The Five Ps Of Marketing
Oftentimes, many people think of marketing departments in the restoration business as people that drop off cookies, or just go play golf. Marketing a restoration business is much, much more than that. In a lot of ways, there is almost a science behind it. Not the same kind of science as drying the interior of a commercial building or home entails, but a science, nonetheless. The beginning of a successfully marketed business is understanding the five Ps, which are:
- Product
- Price
- Placement
- Promotion
- People
In the following paragraphs, I am going to discuss the basics behind each principle.
THE FIVE PS: PRODUCT
The product in our industry is what determines what type of restoration company you want to be. Everyone does water and fire mitigation, but you should ask yourself, what type of product are you putting out there? What is the messaging your clients are hearing both from spoken and unspoken communication? Once you figure out what your product is, you can begin putting together your organization’s strategic marketing plan.
THE FIVE PS: PRICE
Now, your second step is determining the pricing. One of the most beautiful things about the restoration industry is that pricing out your competitors is not usually one of the leading conversations with customers. The industry has an agreed upon a scoping and pricing software that most contractors and insurance companies have coexisted on using. So, how do you differentiate your organization? It is all about how your products or services are positioned in the marketplace.
THE FIVE PS: PLACEMENT
Placement of your business is key. Do you want one location? Are you going to service 50 miles or 100 miles? Or, do you have goals of opening 10 locations, located 70 miles apart, so you can service a 35-mile radius? Our industry is very reactive, people only need us when something catastrophic has happened to their homes and businesses. Proximity is key and should not be overlooked when competing in a very saturated market.
THE FIVE PS: PROMOTION
Next, the promotional side is mostly what people see on a day to day basis. What does that customer journey look like? The Promotion “P” can include anything from advertising, PR, social media marketing, email marketing, SEO/SEM, video marketing and more. This is crucial to bringing the consumer from having just an awareness of your organization to them becoming a customer.
THE FIVE PS: PEOPLE
Finally, the last aspect of your marketing plan is going to be People. Who exactly are you targeting? In my opinion, this is what really determines your success, or lack thereof. All aspects of marketing tie into the customer. You may ask yourself:
- Do you have an end-consumer marketing plan, B2B marketing plan or a hybrid approach?
- Do you want to attack the residential market, the commercial market, or both?
- What focus do you want to have in the commercial world? Is it healthcare, educational institutions or insurance-based?
All of these are questions that need to be answered before a formulating a successful marketing plan!
TYING ALL OF THE “FIVE PS” IN
In conclusion, clearly defining product, price, placement, promotion, and people must be considered when developing a marketing strategy for any product, service, or brand. Balancing these five core elements in a marketing plan is critical to marketers, who work hard to compete in the marketplace and deliver on a customer centric culture. Every aspect of your company should be aligned with the sole purpose of creating an optimal customer experience. When you do this for your customers, they will in turn champion your success.
OUR TEAM IS ALWAYS THERE
Our marketing and business development team is comprised of about 20 of our team members, both in Louisiana and Mississippi. As we expand into other areas, we are excited to keep growing! If you experience a water, fire, or mold loss, contact the leading property damage along the Gulf Coast. Please give us a call at 800-349-HELP (4357) or contact us by email at info@guaranteerestoration.net
Zack Klein is the Director of Marketing and Business Development at Guarantee Restoration Services. He will celebrate his 7th anniversary with the company in June 2021. To connect with him, visit LinkedIn or send him an email.
