Because products, markets, customers and needs change rapidly, you should continuously review these seven P's to ensure that you're on the right track and achieve the maximum possible results in today's market.
In the 1960s, when salespeople smoked at their desks, women played in their typing pools and sliced bread was the criterion for determining if a product was good, a marketing idea emerged so perfect that, sixty years later, it is still considered an integral part of any marketing strategy.What began as the four P's of marketing has quickly become the seven P's of marketing and includes the product, the price, the promotion, the place, the people, the process, and the physical evidence. It goes without saying that the service or product you're selling should be at the center of every element of the marketing mix.
The combination of digital marketing is perfect for showcasing your products, through SEO, blogs or articles, paid advertising, influencer marketing and viral video campaigns, for example. The strategy on which the price of your product is based should be based on what your customers are willing to pay, on costs, such as retail profit margin and manufacturing, as well as other considerations. Your marketing combination may include discount programs on subscriptions and memberships, or email marketing for promotions and sales. Successful marketing strategies include all the promotional activities in the marketing mix, including advertising, direct marketing, and in-store promotional activities.
Digital promotion possibilities are only limited by your imagination and can include online events, chats, social media groups, and live broadcasts. Customers must report directly where and how their product is displayed and sold. If you have a deep understanding of their buying patterns (and you target them in the right phase of their buying cycle), you'll clearly know where you should promote and sell your products and how that fits into your online marketing strategy and in the real world. Great customer service doesn't just turn into sales, but you can also increase your customer base through referrals.
Getting these referrals from people who love your brand can also be a great example of how your marketing efforts can support your sales process. The product delivery process to the consumer should be designed to offer maximum efficiency and reliability, but it can also include features that are in line with your brand, such as focusing on the environment or sustainability. Physical evidence incorporates aspects that demonstrate that your brand exists and that a purchase was made. Your marketing mix should also take into account all the things your customer sees, hears (sometimes even smells) in relation to your product or service.
This, of course, includes packaging and branding, but it should also include how products are displayed in stores, where they are placed and the context in which they are located, as well as the digital location, including on your website and on social networks. When it comes to creating a strong and strategic marketing mix, it's important to understand how the 7 P's of marketing fit into the whole picture. To find out how we can help your company, call us at (0) 9079 2555 or send us a note using the contact form below. We love meeting new and exciting people.
Whether you need help with a one-off project or if you're looking for a long-term collaboration, get in touch with us and let's chat. Suite 320-322, Lift 3, Level 3 The Block Arcade, 282 Collins St Melbourne VIC 3000. The 7 P's of marketing are: product, prices, place, promotion, physical evidence, people and processes. The 7 P's constitute the necessary marketing combination that a company must have to advertise a product or service.
With the rise of online shopping, digital partnerships and logistics have become an essential part of the marketing mix. .
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