Is your business using the 7 Ps of Marketing?

the 7ps of marketing

As a small business owner, it can be challenging to know what is the best way to promote your business, products and services in order to reach the right audience. Especially as new channels like digital marketing develop.

That’s where E. Jerome McCarthy’s theory of the marketing mix can help you and your business focus on multiple key areas that will drive your success. Originally, the marketing mix focused on the 4 Ps (Product, Price, Place and Promotion), though as marketing strategies have evolved an additional 3 Ps have been added for businesses to think about when promoting their brand, products or services.

So what are the 7 Ps?

  1. Product
  2. Price
  3. Place
  4. Promotion
  5. People
  6. Process
  7. Physical Evidence

How can your business use the Marketing Mix?

Product

Possibly one of the most important and easiest parts of the model to identify, what is the actual product or service that you are wanting to market and sell? This focus area is where you should consider things such as:

  • What consumer problem does your product or service solve? As this will help to drive interest and sales.
  • How does your product or service differ from competitors?
  • What will your product look like? e.g colours, size.

Price

What are you going to charge for the product or service? If you don’t know this already then research into your competition, the cost of your raw materials or the time it will take you to offer your service, is what you need to think about. A detailed pricing strategy should be created, helping you to identify how much it will cost your business to supply the product or service, what your profit margin will be, and carry out competitor research to ensure you don’t price yourself out of the market.

Place

Where will your product or service be seen? This includes manufacturing, distribution and sales. For this, you need to think about what it is that your business is selling and how easy you can make it for your customer to make a purchase.

Traditionally if you had a product that would need to be tested by consumers before they made a purchase, like a sofa, having a physical location for consumers to attend and see and feel the product would be essential to a sale. However, as e-commerce has grown over the years, especially after Covid-19, it has never been easier to create an online presence and set up a website so customers can shop directly from their homes.

For many services having a physical location (office or store) is essential as you need somewhere to provide whatever it is that you’re charging for. However, it’s still fundamental to have an online presence so consumers can find out about your business and the services you offer.

Promotion

How you promote your products or service will have a direct impact on the success of your sales and overall business. For this stage, your business should create a marketing strategy that includes multiple promotional channels in order to reach a wide range of potential customers. Some channels that you can use include:

The different channels you will use depend on your marketing objectives. For example, if you’re looking to drive sales of a particular product then social media marketing and paid media can be great to do this. Whereas if you’re looking to promote a service then content marketing and digital PR can be extremely useful for raising your brand awareness and helping your online rankings.

When you’ve chosen your channels you then need to consider the content you need for the promotions, if there is seasonality for your market or wider considerations that will dictate the timings of your campaigns.

People

Think about all the people who are involved in the marketing of your product or service. From those who manufacture the products, create the marketing strategies, and make the sale or deliver the service, all the way to the end customer.

The internal people are essential to the success of your business, if the person making the product or delivering the service does a poor job, then your customer satisfaction is going to be very low. Then if the people working on the marketing strategies don’t do their research correctly you can be left with a marketing plan that doesn’t deliver results.

You also need to ensure you regularly interact and engage with your customers, this can be done using the promotional channels you decide to use. It’s important to remember that communication with your audience shouldn’t always be a one-way channel, you should be interacting with them and asking them for their feedback.

Process

The steps required to get your product or service from inception to sale needs to be as efficient as possible to ensure success for your business. From supply chain delays to poor customer service they can all have a big impact.

Physical Evidence

This focus area involves any proof that your business and a sales transaction has taken place. For example your office or store, website, newsletters, receipts. All of these physical elements are another part of interacting with your customers, and so you need to ensure they are presenting your business in the best way possible to help you achieve your goals.

Is there an 8th P?

As the theory continues to develop, some marketers have started adding in an extra P of Partners, meaning any third parties who are involved in your business, products or services. This isn’t necessarily relevant to all businesses but is an important area to consider if your business relies heavily on referrals or influencer marketing. If you’re interested in influencer marketing and would like to find out more, then make sure you take a look at this blog.

 

Remember it’s important that your business thinks about all 7 Ps in order to increase the success of your marketing campaigns. If you’d like to learn more about how your business can use the marketing mix then please get in touch with our team today.