Building Your Marketing Strategy With The Marketing Mix: Product, Price, People, Place, and Promotion are key elements in the process of marketing your business. The 5P’s have been used by companies since time immemorial to satisfy customers with what they want and need while adding value for you as well. It’s essential that these points be understood and how each individual variable works together so it can become an integral part when positioning yourself strategically against competitors. Until this point, we have addressed 4P’s, Product or Services you provide, Price which you know and based on research should have an idea of your competition, People and Place or your target audience which you researched addresses demographics and location, and now we dive into Promotion.
To properly promote your product or services, you must articulate their unique value proposition. Unique Value Propositions are the one thing that sets your offering apart from everything else on the market, and without them, you’ll have a hard time convincing anyone to give your product or service a try.
Think about what makes your product or service unique and how it can benefit potential customers. Once you’ve identified your unique value proposition, communicate it clearly and concisely on your website and in all of your marketing materials messaging.
- So, what makes your product or service unique?
- How can you clearly communicate that value proposition to potential customers and convince them to give your product a try?
By focusing on these key factors and effectively articulating what makes your business different and why customers should care, you’ll be well on your way to driving more sales and growing your business.
Examples Of Value Propositions
- FreshBooks: “Accounting Software Built for Owners”
- DuckDuckGo: “Tired of being tracked online? We can help.”
- Intuit Mint: “Say hello to the app that takes the work out of personal finances”
- HelloFresh: “Take the stress out of mealtime”
If you are looking for ways to promote your product or services and stand out in the competitive marketplace, a UVP will be essential. By creating a powerful and compelling UVP, you can communicate your unique value propositions to potential customers and convince them to choose your product or service over others.
Recap
- Define your target market and pay special attention to their complaints and pain points
- Explain why customers should buy from you instead of a competitor
- Define the pain point your product or service solves
- Connect to your company mission and what you stand for
Craft several honest single messages. For example, “Cheap is not always the best option, and many of our customers contact us, looking for a way to save money without sacrificing the quality of service or product given their needs.”
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