Success and marketing go hand in hand in businesses. If the marketing is right, it wins the success fight. Here, we are to explore the Pillars of marketing success.
Thinking of digital marketing? Let’s see if they apply!
Traditionally, the marketing mix is defined by 4 Pillars:
1. Product 2. Price 3. Promotion 4. Place
But with the recent addition of “People”, there are 5 Pillars of marketing success. This is due to the rise of the service sector in the modern world.
Let us discuss them in detail.
Product
Product is anything that a business offers. It is the reason for which customers choose to deal with the business. Be it a physical good (tangible) or a service (intangible). The product must fulfill the demand of the customer. It can be a solution to the customers’ problems.
Product is the reason why a business exists. A great product should be high in quality and fit on the customer’s budget. It creates a stable value for the business in the long run. Appearance & packaging, quality & quantity, warranty & guarantee are the features that affect the demand of the product directly.
In the time of e-commerce, if any crucial feature of the product is compromise, it can propel the customers to switch to your competitors.
Price
Price is what a business takes from a customer to offer their product. It can be call the most sensitive feature of a product affecting its demand. Along with expenses incurred to make available the product to the customer, the price of the substitute goods must also be consider.
Even the best product in the market needs to be priced rightly. Otherwise, it may not reap any benefits to both the company and the customer.
Timely discounts, smooth payment mode and credit availability must be thought upon. It enhances the chances of more sales.
Place
The place is the channel where the good is distributed from. In the digital marketing era, it is not only an offline limited place but the whole world of the internet. The place has a direct link with the footfall of the customer. If the product is place right, it will grab the attention of potential buyers.
Right placement is the half task done. The other half is the journey when a buyer decides to buy and till he/she actually buys. This journey should be easy, smooth, and hassle-free for the buyers, be it online or offline. Any hurdle in between might fail the transaction to happen.
Promotion
Promotion is the way to make the customer aware of the product and its existence. It may answer the reason “why to buy?” the product. It can impact the buyers’ minds on whether to buy the product or not.
Promotion channels can vary according to the strategy opted. There are advertising, online influencing, digital marketing, public relation, media campaigns, etc. which can be the plan to promote a product.
People
People are the ones who guide your product to the customer. A user is involve with the product from selling to after-sales service. They are real persons with whom the customers interact with regarding your product.
Visitors are instrumental in deciding the image of any brand. Whether it is a salesman, delivery guy, customer service executive, or else, they represent the company.
Customers associate the standard of the brand with the experience they had with their people.
So, these were all 5 Pillars of Marketing Success.
All of them apply to digital marketing too (don’t they?).