Creative Marketing is not just about promoting your product. There’s more to it – It’s about positioning your brand strategically in the market and compel people to choose it over the competitors. But for that, you need to work on the 5 Ps of marketing to understand and reach the target market. And that’s what we are going to tell you today – The 5 Ps, also known as the creative marketing mix, to get your business going.
But what are the 5 Ps, and how can they help determine the key factors for the growth of your business? Let’s have a look.
The 5 Ps of Creative Marketing Mix
The 5 Ps of marketing – product, price, promotion, place, and people, are the five areas of your business you need to make decisions about. By improving these factors, you can add value to your business, satisfy your customers and take your brand up a notch from competitors.
Let us take you through each of the 5 Ps of creative marketing:
Product is the main good or service that a brand offers to its customers. To reach the target market effectively, a brand must understand what the people want out of a product. How do they want to use the product? How do they want it to look like? Are they looking for a repair or replacement if it turns out faulty? What features are they looking for in a product? Is the presentation good enough?
If these elements are improved, the customers can better understand the benefits they can get from purchasing the product.
When Steve Jobs launched the first-ever iPhone back in 2007, he said it was an iPod, a phone, and an internet communicator all-in-one; the best of all worlds. People who were tired of carrying a different gadget for music, calls, and pictures were instantly drawn to it. The advertisements emphasized each of its groundbreaking features, like the on-screen keyboard, which had customers camp outside the Apple store to get their hands on an iPhone.
The design, usage, quality, and packaging of the phone were better than other phones of the same category, so it’s no surprise that the iPhone was an instant hit and is still considered one of the best smartphones out there, even after more than a decade.
Price is the pricing strategy used by companies to set the price for their products based on what the customers are willing to pay. It requires proper research on what the competitors are charging and is it enough to cover your expenses and make a profit. Brands can raise the prices of some of their products to make them appear luxury, while alternatively reducing the cost so that more people can buy them.
But before setting a price, it is important to consider where your business stands in the market. If you advertise budget-friendly products, the price should reflect that. Similarly, if you offer premium products, the price should be set accordingly.
For example, let’s look at Tesla, the luxury car industry. They can easily set premium prices for their cars because they provide unique features like autonomous cars, which can be rarely found in the market.
Customers willingly pay the set price for the sake of getting a different product.
Promotion is how you let potential customers know about your products. This includes advertisements, sponsorships, media, direct marketing, and PR activities. The best promotion strategy is to understand the market, see where you can find the target audience, and create ads or messages they will respond to.
Nike always makes inspirational ads that tell a story to promote their products. In March 2020, for International Women’s Day, it launched the Dream Crazier campaign spotlighting the female athletes who have broken barriers, brought people together through their performance, and inspired generations of athletes to chase after their dreams.
The brand strives to bring innovation and inspiration to every athlete in the world by giving the message that “It’s only crazy until you do it!”
Place refers to where your products are being sold and how they are being distributed. Businesses aim to get their products in front of the customers in places they spend the most time. This means placing products at a certain portion in a store’s display or on television ads, movies, or even websites to get the people’s attention.
You will always see gum, candies, chocolates, or other snacks placed on the counter at the checkout lane in stores.
The reason being, that while waiting in line, most customers, especially with kids, tend to grab a few pieces of candy or chocolate. I’m sure you have done it too!
The 5th P is relatively new; People – the individuals that make it happen! This means your staff, including the salesperson, the cashier, or the other people who assist in everyday business activities. Their behavior, customer service, appearance, and how they portray your brand all matters to the customers. If your staff is helpful and friendly towards them, it gives out a goodwill gesture and chances are they might return to your store. On the contrary, a bad customer experience may not only make you lose customers but get you a negative review as well.
The Ritz-Carlton Hotel is known for turning customer errors into service opportunities. One of their guests, when checking out, left behind his charger in the hotel room. The next day he received a package with the charger and a note saying, “I wanted to make sure we got this to you right away. I am sure you need it, and, just in case, I sent you an extra charger for your laptop.”
By sending an extra charger for the guest’s laptop, The Ritz-Carlton employees showed their concern and earned customer loyalty.
Brands go above and beyond to cater to the pain points of their target customers. By applying the 5 Ps into your marketing plan, you can easily pinpoint why a certain strategy isn’t working and which P needs to be tweaked to get things going.
If you want to make a difference and want your brand to be known and recognized, we have given you the complete guideline on how to go about it.
So, go out there and make it happen!