Peter Theil once, in his interview, mentioned the next entrepreneur that will come should look to aim for monopolies like Meta, Google, Apple, and Microsoft. Therefore, as a business owner, you should build a unique product that is new to the audience like never before. 

But that shouldn’t be the end of it, as you need to promote your product in the market to start the sales process and bring in the money to build your empire. Thus, my marketing team always asks me “Do you have any plan to promote our digital services?”

And, every time they segregate the promotional plan with the 5 Ps of marketing, including people, price, product, promotion, and place. That way, you can leave a mark on the market and gain the maximum share in the industry. 

So, like me, if you are looking to market your product, let’s know about the 5 Ps of marketing in detail. 

What are The 5 Ps of Marketing?

The 5 Ps of marketing mix are a crucial part of the marketing mix. When you decide to bring a new product line into the market, it is necessary to see the market’s pain points. This gives you a clear idea of your 

• Target audience 
• Price structure 
• Omnichannel presence 
• Positioning of the product 

Therefore, short it down, marketers use the 5 Ps of marketing, which include things like – 

• Product 
• Place 
• Price 
• Promotion 
• People 

These five elements help marketers launch the product swiftly into the market and create hype among the audience and new enthusiasts. 

Let’s take a closer look at the following elements – 

1. Product 

The product is the hero item of the elements. This means an item or service you want to offer to your audience. It can be physical or virtual, highlighting your value proposition medaled with your branding, packaging, design, and quality.  

Thus, the goal of any company is to bring a unique item to the market, keep ahead of its competitors, and disrupt the present industry. For instance, introducing the iPhone changed the cellphone industry and issued a question mark for companies like Nokia, Samsung, and Sony.  

Furthermore, a product can create a new brand, assisting the company in creating a new revenue stream and steadying the cash flow. So, before you launch a product in the market, check the market gap and how your item can add value to a customer’s life. This will make your product an instant hit in the market and boost your profit margin. 

2. Place

In the second section comes the place. This means the location where the customers can buy your product or services. Accessibility of the product plays a significant role in the higher sales. 

Hence, one of your first goals while launching the product should rely on its availability. Today, most companies use omnichannel marketing, where the product becomes available both on offline and online channels. That way, it can reach out to the right people in due time, and boost your sales margin. 

Moreover, some companies like Coca-Cola, Nike, and BMW rely on sporting events or films to launch their new products. For instance, you can see it with Coca-Cola, using events like the Olympics, and NASCAR to launch new products and build excitement among the audience.  

3. Price

In the third section, the price, the ultimate sucker punch, or the deciding factor of your product’s lifecycle. When a company brings a product to the market, the customer can access the product under a certain price range.   

The pricing strategy decides the product’s future. As for a business, it is necessary to present value to the customer on the price level they pay. Thus, you will see different companies using different pricing strategies to sell their products. 

For instance – 

• Products made by Apple, Pfizer, and Nvidia are always on the expensive side, as they provide the best quality than other companies in the market. They invest heavily in the R&D department, making their products one of a kind in the industry. 
• On the other hand, there is Amazon, which sells its products at low cost, assisting it to attract a wide range of audience and gain a major market share in the industry. 

Therefore, every company invests heavily in building a unique pricing strategy to get ahead of its competitors and leave a mark in the market. 

4. Promotion

In the fourth section comes the functional part, which is the promotion. To create awareness of the product in the market, you must promote them extensively. This will increase your sales and create hype in the market to create a monopoly in the market.   

Therefore, things like advertisement, sales promotions, digital marketing, and public relations. Mostly, promotion is one of the areas where creativity is key, as it will play with the behavioral mindset of the people. For instance, you can study the genius promotional style of Liquid Death, which sells water in a can. They use concerts to sell and promote their cans and make a mark in the market. 

Similarly, you can see the Dollar Shaving Club, whose one ad on YouTube made the CEO billionaire, and ensured Gillette buys them with a hefty fee. Also, it works with brands like Nike who use aspirational ads to inspire the young generation to buy their products. Hence, you should look to find a unique tone to increase your awareness in the market.

5. People

In the last section comes the people. The most important factor in the whole process is that they are the ones who will buy and use your products. It begins from the pre-sales, where salespeople persuade the people to buy the product, to post-sales, where you resolve the queries of your customers. 

Hence, as a new business in the block, you should look to build a positive relationship with customers. This includes building a customer journey where you jot down all the pain points of the customer’s need and tap into them to provide a seamless shopping experience. 

Thus, you should provide adequate training to your employees so that they can learn about the product and customer. Moreover, take customer feedback seriously to improve the shopping experience and mitigate all the issues and concerns. 

So, build a unique bubble where all the stakeholders in your company can have a strong and smooth interaction with each other. This will build your brand amongst the other brands in the industry and create a monopoly in the industry. 

Another P Stands for Psychology 

Have you ever thought why one brand sells more than the other, especially when they are in the same space? Every time, it isn’t about quality, it is about elements mentioned in the above article. 

The unique proposition one creates through creative advertisement and price factors can separate one brand from the other. For instance, there are Adidas, New Balance, and Puma in the market, but Nike has a major market share in the shoe industry. The reason is their ads, messages, sports stars, and campaigns they undertake. 

Campaigns like “Just Do It” or “Joga Bonito” inspire generational young athletes to buy Nike shoes and build the confidence of the best athlete. Moreover, the Swoosh sign signifies victory, which impacts the behavior of the people. 

Thus, when you are building a product, focus on your packaging, logo, color, and product design. This will help you to create a rare product in the industry to gain an advantage over the others and become the big bull of the market.  

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