Regardless of how unique a particular marketing strategy may be on the surface, there is always an established formula that cannot and should not be broken.
Any successful marketer knows that executing a successful marketing campaign requires following the 7 Ps:
- Physical Evidence
If three of these seem new to you, you’re not alone. Up until about fifteen years ago, only four were used. However as time has gone on, the last three have become just as important.
So what do each of these 7 Ps of Marketing mean?
Let’s break them down!
This one should be self-explanatory. What are you selling?
Any marketing strategy needs to have something to sell. Not only that, but it needs to know to whom that product or service is being sold.
Think about some of the products or services you may have sold or offered before that may not have performed as well. Are you likely to offer them again, knowing what you know now?
What about what you do offer? Is it better than what anyone else can give to that same customer base?
Any product or service that is sold needs to answer the question of “what’s in it for me?” Once you know the answer to that question, you can move on to the next P.
You have your product. You know it’s the best thing for your prospective market. Now how much should people pay for it? The price you choose for your product is meant to generate demand.
Let’s think about the computer market, for instance. A new Apple laptop can cost a minimum of $1200, whereas a Chromebook can cost only about $150.
Why the price difference?
A lot of it has to do with what each computer can do. The $150 Chromebook can only perform basic functions like web browsing and document creation and editing. The $1200 Apple laptop has the functionality, the ability to edit photos and video, and handle far more complex functions that the Chromebook can’t.
Depending on your needs, or even wants, the Chromebook may be the better option for you, especially with the price tag. On the other hand, if you need a laptop that can handle the processing needs of a video or photo editor, the Apple would be the best way to go.
How you price your product shows its value and the demand customers may have for it. When it comes to this P of your marketing strategy, is your product or service more of a Chromebook or an Apple?
Everyone has heard of this word and may have a basic idea of its meaning.
How are you generating awareness of your product?
This P is where the most creative aspects of your marketing plan shine. Are you focusing on SEO? How about social media? Video? Traditional ads with television and radio? The sky’s the limit when it comes to how you generate buzz around your product or service.
You know what you’re selling.
You know how much you’re selling it for.
You’ve generated plenty of buzz about it.
Now, where are you going to sell it?
In today’s digital age, the most common answer is online. And that works perfectly.
But what if your preferred customer base doesn’t typically shop online? Or what if certain laws prevent a potential customer from receiving their product on time?
You also need to consider potentially selling it at physical locations or perhaps selling it both online and at a physical store.
This P of marketing strategies should be considered as you are looking to promote your product or service, showing people where to go to get what you’re selling.
This one may take a few marketers by surprise. But this is very important.
Any successful marketing strategy needs to think of the people involved, not just in terms of customers, but also in terms of who is working on your campaign. If you have, or even want, an in-house marketing team, you need to have the right people able to do the job, from promotion to customer service.
Find the right people to build your brand.
You may think that your marketing strategy ends once the product is sold, right?
Even if the promotion has been successful, the product can only go so far as how the customer experiences it once they have it.
If you are selling a physical product and it happens to be damaged somehow, how is your customer service to ensure the problem gets fixed? How about user-friendliness? If your customers buy your product, but don’t have a good experience with it, they will return it, which means issuing refunds, which means sales go down.
In your marketing plan, make sure you have any process figured out that may potentially be a customer complaint. Provide the best possible service from beginning to end.
The last of the 7 Ps of Marketing is a combination of the other six. When someone buys your product or service, they take in everything involved with it. That includes where they buy the product, the packaging, and even the brand design.
Don’t take anything for granted, and you’ll have a successful marketing plan.
The Marketing Agency You Need
If you’re looking for a marketing agency that incorporates all of the 7 Ps of Marketing in their marketing plans, check out the Marketing Agency Utah and schedule a consultation today!