Oftentimes, companies may not consider product packaging a top priority. So much time, money, and care go into their products’ meticulous creation and design, but if they lack proper packaging, that effort may fall short. According to the American Marketing Association, leading companies recognize the value of packaging as a crucial component of their brand and marketing strategy in keeping their products protected, secure, and fresh. We’re introducing the five P’s of the marketing mix and diving into why you should consider product packaging an integral part of your overall strategy.
Product – A product is any item that satisfies your customer’s wants, needs, or desires. A product’s lifecycle is examined to ensure its goods stay relevant and appealing to customers as the marketplace continues to evolve.
Price – Rather straightforward, price is the cost of the product you’re offering. Changes to your product’s price will affect an overall strategy, affecting both demand and sales. Considering how the price will influence your customer’s perception of your products is crucial because it involves insight and understanding from many departments within your business.
Promotion – Promotion is about product exposure, but in the most compelling, original ways possible to entice customers and elicit a positive emotional response. The days of efficiently converting prospects into leads through sales calls or traditional print advertising are in the past, and marketers now employ digital promotional strategies in the mix to get their products noticed.
(Product packaging and promotion go hand-in-hand. There are many new ways marketers are promoting their products; as a result, the packaging must be eye-catching, intuitive, and functional.)
Place – The fourth component of the marketing mix refers to the physical locations where your products are sold and the location(s) where consumers have direct access to your products.
Packaging – The final P—packaging. Packaging is essential because it affects every other P in the marketing mix. Packaging is designed to present your products in the most attractive way possible, communicates the price and value of your product(s), promotes your products by sharing information, and is the initial thing consumers see when they shop. Packaging can dictate how well your strategy is working and is the primary tool representing what you’re selling.
Your product’s packaging is what tells your brand’s story. Flexible retail packaging can help your brand communicate its values, missions, and qualities that distinguish your product from others. Our team at Mankato Packaging is committed to helping your business thrive through innovative packaging solutions.