Marketing 5 P’s
You’ve decided to digitalise your business but how can you ‘market’ your brand?
Typically, there are 5 P’s to a Marking Plan which are Product, Place, Price, Promotion and Packaging. As part of the The Wonder Consulting, I explore the 5 P’s explaining what they mean and how they can influence the positioning of the Product and Service your brand offers.
Starting with Product itself, research is key! What makes your item stand out from your competitors? Depending on what the business is offering will depend on what you research. Take a Clothing brand for an example, you will look at areas such as returns policies, labels and sizing.
Your branding and business name needs to be appealing, easy to read and perhaps have a meaning. If an individual business would like global success, it is always worth considering what name would appeal globally?
The product/service Place – how a business will provide and even produce a product. For example, will the product be online and delivered by you the business or will the product be sold by a third party like Amazon?
Where is the best place for your business? And which social platform is most suitable for your business type?
The product/service Price. In order to be successful, the business needs to be making money and it not ideal to be operating at a loss. It is not just about how much businesses are selling a product or service there are other cost associated from manufacturing to hosting a website. Businesses need to calculate how much it will costs to run the business before putting a price on the item or quote for a service offering.
From the product research, businesses should have noted what their competitors are selling their items for. It is also worth considering using psychological pricing- For example, some clothing brands do this, the prices often ends in 99 or 95 which is more appealing then perhaps a whole number. E.g. instead of £20, make it £19.99.
The product/service Promotion is the way people (the market) see a product. Promotion is about grabbing peoples attentions to purchase. From newsletters to pop-ups to deals – they all play a part in the promo strategy.
Marketing Campaigns can also be a key promotional piece for products – for example when Selfridges launched a new make up brand called Pat Mcgrath, they completely transformed their store, window displays and used social media (instagram) to capture the launch event all to drive footfall to their London store and of course to the website. Using keys words embedded in the website that when they are searched will lead people to product site, this type of SEO is another form of promotion.
The product/service Packaging, although we should never judge a book by its cover, there is real value having the right colour, branding and labelling to attract people to chose you over other competitors. Packaging is also key for protecting products well, so businesses must consider this aspect too, it can be all well and good having gorgeous packaging, but is it protecting the items if you are selling a physical item.
With your online business, your packaging is your website, social media pages, wording that you use and even you!
To summarise, the 5 Ps can effectively influence a positioning of a product and/or service by helping businesses to focus on what they need to do to get their products or services to sell whilst enticing the right people to purchase and keeping the competitive edge.
Social Media Marketing
Social media has around 2.7 billion* active users across a multitude of platforms, having the right marketing strategy in place, businesses have an opportunity to reach their target market and more.
Social media is a technology platform (website and applications) that enables people (users) to create and share content as well as allow users to network and communicate with others.
Some of the most popular social media platforms are: Instagram, Facebook, LinkedIn and Twitter.
Having a social media marketing footprint can be crucial in the success of individuals businesses, especially in this current way of life, where most people around the world have access to social media platforms which are used daily.
The importance of social media for marketing strategy has endless benefits, from increasing brand recognition, linking with communities globally, building a customer base and often enable businesses to target specific individuals leading to more traffic to their own sites.
There are 7 guidelines for developing a social media plan, which are: Stretch, Build a community, watch out for Social Media Experts, find your customers, be a person, follow others and test your knowledge.
Starting with Stretch, If your normal methods of marketing such as the tried and tested methods like brochures and forms on a webpage are not bringing in or giving you the right results, you might need to consider and bring in an expert in Social Media to increase the strength! As you develop your social media plan, you need work with people with a deep digital reach to help you establish your presence.
Build a community – You need to get people talking about you in a that they promote your brand. Have you seen Mrs Hinch on Instagram? She is the Cleaning IT girl for social media, her personal brand has sky rocketed and she has an amazing following on the digital platform – that following is her community. She does this by posting daily, doing Instagram stories and commenting on other peoples comments.
If you haven’t already, check her out: https://www.instagram.com/mrshinchhome/?hl=en
Watch out for social media experts – As we see social media evolve from Myspace to Facebook to Instagram and now even Snapchat you need to remember that this is just a part of marketing. Marketing consultants who have the specialists skills in social media understand its changes and evolution. They can help you navigate and establish your brand in the social stream as one aspect of your marketing plan. It is always important to make sure you see some samples and to make sure they have some examples of their work, perhaps a specific brand they have worked with before? What were the results? Did it increase revenue?
Find your Customers – What platform do your customers use the most? For example if you are launching a fashion brand you might want to use Instagram, if you are launching an IT consultancy, you want want to use LinkedIn. This means, you don’t need to be on every platform, just the right one.
Be a person – In a world of policies and process, don’t baffle potential customers with complicated language, put a personality on way you say things. For example, I recently had a formal, long winded emails from a high end retailer, about an item was out of stock. It wasn’t helpful or personable. But to improve, I would have liked to seen – ‘oh snap, you have great style and your item has flown off the shelves, meaning you product is out of stock. Don’t worry, here are three other similar items you might like’ … It is basic, but it is holds personality which is engaging.
Follow others – Don’t be one way! If you have 200 follower and only follow 2 it doesn’t look like you engage. If it is the opposite, try to use the right hash tags to generate more followers. Also, try and interact with your followers, by participating in the community you are building connections and potential customers. Whether you are blogging or posting on Facebook or Instagram make sure that you reply to people’s comments providing information or even just acknowledging that they have taken the time to comment.
Test your knowledge – In order to effectively leverage social media, you must have a strategy and establish utilisation guidelines.
Utilisation guidelines will enable staff in a company to make efforts that will help the company reach its goals. Enabling responsibility for updating your company page on Facebook, Linkedin, Twitter and Instagram – their messages might also include their name so you know who made the post, you need to ensure that individual is singing from the same page as well as is looking to promote the business not tarnish it.
Calculating the cost of social media for your company tends to be the method of inbound cost per lead. Whether this is through a social media site or a blog or ad words. This will give you the value of social media.
It is: Cost per lead, segmented by channel.
After you have tracked, used and seen your results over a period of time, you can truly establish whether the investment is social media is on target against your budget. From that point you can make some amendments to improve or to continue your social media plan and truly know which engagement works better.
Has this inspired your marketing plans? Are you going to look at using social media to build your brand? How are going to position yourself online?
I would love to hear from you, please comment below ideas, thoughts and suggestions to help your fellow online community.