May 8, 2015

Posted by in Marketing

The 7 Ps of Marketing

Whether you own a small company or a large enterprise, you need to develop your own marketing strategy, so that you can attract customers that can help you build loyalty and profits. There’s a “7P formula” that you should use to evaluate your business activities: product, place, price, promotion, people, processes and physical evidence. Read this article if you want to learn more about the 7Ps of marketing.

Product

The product that you are selling should meet the customers standards and needs. Don’t try to sell something that will not benefit your clients needs. Simply make sure that it’s exactly what the customers are expecting to receive from your company/brand.

Place

When selling a product, you must make sure that the specific item you’re planning to sell is available from a safe location where your target customer finds it easier to buy. There’s a more current option, from an online shop or via e-commerce but it can also be from mail order or High Street.

Price

It’s important that you sell a good quality product and that it’s represents good value for money. This way, you can also gain more customers. If your product works very well for the customers needs, you can sell at a higher price because the consumers will be happy to pay extra for something that perfectly fits their needs.

Promotion

When it comes to promoting your business, you should use Social Media, Sales Promotion, PR and Advertising to your full advantage. These communication tools are extremely important for an organisation, especially when it’s in the early stages of development.

People

Having the right people is crucial, because they represent a big part of your business and we’re talking not only about the Managing Directors but also about the Sales staff that work very hard to make your company more successful.

Processes

The manner in which your service is delivered is considered to be extremely important because there’s always a risk of losing loyal customers due to poor quality of service. It’s recommended to focus more on this aspect and ensure that everything goes smoothly in your business, regardless of what company you’re running. Whether you’re running a local spa, a retail store or a gym make sure that the delivery of your service is done in an efficient manner.

Physical Evidence

Most of the services include some sort of physical element and the examples can vary. For instance, let’s say a beauty salon would provide their customers with a full body massage and an insurance company would give the consumer a printed material, such as a brochure that shows what additional services your beauty salon offers on a regular basis.