The 5 Ps of marketing (product, price, promotion, place and people) are key elements used to strategically position a company. WestCMR, founded in 1997 by Randy Ware, is a prime example of how these elements can be used to create a successful business model. Randy noticed an excess of waste in hospitals and surgical centers sending their new unused and unexpired surgical supplies to landfills. He innovated a unique business model to empower hospitals and surgical centers, allowing them to capitalize on their excess inventory by selling their supplies to Randy's company, instead of sending them to landfills.
WestCMR established a strong market presence with a persistent effort. Stephany says that, although WestCMR has become a leader in this niche market over the past 23 years and provides services to thousands of hospitals and surgical centers, it is still a specialized business that many in the industry don't even know exists to help them. To position themselves as a reputable supplier in the eyes of their customers, WestCMR created videos that show the cleanliness of their warehouse, the real products and the qualified staff. Not only did they use the videos online, they turned them into a 30-second TV commercial, social media ads, and other marketing assets.
Before COVID-19, WestCMR attended and exhibited at the main trade shows in its industry (between 3 and 6 per year). Hear Stephany share her mission to zero landfills and how they have recycled 25 tons of waste from surgical supplies that would otherwise have gone to landfill. To create an effective 5-point marketing strategy plan, it is important to start with an initial meeting or conversation to discuss your challenges and objectives. Conducting market research and analysis is essential for any business owner.
This will help you identify your company and who you are targeting. Any business owner can access a wealth of information online from a variety of sources to conduct thorough research. Additionally, it is important to define the segmentation of your market by identifying your product and brand image, setting a price for your product or service, identifying distribution channels and creating promotional ideas. Setting short- and long-term objectives is also key for developing a successful marketing plan for hiring companies.
This involves creating a forecast of expenses, an analysis of the break-even point, and any changes or adjustments that may need to be made in the future. Differentiated value points are also important for any staffing company; what does your staffing company offer that others don't? What values do you offer your customers? The biggest impact that the 5 Ps of marketing can have on your brand is to help you focus on your core marketing objectives by creating an alignment and framework that guides all of your initiatives. Place of marketing refers to when your products reach customers and the channels you use to get them there. Without a solid marketing plan, you don't have a solid business direction that generates the return on investment that you could have.
Canva was a revolutionary and disruptive platform that put the control of design in the hands of those who had no experience creating marketing materials. WestCMR's digital marketing strategy focuses on email and partners with a vendor that uses a double-opt-in list, allowing it to reach qualified sales leads. Below are some examples of real brands that show how the 5 Ps of marketing can be used to create successful marketing strategies. This includes aspects such as distribution channels, logistics, market coverage and service levels.
The 5 Ps of marketing help you keep your teams aligned and focused on the core values that drive a successful marketing strategy. Hemley Marketing is a marketing and sales consulting firm focused on generating tangible results for professional services companies. A marketing plan includes everything from understanding your target audience and your niche in the market, to tactics about how you're going to reach that market and differentiate yourself. Now that you understand the 5 P's of marketing and the benefits they bring to organizations, let's see how you can apply these principles to your business.
Regardless of the new challenges your organization faces or the difficulties that need to be overcome, having a core set of values for your marketing strategies keeps things focused and aligned with the same goals.