Did you ever wonder how some businesses can reach huge success with their marketing campaigns? It’s a question that many entrepreneurs have found themselves asking.
The answer lies in the 7Ps marketing mix which is a classic marketing model used by most companies and businesses: product, price, placement, promotion, people, process, and physical evidence. If you want your business to succeed on a global level, then learn more about these seven Ps and implement them into your marketing strategy. They will help you create a better customer experience and generate more revenue in the process.
The 4Ps or the 7Ps?
There are many different methods of marketing out there. However, the 4Ps method was designed by business owners when they were expected to sell a mix of products instead of services. When the role of customer service was not yet understood by marketers. The 4Ps marketing mix was created to make it easier for customers to understand what a company offers. This way, customers could easily choose whether they wanted to buy from the company or not.
Today, this marketing mix has been updated to include the 7Ps marketing mix. But why did we add an extra 3 Ps to the original 4Ps? Well, as mentioned earlier, the addition of the 7Ps marketing mix makes it easier for customers to decide if they should purchase from a particular company or not. So, let’s take a look at each of the 7Ps individually.
It is now recommended that the full seven elements of the marketing mix be considered when reviewing competitive strategies.
Who Is The Founder Of Marketing Mix?
E. Jerome McCarthy was famous for being an American marketing professor and author. He was the person who first introduced the 4Ps model in 1960. His book called Basic Marketing: A Managerial Approach became one of the best textbooks to exist in University marketing courses.
The first addition to the marketing mix is Product, this exists in both the 4ps of marketing and the 7ps marketing model, throughout multiple marketing theories, physical products have always had a noteworthy space when it comes to successful marketing planning.
The product you create will determine the success of your business. It must be a quality that is worth buying, and it needs to have a marketable value. A product, or offering, is a tangible thing that your business sells to consumers. It could be an online product or a physical one. For example, if you owned a dance studio and your product was dance classes, then the “product” would be the dance classes that you teach. However, some products are more physical such as Clothing, shoes & toys.
Often the product is the first thing you think of when creating your new business, you’ll need to evaluate your competitor products against your actual product and attempt to understand the overall value of what you have created, determining the product quality and what it possesses for your potential customers.
The price tag on your product or service should be market-friendly, and it should not overwhelm consumers with its sticker shock. The price you set for your product or service will be contingent on your target market. For example, if you sell high-end luxury items, then your price should reflect that. If you want to sell a cheap product and meet a certain profit margin, then that’s something else entirely. The price of your product quickly determines who your main target audience will be. However, there are a few products that have a price that is ‘universal’ and affordable by all.
Pricing strategies can become quite tricky to master, as you want to find the perfect balance in your competitive marketplace, as you’ll want to offer your customers the best possible value for money, without under-pricing your product.
That’s why competitive analysis is most important during the price stage of your marketing plan and should remain an annual business plan in the future going forward with your business to understand whether or not your product is being viewed as an ‘appealing price’ and whether or not it is a viable option.
All marketing efforts need to be focused on the right customer base as you don’t want to be advertising to the wrong people. Placement can help you reach your target audience by targeting their location or demographic. Market research and content marketing will help your company determine where and how to sell your products, whether in brand-specific stores, on your company’s website, through third parties, or partners like sales forces. It is also important for you to consider the type of direct interaction with customers that you want – if customer service is handled by channel partners. This is a common method of marketing.
When it comes to the placement you do not want to focus all of your energy on an overcrowded marketplace, meaning if other businesses are operating all in one small area, why not search for opportunities elsewhere?
The marketing mix and digital marketing mix are all about making marketing decisions that best suit your business activities, and how your business management can help sustain your business against the rise of larger more dominant competitive companies. Your physical environment has to be beneficial to your digital promotion and print promotion, this simply means making sure your advertising is where your customers are looking.
Promotion is the way you get the word out about your business and its products. You do this by advertising, marketing, selling, and any other means that get people to learn about what you have to offer.
To maximize your promotion efforts, strategize a plan of action for every step in the process. This ensures that you’re constantly moving forward with your goal of reaching as many of the right people as possible.
Promotion strategy can include advertising approaches such as social media, online content, app advertising, traditional media, and more. In the 21st century, you’re almost expected to offer a multi-channel marketing approach which means that you’re branding across communication channels to reach a wide audience table.
Your promotional activity is also dependent on your budget, as some promotional channels are free such as social media, however other methods of promotional efforts may come with a price. Some of the latest popular advertising techniques involve influential marketing.
Influential marketing is when a popular ‘influencer’ will use direct marketing tactics to discuss your brand to their large online following.
The term ‘people, in the extended marketing mix,’ refers to all of those people involved with selling products or services and managing teams. It also includes designing a product and promoting it as well as recruiting and training staff.
The people behind the product often have a large impact on how customers will perceive the brand and understand the company. This is why in the 21st Century we see such an emphasis on customer service, politeness, professionalism, and knowledgeable attitudes in the workplace, this in itself creates a brand image that employees strive towards and follow.
The people involved in your company with provide consistent branding, allowing target customers to get to know your brand, through them. The role of customer service is extremely important here, as any customer interaction will determine the value the customer believes your product has. If the customer has excellent customer service, there are more chances of the customer becoming a ‘brand advocate’ and having ‘customer satisfaction.
The marketing mix process suggests that overall the experience with your business should be easy.
One of the fundamental strategies for customer service is to provide a process that is seamless and personalised to make your customers happy. If you have products that are of good quality, then chances are you won’t hear any complaints. However, you will likely receive complaints if your process is difficult, long, or confusing, there are so many different pieces of the process to consider in marketing strategy that it can lead to complaints! Customers typically feel frustrated or dissatisfied when late shipping, additional cost/s incurred from not knowing what they’re paying for upfront (e.g., unexpected demand), and poor communication or lack of support are introduced into their experience with your company.
To avoid process issues, the best practice is to be completely transparent in your operations, laying out a roadmap for your customers to follow. ‘Click Here to Order ‘Verify Your Email Address Here’ is all directional language designed to navigate the customers in the right direction, holding their hand along the customer journey.
The entire customer journey refers to how your customers discover your company and continues throughout the entire scene until we reach the customer-end delivery, after purchase. The ideal process and customer journey will see the entire brand involved in customer satisfaction, from the first initial search where the customer discovers the brand, to the interactions with the sales team, to the relationships with customers, and finally to the marketing activity post-purchase.
Your product must stand out from the competition in a tangible way to be successful. This means that your product must-have features that make it different and unique by itself. Physical evidence whilst referring to your product means providing something unique to your customers, and being able to show them exactly what it is that makes it unique.
However, physical evidence isn’t just attributed to your product, it needs to be applied across your entire platform, outstretching to your brand, your values, and your presence. Your physical evidence needs to indicate how you are important, a valid choice, and better than your competitors.
Start by taking a look at your websites, your stores, your social media accounts, and even the packaging of your products, think of ways to improve your overall experience, and make customers feel safe and secure whilst shopping with you.