What Are The 5 P’s of Digital Marketing?

What Are The 5 P's of Digital Marketing?

What Are The 5 P’s of Digital Marketing?

The 5 P’s of marketing are also known as the Marketing Mix and are variables that managers and owners control to satisfy customers in their target market, add value to their businesses and help differentiate their business from competitors. The 5 P’s of marketing are an essential part of a successful marketing mix strategy. This mix consists of the actions brands take to market their products and services, using a framework with five core components that is The Product, Place, Price, Promotion and People. These Five elements have been the foundation of marketing strategies since the 1940s Modern marketers have added People to create what is now commonly known as the 5 P’s of marketing.

Let’s take a closer look at each of these elements:

Products;

Product marketing is the process of promoting and selling digital products through online channels or the products and services offered by a business. Digital Product marketing decisions sometimes include function, packaging, appearance, warranty and quality. it involves creating a plan to increase visibility, engagement and sales of digital products like apps, software and online courses. Customers need to understand the features, the merits and the benefits that can be enjoyed by buying goods or services. But don’t forget that digital marketing is different from traditional product marketing whereby Traditional Product Marketing is a type of offline advertising that uses traditional media to reach an audience. it’s one of the oldest forms of marketing and is often used to promote a product or service’s benefits. Here are some of the several ways that Digital Product Marketing is different from Traditional Product Marketing;

Its Data-driven
Low Overhead
Passive Income
Adaptable

Some Strategies for digital product marketing Include;

Understanding your Audience.
Using digital Advertising
Creating original content
Using social media contests
Adding-behind scenes content
Highlighting users reviews

Price:

Is the amount of money a buyer pays a seller for a product or service an important element in marketing? As for the four main elements of the marketing mix, price is a key factor in a company’s financial health and bottom line. When determining a pricing strategy, it’s important to consider the business’s position in the current marketplace. if the business is advertised as a high-quality provider of mechanical equipment, the product pricing should reflect that.

Some of the things to consider when setting a price;

Customer perception
Competition
Discounts
Supply Costs
Market Segmentation
Market positioning

Some Pricing strategies include;

Low Price
High Price
Same Price
Value-based pricing
Penetrating pricing

Promotion:

Is a strategic way to communicate the value of a product, service or brand to a target audience. The goal of promotion is to generate interest, create awareness and encourage consumers to take a specific action such as making a purchase. Promotion is one of the four Ps of the marketing mix, along with the product, price and place. it can include a variety of techniques.

Some of these techniques are advertising, public relations, sales promotions, direct marketing, digital marketing and referral marketing. Promotion can help marketers create a distinctive place in customer’s minds and can be used to increase sales, brand awareness and brand loyalty. For example, retailers often use [product promotions to attract shoppers such as by offering coupons for school supplies or highlighting new products for the holidays.

Place:

In marketing, place is the aspect of selling a product that refers to where and how a company delivers it to consumers. it’s one of the four Ps of marketing, along with product, price and promotion. The goal of place is to find the best way to get products in front of the customers who are most likely to buy them. Place marketing is the strategic promotion and branding of locations to attract tourists, businesses and potential residents. Chambers of Commerce and business districts often participate in place marketing campaigns to encourage local shopping.

Place can refer to:

Where to sell
Where to advertise
Where to display
Distribution Channels

Example of the 5 P’s of Marketing

John is considering operating a jet ski shop catering to travellers and tourists. To position his business, John may consult the 5 Ps of marketing in the following manner:

Product: By-the-hour jet ski rentals for people who are in the city for a short duration of time. A limited liability form is to be signed by people who participate in the service and a monetary deposit in case of damages.
Price: Cheap jet ski trips to cater to the budget constraints of travellers and tourists. A 10% discount on jet ski trips when referred by a travel agency.
Promotions: A Facebook page, an Instagram page, and a Twitter handle to promote the business. Also, paid promotions on travel agency websites.
Place: An easy-to-access location from existing transit systems.
People: Friendly staff members who love meeting travellers and offer exceptional customer service.