The 5 P’s
1. Product showcase
2. Place
3. Price
4. Promotion Effectivness
5. People Reach & Engagement
So you have started an e-commerce business, you’ve built a great website, something out of the box. You believe in the products/services you are offering. You feel your business is about to rise. But now your stuck. How do I start to make the engine rotate. How do I start to drive traffic to my site, how do I sell, how can I reach. This is where you need to memorize the 5 P’s guide.
1. Product Showcase
The number one pillar to a great marketing strategy is showcasing your product on your e-commerce website and online in general. Showcasing in a way to show the customer value and meet their requirements. The product needs to be showcased in the most creative way and organized way online. Using professional photography services in the sense that all product images are consistent and coherent wether it be the background, the lighting the effects. Consistency is key.
2. Place
This one may not be very straightforward. Let us do some explaining here. Traditionally, when anyone hears of place they automatically assume that this is the physical location. But this is not the case. When we say place we are referring to the “digital” or “online” place of your products and services.
Usually, in a physical location such as a mall or store, the placement of the product plays a role in it’s overall sell through. If its an item on promotion ideally it is placed as a door crasher or next to a cashier for quick check-out. Well this is not any different, when being placed on an online store. The “virtual placement” - make sure that it is very easy for customers browsing your e-commerce website to spot a product and take less them see what they need and place an order.
3. Price
To a customer this may be the determining factor of their purchase. Make sure all prices are identified online and can be filtered by the customer to meet with their budget. Regardless of the quality of a product some customers are just on a low budget and are looking for alternatives, ensure you offer products at different price points and are easily searchable.
4. Promotion
Another deciding the “destiny” point. Companies spend millions of dollars on promotions to gain back double and triple what they spent. Ideally when promoting an item you want to market it to the customer and make them aware of its existence. Work with advertising agencies to come up with content to promote your product and prepare for promotional campaigns.
5. People
And the last pillar is “PEOPLE”. As straight forward as it sounds, as complicated it is. Without the customer there is no business. The people are the critical link to the puzzle and recipe to make your business work. The engagement, the reach the behaviour all impact the performance of your business and overall sales.
You will see that we will focus on this point a little more than the rest because each and every point mentioned above links and overlaps with this.
On all levels online, you will find yourself trying to reach out to the customer. Running promotional campaigns to reach the customers. Waiting on the engagement, interaction and reviews of customers. So the point is when you choose a product make sure it’s of interested to the people, when you place the product make sure the people will be able to access it and view it with no complications. When you price an item make sure you are within different budget levels to meet the different expectations of people. And when you ponder on promotional campaigns do it for the people.
Follow these 5 pillars and aim for success.
