Back to Basics: The 5 Ps of Marketing for Small Businesses

Planning out a strategy for a small business in 2021 is not easy. This is probably the hardest year for most small businesses to envision how the year will play out. Trends can still go a variety of ways; there's a lot of uncertainty. Predictions rely on numerous data sets, and the data keeps changing.

What is certain as you approach 2021 planning, is the reliability of the age-old 5 Ps of Marketing. This is essentially your Marketing Mix. Defined as the "set of marketing tools that the firm uses to pursue its marketing objectives in the target market".[2]

Whether you are managing a big business or small-medium, it's worth taking the time to pause and evaluate your plans and goals around the 5Ps of Marketing: Product, Price, Place, Promotion, and of course, People. Here are some questions to ask:

1. Are your products still relevant to your consumers in today's new normal? Where do adjustments need to be made?
2. Does your pricing reflect your new operating model? Is there an opportunity to dial-up or down your base and/or promotional pricing?
3. Place: how have you adapted your delivery model given Government restrictions? Are you exploring in the right way a pivot to e-commerce, or enabling curbside pick-up or custom delivery?
4. Promotion: Have you explored using paid advertising to give your awareness, brand loyalty, and short-term sales a boost? (Side note: Just yesterday our family ordered take-out from a local Indian restaurant after been reminded of our affinity in a Facebook ad! My dog groomer has received recent leads from a Google Maps review. This stuff works!)
5. People: How are your front-line staff feeling? Are they supported in the right way to the best possible business results in our current situation? Are you supported as the business leader? What small or big changes can you make along your journey to adapt to the shifting environment?

If you are a small business and need guidance in this space, contact Miix Analytics for a complimentary discovery session to see how we can help. We are here for you.

~ Hilary