The four Ps of marketing are integral to any successful business strategy. Developed in the 1960s by E. Jerome McCarthy, the concept is still considered a marketing foundation. Nowadays, though, a more developed seven Ps or wonders, as we like to call them, adds additional layers to the Marketing Mix.
After all, with the invention of the internet, modern-day consumers need a little more to hold their attention. A Google study back in 2011, known as the Zero Moment of Truth or ZMOT for short, identified that consumers need 11 sources of info before they decide to buy, so by adding People, Processes, and Physical evidence to Product, Price, Promotion and Place. We give you the 7 Wonders of the marketing World.
Here's how you can apply the 7 P's marketing to your marketing mix:
PRODUCT
The first P stands firm- Is your Product or service you're selling something people want enough of and not just desire but crave? Otherwise known as addiction potential! You should address the problem or issue your product solves for your customers. Then address why your product is the best one to solve it. Having a marketing mix is a perfect showcase for products. You can use blogs or articles, paid advertising, video, email, and influencer marketing campaigns. This will help you educate and drive awareness for what you have.
PRICE
To maximise your profits, it's essential to know the price your customers are willing and able to pay. You can base this on various considerations, including retail markup and costs such as manufacturing or other factors that may affect what you charge for goods/services.
Your product should always represent good value for money, but I didn't say the cheapest available. Customers will pay a little more for something that works well. And gives them back their time. What I would like to add here is - never discount. The price is the price. Provide additional value with extras free to you but higher in perceived value to your client.
PROMOTION
Successful marketing strategies are not limited to traditional advertising and promotion. Digital promotions can include online events, live streams, reels and videos on social media or groups. You can use paid ads that help you reach your target audience or retargeting ads, all with a personalised message tailored for potential customers and clients.
PLACE
Customers' purchasing patterns should inform the way you sell your product. Understanding clients' needs and targeting them at the proper stages of buying cycles allows for transparent decision-making about where to promote what you are selling.
PEOPLE
Excellent customer service not only converts to sales but can increase your customer base through referrals. Acquiring these referrals from people who love your brand can also be a great example of how your marketing efforts can support your sales processes.
It's essential that everyone who represents your brand or deals with customers – including the non-human chatbot variety! – are fully trained sales professionals with an intimate knowledge of your product and how it will improve the lives or solve your customers' problems.
PROCESS
The process of delivering your product to the consumer should be designed for maximum efficiency and reliability. Still, it may also include features in line with your brand, such as being environmentally or sustainably focused. With online shopping, digital partnerships and logistics have become essential to the marketing mix.
PHYSICAL EVIDENCE
Physical evidence incorporates aspects that prove your brand exists and that purchase occurred. Examples of proof that your brand exists include a physical store, office, website, and business cards. Examples of evidence of assets can include Physical or digital receipts, Invoices, and follow-up email newsletters you send customers as a retention exercise.
Your marketing mix must also consider what your customer sees, hears – sometimes even smells – concerning your product or service. Branding and packaging should also show how products are displayed in stores, online, and social media.
Understanding the whole picture is essential to create a rock-solid marketing mix.
Local Marketing Made Easy is a full-service local marketing agency based in Greenwich, London. We can show you how a good marketing strategy can increase sales - ultimately putting more money in your pocket.
To find out how we can help your business, call us on (0203) 303 0625 or book a callback request via the form below.
