Satow Strategies

The 5 P's of Marketing

The 5 P’s of Marketing

The marketing mix is often referred to as "The 4 P’s":

  • Product [product or service offering]

  • Price [pricing strategy or what customers will pay for the offering]

  • Place [sales channel or where customers acquire the offering]

  • Promotion [sales and marketing efforts to help the offering get found]

But smart companies know that there's a hidden 5th ingredient in any marketing mix that must be defined first before spending dollar one. Positioning — the 5th P of the marketing mix — is arguably the most important. It's the touchstone of any successful marketing initiative — the short story that tells a big story about you. Strong positioning differentiates your offering in the market and helps your message resonate with customers and industry partners. A marketing initiative without solid positioning behaves like a rudderless ship. It's all over the place and going nowhere

Our positioning process

Satow Strategies applies our proprietary positioning tools across seven key steps:

  1. Identify your competitors so you know who is directly competing with you in the same category and who is substituting for you in another

  2. Analyze your customers so you know who needs your offering most and what attributes motivate them to make a selection

  3. Conduct a comparative analysis so you understand the marketplace dynamics over time and can gain mastery over those dynamics

  4. Identify a unique positioning so you have a clear stake in the ground of what you stand for and the meaning you want to convey

  5. Build a marketing plan so you have a strategic roadmap with the traction to stand out in a crowded field and effectively attract customers

  6. Measure results so you make it to the top and stay there.