Do Your Strategies Stand Up to the 7 Ps of Marketing?

The 7 Ps of marketing are a more modern version of the 4 Ps of marketing you have probably already heard about. The 4 Ps marketing mix goes back to the 1950’s and was designed to help businesses cover each important issue needed for successful marketing. Originally aimed primarily at marketing products rather than services, the 4 Ps are

• Product
• Price
• Place
• Promotion

As time went on, three additional Ps were suggested. These apply to all businesses but are particularly helpful for businesses that provide services or sell on the Internet.

They are

• People
• Process
• Physical Evidence

Today we are going to discuss what is meant by these 7 Ps and how they can help you to develop a cohesive marketing strategy. We will give you questions you will want to answer in each category. Are there more questions you could ask than those shown here? Sure, every business and industry will have its own concerns. But these will give you a very good start.

Are the 7 Ps old school? Perhaps. But they still comprise a simple and valuable tool. Even if you are outsourcing your marketing, it’s a good idea to keep tabs on what your agency is doing by reviewing the 7 Ps.

1. Product (and Services)

Before you move on to any of the other P’s, you must have a thorough understanding of your product or service.  This could be a product or service you have developed or one you buy wholesale and sell. It could be anything from a pair of shoes to a phone app to dry cleaning.

Here are some questions you need to answer, though a few will apply more to products than services:

• Who is your target audience?
• Why will they want or need your product?
• What are its benefits to your audience?
• What are the specific features of your product?
• What problems does your product or service solve?
• What sets your product or service apart from your competition?
• When does someone need your product or service?
• What is its sales cycle?
• What will be the design of the packaging?

2. Price

Price must be based not only on how much you need to charge to make your desired profit. It is also an important positioning tool. For example, if your audience likes a bargain, you might want to look at the possibility of underpricing your competition. But if you want to position your product or service as a top end luxury choice, you may want to charge much more.

Here are some of the questions you will want to answer:

• What are the supply costs?
• What are the costs of development (if you are developing the product)?
• What is the competition charging?
• Are you selling wholesale or retail? If wholesale, what is the retail markup?
• Who is your target audience? What are they willing to pay?
• What image do you want to portray? A bargain destination? High end luxury?
• If you offer a discount, will it impact your brand image? Consider seasonal offers or discounts when devising your price plan.

3. Place

Place can refer to a few different things in the 7 Ps of marketing. Primarily it refers to where you distribute your product and services. It can mean

• Where you distribute
• Your company’s location, particularly if you sell there, such as a dry cleaning shop or an attorney’s office
• Where you promote your product or service

Some questions you want to ask are:

• Who will buy my product?
• Where will my target audience see my placement?
  • If you are selling high end luggage, you don’t want to place it in Costco. If you are selling bargain luggage, you are not going to be able to place it at Saks.
  • Similarly, if you are selling to teenagers, you are not going to be advertising in AARP’s magazine.
  • If you are selling to seniors, you are not going to be advertising or posting social media on Snapchat.
• What innovative places can you place your product?

Place need not be physical. It can be online or offline.

It can also refer to product placement in a movie or a TV show. For example, you often see people using Apple laptops on TV and in movies. And if someone opens a Coke instead of a Pepsi, that is no accident. That may not be feasible for many small businesses, but they could consider partnering with social media influencers who show themselves using the product.

4. Promotion

Promotion is showing your product or service to prospects in a favorable light so they come to a realization that they want to buy it. It’s the activity most people think of when they think of “marketing.”  So, we are talking advertising, posting on social media, sending press releases, contacting influential bloggers and reviewers, putting up billboards, and, well, you get the idea.

Promotion and placement can go hand in hand as we have just seen. It’s important to promote your product in a place it will be seen by your ideal customers.

Here are some questions to consider:

• What is your brand messaging for the product or service?
• What words and images can stimulate positive emotions for your product?
• How can you make people aware of your product and interest them in it?
• How can you generate leads of people who are likely to be 7 interested?
• What are the best ways to reach your preferred audience?

Now that we have covered the original 4 Ps of marketing, let’s move on the additional three that round out the 7 Ps of marketing.

5. People

A business’s people have become increasingly important, because many customers today want some kind of connection to the companies where they make their purchases. See Build Trust in Your Company: A Continuing Journey.

Every time a prospect or customer deals with a person who works for your company, they are forming an opinion of your brand. That could be anyone from the receptionist, to customer service reps to salespeople to the CEO. Don’t neglect to train everyone in at least the basics of your products and services. Also train them on how to interact with the public, prospects and customers.

And don’t forget the importance of third party referrals and testimonials from happy customers. 94 percent of people are more likely to buy from a business due to positive online reviews.

Ask these questions:

• Does everyone in your company know what sets your products and services apart?
• Have you set up structures for dealing with customers — even the difficult ones?
• Is everyone at your company who interfaces with prospects and customers a good brand representative?
• Have you put structures in place to get referrals and testimonials from  happy customers?

6. PROCESS

Process is the logistics of how you deliver your product or service to your customer. Your job isn’t done once you make the sale.

Ask these questions:

• Are your delivery processes efficient?
• Are your delivery processes reliable?
• Are your delivery processes cost effective?
• Do you have a written, structured plan for delivery?
• Do you check on your processes regularly?
• Do you have a structure in place so my customers can easily give you feedback about their delivery experiences?

7. PHYSICAL EVIDENCE

Physical evidence helps to establish your business as reliable and legitimate. This is particularly important if you are selling online.

A well designed website that has an address and an About Us section that gives information about the executives is good physical evidence for example. Other physical evidence includes your business cards and your actual store or place of business. Regular newsletters remind your customers that you are a flourishing company, a company that regularly sends them valuable information.

Something that shows a transaction occurred is also physical evidence. This could be something as mundane as a receipt. Another good example is branded packaging.

Ask:

• Is your physical evidence well designed? Does it promote trust?
• What is the physical evidence your business provides to customers after a transaction?
• What could you do to improve your physical evidence?
• Is your branding consistent so customers recognize it at a glance?

Periodically Review the 7 Ps of Marketing

Considering the 7 Ps isn’t a one-time event. You should regularly review them for all your products and services. Will they overlap? Sure. They are a framework to make sure nothing is missed and to help you give serious thought to each important factor for your marketing strategies. Even if you outsource your marketing, it is good to have this basic understanding.

Call Umbrella for Marketing Strategy and Implementation

Umbrella Local Experts stand ready to help you with your marketing strategy and implementation from soup to nuts. You can discuss the 7 Ps of marketing your products and services with them and much, much more. Umbrella Local experts have the advantage of being close to you geographically but bringing the support of a large, international marketing organization.

Call today for a free consultation with an Umbrella Local Expert to discuss your business’s marketing needs.