If you are a small business looking to ramp up your marketing efforts, it is important to always keep the 7Ps of marketing in mind when developing your marketing plan.
What are the 7Ps of Marketing?
The 7Ps of marketing, also called the marketing mix, were originally just four basic Ps: product, price, place, and promotion. These 4Ps, devised by E. Jerome McCarthy in 1960, have been expanded on with the evolving of marketing and now include three additional components, which is people, process and physical evidence.
7Ps of Marketing Mix is a classic marketing model and simple framework that any company can use to review and optimize its marketing mix and strategy.
The 7Ps of Marketing are:
- Product
- Price
- Place
- Promotion
- People
- Process
- Physical evidence
Product
The 7Ps begins with the product you’re selling. This may refer to a physical product, service, or experience. When you market your product, you should think about the key features and benefits that your customers want and how your product meets those needs. Consider competing products too, how does the product you’re selling stack up against the competition in terms of product aesthetics, quality, and durability?
If you are starting a new business, you should conduct a thorough customer and competitor analysis as part of the product development process. Existing companies can also benefit from conducting regular market analysis to help them ensure that their products continue to meet and exceed customer expectations.
Price
The second basic Ps _Price_ refers to your pricing strategy. When setting your prices, you need to understand how much customers are willing to pay for your product, the profit margins you need to make, and the costs associated with selling your product (rent, website, wages and payment gateway fees, etc…). Your competitors’ pricing strategy is also relevant here – how do you position yourself against premium brands, discount brands and everything in between, and does your pricing reflect this?
You should review your pricing strategy often to ensure that pricing your product sends the right message about your brand and reflects your position in the market.
Place
A place is where your products and services are seen, manufactured, sold or distributed. This may refer to a storefront, online store, warehouse, or cloud-based platform. The design of your place _physical or virtual_ sets the tone for your business. It gives potential clients a sense of the quality of your products, expected pricing, and more. Your place has to reflect both your business and the customers you want to shop with you.
Just imagine your retail store or website through the eyes of a first-time customer. Does it send the right message or are there areas for improvement?
Promotion
The way you promote your product or service will have a direct impact on the success of your brand. There are a large number of promotional channels you can use in today’s market, from traditional paid outdoor advertising, TV, radio and internet to modern methods including social media, podcasts, SMS, email marketing and in-app advertising. Think and concentrate on your target audience and the channels they use. To be effective, you must promote your product wherever they are. Again, examining your competitors’ promotional efforts should help define your marketing strategy.
If you are not using digital promotion to market your business in 2021, you are missing out on a great opportunity. The possibilities of digital and content marketing are only limited by your imagination.
People
People refer to the employees who work in your business. It includes everyone who is directly or indirectly involved in selling your product or service and providing customer service. Your people or employees are the face of your brand. You can have a successful product, but if your employees can’t talk about its features and benefits and deliver a great customer experience, you will have a hard time achieving success.
Get the people component of your marketing mix right by hiring the right people, providing comprehensive and ongoing training, and creating a culture they want to be a part of.
Process
Process refers to the processes involved in providing your product or service to your customers. This includes aspects such as your sales funnel, your payment systems, your distribution approach, and the way you manage customer relationships. After you put customer-focused processes in place, you support your employees to deliver a positive and consistent customer experience and work more efficiently.
Think of your internal processes from the customer perspective. Are you easy to deal with? And are the partners you work with _payment systems, logistics and delivery partners, influencers and more_ aligned with your business values?
Physical evidence
Physical evidence is everything that your customers see when they interact with your business. This includes the environment in which you present your product or service (both physical or online), the design of these spaces, your logo and branding, product packaging, social media presence and more.
Physical evidence isn’t just about marketing-focused things your customers see, it also includes operational aspects like the way your employees look and act, receipts or invoices, and any customer-oriented forms. Step through your entire customer journey to identify areas where you can improve.
7Ps of Marketing can be applied to all aspects of your marketing mix. Product, price, place, promotion, people, process and physical evidence must be considered comprehensively to ensure that you send a coherent and consistent message about your business and your brand.
As products, services, markets, and customer expectations continue to evolve rapidly, you should revisit Marketing Mix 7Ps often. By regularly evaluating and optimizing your marketing strategy, you will give your business the best chance of succeeding in an increasingly competitive market.
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This Program is designed for all Marketing Manager or Executive or anyone looking to advancing their career by attending a recognized Marketing Management training program
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