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152. PPPPP- Principles of a Strong Marketing Strategy

The 5 P's of a strong marketing strategy are Product, Price, Place, Promotion, and People.

These elements help businesses create a comprehensive marketing plan that addresses the key aspects of their products or services, pricing strategy, distribution channels, promotional activities, and target audience.

This is just a snapshot of what goes into our course content for Glowgetter Beauty Entrepreneurs. Having a business strategy and continuing to evolve and elevate your brand is important in maintaining a strong ecosystem for your company.

The 5 P's of marketing:

🅿️ Product

Refers to the actual goods or services that a company offers to meet the needs and wants of customers.

For example your business might have several brands and types of products - skincare, nail care, and hair care. You might also offer a variety of services, each of these ‘products’ are listed in your payment system and become multiple streams of revenue. Each ‘product’ is marketed, promoted and boosts your business’ bottom line.

🅿️ Price

Refers to the amount of money customers have to pay to acquire the product or service. Clearly state the price for treatments and products to prevent clients feeling awkward about asking.

💫 Pricing strategy:

Setting the right price for your product is important based on market factors, value perception, and competitive analysis.

We offer a profit guide & access to our secret podcast when you join our community. Day 4 of our BEAUTY business Bootcamp deep dives into Pricing for Profit.

🅿️ Promotion

Refers to the various marketing activities a company undertakes to communicate the benefits of its products to the target market.

💫 Promotional tactics:

Utilize various marketing channels such as paid advertising, social media, and events to communicate with potential customers and drive sales. Putting together a roadmap for your business each year drives productivity & profitability.

🅿️ Place

Refers to the distribution channels through which the product is made available to customers.

💫 Product positioning:

Clearly define how your product stands out from competitors and highlighting its unique features and benefits. It’s also a great place to showcase before and after results and ‘how to’ use products.

💫 Distribution channels:

Determine the most effective ways to make your product available to customers, whether it's through direct sales in the salon, online platforms like social media or influencers, retailers like individual stockists or shops, and other distribution channels.

Basically, where can your customers and clients buy the products and services that you’re showcasing on social media, at events, in the press & on your website. Direct them to the PLACE of purchase within your messaging.

🅿️ People

Refers to the individuals who are involved in the buying process, including customers, employees, and other stakeholders.

💫 Understanding the target market:

Know who your customers are, their needs, preferences, and behaviours is crucial for successfully marketing your products and services.

💫 Customer value proposition:

Clearly articulating the value that your product offers to customers and how it meets their specific needs or solves their problems.

This can be demonstrated with photos and videos online and in your clinics. Letting clients trial the product whilst explaining the smell, texture and benefits is a great marketing method. You’re the expert - share your knowledge with them and explain how it can solve their concerns.

🎙️ Podcast Episode 48 ~ 5 underrated strategies to boost your business

Product marketing principles are fundamental concepts that guide the process of promoting and selling a product.

By following these product marketing principles, companies can create a strong marketing strategy that effectively positions their product in the market and drives sales.

Thank you for reading, if this was useful please 🩷 and if it could help someone in your network, please share.

Thank you ~ Diana x

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