The 5 Ps of Marketing

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The 5 Ps of Marketing

There are five basic slices of the pie to good marketing.

  1. Product (or service).
    What are you offering to your client? Is it going to benefit them? What can you do to outsell your competitors with the same product/service? Differentiate yourself.
  2. Price.
    Are you matching the price of your service with others offering the same thing? Research the market and see what others are charging. Lower your price by 5% or 10%. Offer special discounts or coupons. Establish your business first and then slowly raise your prices in increments. You have value.
  3. Place.
    Decide the best place to advertise your service at the best price. School programs? Coffee shops? Doorhangers? 
  4. Promotion.
    How are you going to raise awareness? Help coordinate a giveaway at a local car dealership and offer your services as a prize. The event helps you and the dealership. Giveaway hand sanitizers with your logo on them. Many ad specialty companies offer inexpensive products you can giveaway, i.e., T-shirts, caps, keyholders, magnets to put on refrigerators with your logo and phone number.
  5. (and most importantly) Positioning.
    Put your service in your client’s mind. Drop off scratch pads with your name and number on them. Think about what you can do to make their life easier and keep you top of mind.

No matter how you slice it, you will stand out and be remembered if you follow the 5 Ps of Marketing.

— by Amy Baach, President, Baach Creative Services

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