Are you familiar with the 5 P of the marketing mix?
Product, Packaging, Promotion, Place and Price.
Yes! People's perceptions about your goods are now heavily influenced by their packaging. Product packaging should not be an afterthought if you are running a business in 2022.
In this digital age, where individuals have incredibly short attention spans, it is understandable that they may dismiss advertisements and sales pitches, but your product itself must not be neglected.
Not to mention the fact that your product must stand out on the shelf and in displays to entice buyers to add it to their shopping basket. This is how buyer's journey is evolving, where they pick the product from the shelf by themself or add it to their cart online. Your packaging tells a lot about your product therefore to give the greatest packaging solution we strive to provide our clients with a wide range of customization options as well as top quality to ensure that you don't have to forfeit anything.
Let's understand more about the 5Ps and their importance in modern business
Any item that fulfills a customer's demands, requirements, or preferences is referred to as a product. It's critical for businesses to figure out which components of their products impact customer experience and hence purchasing choices. The product's distinctive brand value and different benefits, which must be tailored to a certain consumer group, must be simply comprehended.
The most significant part of your marketing mix is your packaging. Because packaging is both a stand-alone component of today's marketing mix and has a significant impact on the other four Ps, it's critical to think about your product packaging as part of your entire marketing plan. Packaging acts as a blank canvas for companies to express not just what makes a product unique, but also the brand's overall story. Using packaging in a marketing campaign can help your products attract and get reach to an even wider base of customers.
How you advertise your goods is referred to as promotion. Promotional activities are those that increase customer awareness of a company. Sponsorships, advertising, and public relations initiatives are all included. Promotion is the link between income and every tactic you employ to promote your goods. Everything comes in the promotion: inbound marketing, direct sales, and PPC Ads. The customer journey map aids companies in identifying consumer motivations, critical events, and possible points of friction during the buyer's journey. Placement and promotion are intertwined, and there are some similarities with what we've previously studied.
The physical locations where your products are offered, as well as the areas where customers have better access to the stuff you sell, are referred to as place. It's crucial to think about how accessible your product is and how easy it is for clients to locate you. When a store uses colour to represent a product's contents or nutritional features, it might lead to it being placed next to other products with comparable packaging. Customers must be able to get the product or service at the right time, at the right place, and in the correct amount.
One of the most important factors in a customer's decision is price. The pricing strategy for products and services, as well as how it will effect customers, is referred to as price. Discounts, payment options, credit terms, and any price-matching services given are all considered when making pricing selections. As a result, a marketing plan requires you to price your goods effectively, taking into account not just what your buyers can afford, but also what your rivals are charging.
