your team sets you aside from the competition. Here are some basic questions to ask to get started:
a. Is your team more skilled?
b. Do they have more years of experience? (Experience is different than skills. Experience gives you those grey hairs and allows you to understand different situations).
c. Do you offer better customer support? If it’s better, know exactly what makes you better or different than your competitors. Typically, customer support can be measured in what we call “Touch Points”, but I will get into that later. (Yes, later…like I said, if you can’t wait, then contact me).
Okay so now you have all this great information. On one side of the chart you have all of your 5P’s and the other side of the chart you have your competitors 5P’s. This allows you to really establish a benchmark from what you are doing against your competitors.
The information can now be used to see what you might want to change from either to match or differentiate yourself from the competition. Additionally, you can use this to help you with your Unique Value Proposition (UVP), I’ll get into that later as well.
There you have it! The 5P’s of marketing, DeClustered Style. If you have any questions please feel free to contact me! I do my best to get back to everyone.
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