7Ps of Marketing- Formulate the Right Marketing Mix for your business
Devised by E. Jerome McCarthy, the 7Ps model is an excellent marketing tool to help your business to develop its marketing strategy by focusing on specific areas.
Historically, this marketing mix was just 4Ps, but 3 more were added and today all these seven elements are considered as an important part of the marketing and promotional strategy.
Marketing frameworks are vital to organizing your work efficiently and these 7Ps of marketing are one of these frameworks that you can use from your marketing toolkit and promote your brand.
The 7Ps of the service marketing mix include Product, Price, Place, Promotion, People, Processes, and physical evidence.
In marketing the first factor is a product that you are offering; it includes products and services or even a mix of them. It includes the quality delivery, advantages and features offered to the consumers, availability, warranties, and many more aspects that can make an impact when the customer is getting at the end.
Here, you need to look at your product and think about whether or not it is in the right business at this time. Ask questions like:
Is your current product or service, or a mix of products and services, suitable for the market and present consumers?
Whenever you get it tough to sell your products or service be honest yourself and ask, are these the right products or services for your customers today?
If not, could you come up with a better option?
The second P in the formula is price. Often, paying a higher price makes customers more satisfied. The cost is always considered a proxy for quality and vice-versa.
We cannot deny the fact that the services are all more intangible; the price becomes a driving force for the actual service consumption to happen, after service awareness and service acknowledgment.
Keep examining the cost of the products and services that you are offering to make sure that they are still in demand in the current market. Sometimes, you may need to think to lower your cost. Sometimes, it may be okay to raise the cost.
The place is where your products and services are seen, made distributed. Access for consumers to your product is the key and it is vital to make that consumers can find you.
The place often offers a different side of value to the customers. In case, you are establishing a new business, find the right business locations.
The third factor is the promotion of the service is what the company focuses on getting more clients.
The way you promote your products or services has a huge impact on the overall performance of the brand. Minor changes in your advertising can lead to a tremendous effect on your sales and performance.
Large to small companies, experiment with the different mediums of branding and selling their products and services.
And, everything changes and gets innovated, and you will have to develop new sales marketing and advertising approaches in either case, your methods of marketing will stop working.
Processes are important to deliver quality services. Services being intangible, processes become all the more crucial to make sure the standards are met. When you have a well-designed process, it reduces cost and also enhances productivity to maximize profits.
Keep in mind that the process of how your products or services are delivered to the customers has a great impact on your business performance and customer satisfaction.
People are crucial in service delivery. It incorporates all the people with an effect on your sales, marketing, and entire business activities. It is a fact that without the key people in the right positions, you can never conceptualize your strategy despite having a solid business plan.
Work on the ability to select, recruit, hire, and retain the proper people, with skills and abilities to do the job you want to have done.
Physical Evidence is one of the major elements that affect customer satisfaction. Your service is amazing still customers depend on other cues to judge the offering. And, this is where physical evidence plans apart.
It includes all the elements that differentiate your brand in the customer's mind.
So these are the 7Ps that will help you understand where your brand stands now and how your brand can evolve further.
To be successful in the market, you need to develop the habit of thinking in terms of exactly who is going to carry out each task and responsibility.
Share the 7Ps of marketing worksheets internally and start working on measuring the success ladder.
