In this blog we will discuss what and how to use the 7Ps to structure your marketing strategy.
What is the 7Ps marketing mix?
The 7Ps marketing mix is a helpful tool to create an effective marketing strategy for your business. This mix was initially only 4Ps but has now expanded to include 3 additional elements, and it is recommended that they all be taken into account creating your marketing strategy. The marketing mix is composed of Product, Price, Place, Promotion, People, Process, and Physical Evidence. Each of these components is essential for creating an efficient marketing plan.
What are the 7Ps?
Product
Product refers to the goods and services offered by a business. When marketing a product or service, it is essential to think about what the customer needs and wants, including the features, advantages, packaging, and design that will fulfil their expectations. Additionally, you must consider what makes your product or service unique and better than the competition.
Price
Price in the marketing mix refers to the amount of money your consumer is willing to spend. The price must be higher than the cost of manufacturing, as this decides your profit. Changes to the price of a product can have an enormous effect on its sales and the perception of the brand. Prices that are too low may lead to customers perceiving the item to have poor quality, while prices that are too high may result in the costs outweighing the benefits. It is important to find the middle ground.
Place
Place refers to the distribution and availability of your goods. To ensure successful placement of your product or service, you must first gain a thorough understanding of your target customers. This will help you identify the most effective methods of distribution and where your purchasers are looking for your product. Additionally, you should consider how your distribution strategy differs from that of competitors and whether you need to make your product available online.
Promotion
Promotion involves communicating the worth of a product or service to potential customers. This can involve advertising, sales, public relations, emails and social media. The goal of promotion is to enhance brand awareness and increase sales. When planning for promotion, you will need to consider the target market, how competitors promote and when the best time is to market the product.
People
People refers to the employees of a business. The employees of a company are the primary point of contact when customers make enquiries, orders or complaints. They become the face of the organisation from the customer’s perspective and it is important for them to possess accurate knowledge of their company’s products and services as well as the ability to access relevant information. By providing employees with the necessary guidance, companies can use them to give their product a competitive advantage and create a strong connection with their customers.
Process
Process refers to how a customer interacts with a product or service. The right processes will create a smooth, efficient and customer-friendly journey.
It is essential to map out a customer’s journey in order to provide a good experience. This involves understanding how they interact with the product or service at each stage. This can include considering the length of time it takes for a customer to receive a response to an enquiry, what happens after an order is placed and how reviews are generated post-purchase. Establishing these processes will create a smooth, efficient, and customer-friendly experience.
Physical evidence
Physical evidence is made up of tangible elements of a product or service that customers can perceive. Examples of physical evidence are product packaging, receipts, and customer service. It can be especially beneficial for customers who are unfamiliar with the company and need some assurance.
Why should I use the 7Ps?
It can be challenging for SMEs to identify a unique selling proposition or to reach the desired customers. Fortunately, the 7Ps of marketing provide a structure to help with marketing planning and offer a vital strategy to successfully communicate with the target audience. The 7Ps also assists businesses in analysing and identifying concerns that impact the marketing of their products and services.
How can Newable help you to implement the 7Ps into your marketing strategy?
Here at Newable, we have a team of experienced advisers passionate about helping SMEs by providing fully funded advice. We give a range of external support and can help you to understand how to use the 7Ps to structure your marketing strategy. Find out more about how Newable can help you implement the 7Ps into your marketing strategy.
About Newable
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Read our other blogs in this series:
Top tips for SMEs on Expanding Globally
5 top tips to help make your business reach net zero
What does the rise in interest rate mean for SMEs?
Top 7 Benefits of Shared Workspaces for SMEs
How to Create a Winning Pitch for Investment