The 5 P’s of marketing strategy expand the traditional 4 P’s marketing mix by adding ‘People’ as a critical fifth element. The framework includes Product, Price, Place (distribution), Promotion, and People – creating a comprehensive approach to marketing strategy that addresses every aspect of customer experience and market positioning.
Product encompasses everything about what you’re offering – features, benefits, quality, design, and how it solves customer problems. From our perspective at Ronin, many Australian business owners focus heavily on product excellence but struggle to communicate those benefits effectively through digital marketing channels. Your product strategy must align with how customers search for solutions online, which directly impacts your SEO and content marketing approaches.
Price involves more than just setting costs – it’s about perceived value, competitive positioning, and psychological factors. Studies indicate that pricing strategy significantly impacts brand perception and customer acquisition. We typically see Brisbane business owners undervalue their services, which affects everything from Google Ads targeting to social media messaging.
Place refers to distribution channels and how customers access your products or services. In today’s market, this increasingly means your web design and online presence. Your website isn’t just a digital brochure – it’s often your primary distribution channel and sales platform.
Promotion covers all communication methods used to reach and persuade customers, including advertising, social media marketing, public relations, and sales promotions. What’s become clear to us at Ronin is that effective promotion requires integrated approaches across multiple channels, not isolated campaigns.
People represents everyone involved in the customer experience – from sales staff to customer service representatives and even other customers who provide reviews and referrals. For service businesses especially, people often are the product. This element is crucial for developing marketing strategies that build trust and long-term relationships rather than just driving immediate transactions.
