The seven Ps of marketing is a framework for analyzing, planning and executing marketing activities. Here’s how they can be utilized across your entire marketing mix.
When marketers in the 1960s smoked at their workstations, ladies tapped away in their typing pools, and sliced bread was the yardstick for evaluating a product’s desirability, a marketing concept was birthed that has remained ever since.
The seven Ps of marketing are as follows: product, price, advertising, location, people, process, and physical evidence.
Here’s how the 7 Ps of marketing can be used for every part of your marketing mix:
Product
It goes without saying that the service or product you’re offering should be at the heart of each stage of the marketing mix.
In a nutshell, it allows you to answer the key sales conversion questions: What problem or issue does your product solve for customers? Why is your product the best one available to address this problem?
The digital marketing mix is ideal for promoting your items, especially through SEO, blogs and articles, sponsored advertising, influencer marketing, and viral video campaigns.
Price
The pricing of your product should be determined by what your consumers are willing to pay, as well as manufacturing and other costs.
Subscription and membership discount programs, as well as email marketing of deals and sales, are examples of your marketing mix.
Promotion
All the promotional activities in the marketing mix, including advertising, direct marketing, and in-store promotional activities, are regarded as successful marketing tactics.
Online exhibitions, discussions, social media groups, and live streams are only limited by your creativity and may be used.
Place
The presentation and sale of your product should be directly influenced by your consumers.
A thorough grasp of their purchasing habits – and the targeting of those products at the right stage in their buying cycle – will show you where you should promote and sell your items, and how these two components fit into your entire online and real-world marketing strategy.
People
Excellent customer service can not only increase sales, but it may also lead to a boost in your client base through recommendations. Acquiring these referrals from people who like your company is another great illustration of how your marketing efforts might help with the sales process.
It’s critical that everyone who represents your company, whether it’s a non-human chatbot or not, is a trained sales professional with a thorough understanding of your product and how it will benefit customers’ lives or address their issues.
Process
The delivery process for your product should be efficient and reliable, but it may also incorporate elements that are consistent with your brand, such as being environmentally or sustainably conscious.
Digital partnerships and logistics are now an essential component of the marketing mix as internet sales have increased.
Physical Evidence
Information that can be verified through physical evidence includes elements such as the existence of your brand, and a transaction occurring.
For example, if you own a store or office for your company, you might provide proof by providing business cards with contact information that you exchange when meeting people. Physical or digital receipts, invoices, or follow-up email newsletters that you send to consumers as a retention exercise are all examples of evidence demonstrating your brand’s existence.
The marketing mix must also account for all of the stimuli your consumer sees, hears, and even smells when it comes to your product or service.
This involves not only packaging and branding, but also how products are displayed in shops, where they are placed, and the context in which they exist, as well as digital placement.