In addition to product, place, promotion, and price, in the world of marketing there’s another P that can really make or break your campaign: payment. However, many companies either don’t consider it or make it something of an afterthought. This can be a costly mistake as you risk losing potential customers by not allowing them to pay in the way that they want to pay. The 5th ‘P’ of Marketing will tell you everything you need to know about adding payment options to your marketing campaigns.
When marketing your business, you probably already know that there are four well-known Ps of marketing to pay attention to: product, price, placement, and promotion. You probably also know that many people forget to incorporate the fifth P – payment! Whether you’re in the service or product industry, you can’t assume that customers will have cash on hand to pay you with – if anything, more people are using credit cards than ever before. This means that it’s essential to make sure your customers have access to their bank accounts and credit cards when they need it most – at the time of purchase!
The four P’s of Marketing are well known, but there’s an important fifth one that many companies forget to include in their marketing strategies. This article explains the 5th ‘P’ of Marketing, the payment option and how to set it up correctly in order to attract more customers and increase your profits.
Things to Keep in Mind when setting Payment Options for Your Business
5th ‘P’ of Marketing: Payment options are that how your customers will pay for the product or service they purchase from your business. There are many different types of payment options, but which type should you use?
-Cash is a popular payment option because it’s easily accessible and has little to no fees associated with it.
-A debit card is an electronic form of cash that can be swiped at the store just like a credit card.th It does not require a bank account, making this one of the most convenient ways for people to pay.
-An online payment system requires a customer to enter their credit card number on your website in order to complete the transaction. One downside is that these transactions can take more time than other methods because they require more steps before finalizing the sale.
1.Does your digital marketing strategy include payments?
Digital invoicing, QR-code payments and digital wallets have become popular payment options for the consumer. Mobile POS systems are also a valuable tool for businesses looking to save on overhead costs by processing transactions digitally.
As the trend shifts from card-present to card-not-present transactions, it is important that business owners consider 5th ‘P’ of Marketing to inculcate how these changes may affect their marketing strategy, especially when it comes to ensuring that customers are still satisfied with the payment process.
2.Is there a payment plan option on your website?
One of the newest trends in consumer behavior is to have a payment option on your website. While this may be an added cost to an already expensive project, it has been found that people are more likely to buy from a site with the 5th ‘P’ of Marketing: payment option. For those who don’t want to incur the expense, there are other options. If you are selling digital products or services, you can take payments up front and do not need a payment plan at all.
3.What payment gateways do you use?
We use Stripe to process our credit card transactions. They are the most popular and well-known gateway, but it doesn’t mean they’re the best choice for everyone. We recommend that you research all your payment gateways before making a decision on which one is right for your business. It may take some time, but it will be worth the effort. 2022 Commerce and Payments Trends Report suggests that in 2019 online merchants who do not offer any form of mobile payments grow from 27% in 2018 to 34%. In 2022, 3 out 4 consumers are buy something with their phone or tablet in stores or online.
4.Do you offer discounts or free shipping with a purchase?
Offering discounts or free shipping with a purchase is a great way to incentivize customers to buy from you. It can also be an effective way to build loyalty with your existing customer base. However, it’s important not to offer discounts too often, lest they lose their value and impact.
Discounts can be especially effective when used in conjunction with other marketing tactics such as email marketing campaigns, as the discount might encourage people who are on the fence about a purchase to finally make the decision.
5.Have you tested in-app purchases with your mobile app?
In-app purchases are a great way to monetize your mobile app, but before you start charging for in-app purchases in your app, it’s important to do some testing. One way to do this is by using A/B testing. You can use A/B testing on an Android device by installing two versions of the same app with different features and seeing which one gets more downloads or better user ratings.
6.Do you have an affiliate program in place?
An affiliate program is a fantastic way to earn passive income. It doesn’t require a lot of work on your part and it’s a great way for you to leverage the work you’ve put into the 4 Ps so far. What’s more, an affiliate program will help you build your list because subscribers are incentivized to sign up through one of your affiliates and they’re likely to buy something from you as well!
7.How else can customers pay for products/services?
There are many ways in which a customer can pay for a product or service. Credit cards, debit cards, checks, money orders and PayPal are just some of the methods. In addition to these more traditional forms of payment, there are also a growing number of alternative payment methods that are becoming popular in the marketplace. These include apps like Apple Pay and Android Pay that use your mobile phone to make payments at retail stores.
There are five things that you should consider when it comes to marketing your product. Product, Price, Place, Promotion and Packaging. One of these is the payment option. How will people purchase your product? Will it be in a store? Or on the internet? If they are purchasing it online, what type of credit card or debit card do they need? All these questions must be answered before you can properly market your product.