It’s called the seven Ps of marketing – and here’s how it can be applied to everything in your marketing mix.
Back in the 1960s, when marketing men smoked at their desks, ladies tapped away in their typing pools, and sliced bread was the yardstick of whether a product was any good, a marketing notion was hatched that was so perfect, sixty years later it is still considered an integral part of any marketing strategy.
What started as the four Ps of marketing has quickly evolved into the seven Ps of marketing and includes product, price, promotion, place, people, process, and physical evidence.
The 7Ps of marketing include:
- Product
- Price
- Promotion
- Place
- People
- Process
- Physical evidence
Here’s how the 7 Ps of marketing can be applied to everything in your marketing mix:
1. Product
It goes without saying that the service or product you’re selling should be at the centre of every element of the marketing mix.
Fundamentally, it allows you to address the questions key to sales conversion: what problem or issue does the product solve for customers? Why is your product the best one to solve it?
The digital marketing mix is perfect for showcasing your products, through SEO, blogs or articles, paid advertising, influencer marketing, and viral video campaigns, for example.
2. Price
The strategy behind the pricing of your product needs to be based on what your customers are prepared to pay, costs such as retail mark-up and manufacturing, as well as other considerations.
Your marketing mix can include subscription and membership discounting programs, or email marketing of promotions and sales.
3. Promotion
Successful marketing strategies include all the promotional activities across the marketing mix, including advertising, direct marketing, and in-store promotional activities.
The possibilities of digital promotion are limited only by your imagination and can include online events, chats, social media groups, and livestreams.
4. Place
Where and how your product is displayed and sold should be directly informed by your customers.
A deep understanding of their purchasing patterns – and targeting them at the right stage in their buying cycle – will make it clear where you should promote and sell your products and how that fits into your online and real-world marketing mix.
5. People
Excellent customer service not only converts to sales, but can increase your customer base by referrals. Acquiring these referrals by people who love your brand can also be a great example of how your marketing efforts can support your sales process.
It’s important that everyone who represents your brand or deals with customers – including the non-human chat bot variety! – are fully trained sales professionals with an intimate knowledge of your product and how it will improve the lives or solve the problems of your customers.
6. Process
The process of delivering your product to the consumer should be designed for maximum efficiency and reliability, but may also include features that are in line with your brand, such as being environmentally or sustainably focused.
With the rise in online shopping, digital partnerships and logistics have become an essential part of the marketing mix.
7. Physical evidence
Physical evidence incorporates aspects that proves your brand exists and that a purchase took place.
Examples of proof that your brand exists can include things like a physical store or office for your business, a website if your business operates solely online, and printed business cards that you exchange when meeting people. Examples of proof of purchases can include physical or digital receipts, invoices, or follow-up email newsletters that you send to customers as a retention exercise.
Your marketing mix must also take into consideration 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 should also bring in the ways products are displayed in stores, where they are placed, and the context in which they sit, as well as digital placement, including on your website and social media.
Incorporate the 7 Ps into your marketing mix
When it comes to creating a solid and strategic marketing mix, it’s important to understand the 7 Ps of marketing. Considering product, price, place, promotion, place, people, process and physical evidence will help you ensure a consistent and effective message across every stage of your marketing mix.
Assemblo is afull-service marketing agency based in Melbourne, and we can show you how including the seven Ps into your marketing strategy can translate to increased sales and more effective marketing campaigns.
To find out how we can help your business, give us a call on(03) 9079 2555or send us a note via the contact form below.
