Marketing is something that has been refined over the years as society evolved. What has persisted to this day is the opinion that the seven Ps of marketing are important. As such, here are the 7Ps Marketing Strategy For Your Business.
Product
What is most important to your marketing is the product that you are providing as, without it, you would have nothing to provide to consumers. Your product should be kept to a standard of quality and be improved upon if needed to stay relevant.
You should always look at your product objectively as an outsider would to determine its viability in today’s market. It should be able to stand up to competitors as a quality product that customers would be satisfied with and return for.
Place
The location of your product should always be updated to suit your consumers. The place that you choose to market your product alongside its current placement of it can greatly change the way that consumers interact with your product.
A business looking to market their product should always review the place of spending that their target audience frequents and reflect upon that to make changes depending on the medium of sales. This change in place can lead to an increase in sales if done right.
Price
It can be appealing to market your product at the price that profits the most. However, it is important to constantly evaluate the prices of your products to determine if they are suitable in the current market.
By raising prices on products, businesses may be able to earn more per product sold but they might lose out on sales if customers feel priced out of your product. For this reason, it is important to balance the price of products to the current market to effectively market your business to your target audience.
Promotion
One of the most important aspects of marketing is promotions. How well you promote your product can drastically change the reception of your product by your target audience.
Promotions are the way that businesses communicate with their consumers, changing the way that they present their products depending on seasonal events and recent trends. This constant attempt to stay relevant can impact the consumers’ perception of your business and can lead to higher sales due to your marketing.
People
Although many aspects of marketing are important, none is more so than the people in charge of carrying out the processes of your business. The best-laid plans can be foiled simply by having the wrong people executing them.
The ability to hire and retain the people that are suited to working for your business is irreplaceable. Marketing only goes so far without a proper team of people that can carry out your vision for your business and thus, the ability to assign the right people to each task is most important.
Process
As important as it is to get the attention of consumers through marketing, the process of getting your products to the consumer is equally as important. As such, the process should be streamlined for maximum efficiency.
Part of having a successful marketing strategy is the satisfaction that your consumers feel when receiving the product and the process plays a huge part in that. When designing the process of your business, it is important to keep in mind that it should be in line with your brand.
Physical Evidence
Marketing can be all for naught if attracted consumers believe that your business is illegitimate. In today’s world of technology, all it takes is a quick Google search to see the digital imprint of any business on the internet.
Physical evidence is what proves your business exists and that purchases have taken place before. It can range from a business website to the location of your physical store, as long as it shows that your business exists to the consumer.