Success in any business depends on the quality of service and product to a specific group of people. Target marketing is not an easy process. It comes with common issues like inefficiency and inconsistency. In fact, a lot of novice marketers are unclear on their goals and marketing strategies. If you are new to marketing, you must follow the 5-P Rule. These are simple rules that can help you with your “first” marketing strategy. With the help of the 5-P rule, you can keep customers engaged, bring together a promising marketing and enlighten them to make a purchase.
The rules of marketing always begin with the “Product”. What kind of products and services do you specialize in? You must be very specific. Customers will want to know everything about your product. You must describe all the product attributes. Spend some time and understand the primary features of your business. You should give details on how the product can benefit customers and the industry. Likewise, you are aware of how your product is different from what your rivals offer. These differences must give your product an edge in the market.
“Price” is a deciding factor in many situations. How much do you charge for your products and services? Are you quoting an adequate figure? At all times, you must charge a price that is both sensible and profitable. It should fall in line with market demands. Customers pay for the quality of your business. If you offer high-quality products, customers will be glad to spend on you! This is why smart marketers talk about the cost of their products and services with respect to its quality.
Next, you should be curious about the “Place” of sales or service. How do you plan to distribute your products and services? How can customers get in touch with your business? Let’s understand this as an example:
Are you planning to sell your products online? Or, do you have an autoresponder system to deliver? Or, do you use 3rd party platforms like the Amazon Fulfillment Program to ship goods?
There are marked differences between these methods. You must understand the pros and cons associated with each of these methods. Never choose a “method” before understanding its benefits and drawbacks for your business.
The talk about marketing remains incomplete without “Promotion”. Without the right of promotional activities, customers will not be aware of your business. All your promotional materials should be fine-tuned to the existing market. To promote your business successfully, you must figure what the market wants.
The best way to promote your business is by understanding what your product solves. This is a great starting point.
Last but certainly not least, you should know your “People”. People can be anyone. It can be someone who benefits from your products and services. Most of the time, you must focus on those who can impact the success of your business. Here is a simple example:
If your virtual assistant or sales officer is impolite, you are most likely to lose your customers. If your sales representative doesn’t deliver a product on time, customers will feel annoyed and irritated.
Customers have so many options to choose from. This is why you must act smart and reduce the risks of complaints (and loss of customers).