Marketing Strategy

As every plant needs water to grow, so does every business need marketing to thrive and succeed. You might have noticed that some businesses’s marketing efforts yield results while others don’t. The reason for this is their understanding or lack of understanding of the 7 Ps of marketing.

In this article, we will look at the 7 Ps of marketing and how you can craft a successful marketing strategy.   

What are the 7 Ps of marketing strategy?

The 7 Ps of marketing – product, price, place, promotion, people, process, and physical evidence. These serve as a comprehensive framework for a company’s marketing efforts. Designed to handle the complexity of contemporary marketing, the 7 Ps offer a complete structure for examining and enhancing every facet of a company’s marketing initiatives. Why are these crucial? Because they enable companies to evaluate all important elements influencing their marketing performance.

 Product

Let’s talk about the product first. In terms of marketing, a product is anything that can be offered to a market to satisfy a need or want. A product is not just limited to physical items, it also includes services rendered and ideas. 

The branding, appearance, quality, and effectiveness of your product are important factors to think about. Customers will be drawn to a product that is both effective and attractively made. Consider the iPhone—it has become an industry standard due to its design, user-friendly software, and dominant brand position.

Price 

Price is not just setting an amount for your product. It is a tool that can influence your success or failure in the market. There are different marketing strategies:

• Penetrating pricing: This is when a business sets a low price to break into a competitive market and attract customers within a short time.
• Value-based pricing: This is the pricing strategy that is based on the customer’s perceived price of the product and not on the cost of production.
• Competitive-based pricing: the goal behind this strategy of pricing is to stay competitive in the market. The price is set based on the competitor’s price. 
• Price skimming: This strategy of pricing sets a high price when the product is introduced into the market to maximize profits. Afterwards, the price is gradually reduced to attract more customers. 

The pricing strategies are not limited to the ones we discussed above. Each pricing strategy has its advantages and can influence customers’ behavior. You should choose a pricing strategy that is in line with your marketing goals.

Place

This is how you make your product available to your target audience. That is, do they buy it online or in a physical shop?

In your marketing strategy, you must consider “place” carefully. You can only do this by having a good understanding of your customers. Do they buy online? Or do they prefer a physical shop? 

Also, what’s your marketing goal? Do you want to reach a wide audience, or do you have a particular audience in mind?

Having the right answer to these questions will impact how you choose your “place” for your marketing efforts.The important thing is to make your product available to your customers effectively and efficiently. 

Promotion 

Promotion involves all the activities you take to communicate with the target audience about your products and services. In this step, you must determine who your ideal customer is, set the right budget, and also determine the platform for your promotion. 

There are four goals of promotion, which are;

• Awareness: This means ensuring that potential customers know about your products and the services you offer. 
• Interest: Creating interest and curiosity in your potential customers, which leads them to seek out more information
• Desire: We achieve this by highlighting the benefits, which is what makes it different from the competition.
• Action: Encourage potential customers to take a specific action, such as making a purchase, signing up for a newsletter, or visiting a website.

Effective promotion strategies must be well thought out. For example, a social media campaign can create awareness, and email marketing can keep your customers informed about new offers. 

People

People are essential to marketing strategies, particularly in companies that provide services. Without people, there is no business, and there is no one to sell to. This component concentrates on all parties engaged in the good or service, including clients and staff.

Workers are the public face of your company. Your brand’s reputation can be made or broken by staff’s interactions with consumers. To enhance customers’s experiences, invest in the training of your staff. Providing high-quality service leads to positive word-of-mouth and client loyalty. Happy and professionally trained staff are more likely to deliver this level of service.

By focusing on people, companies can build strong relationships, enhance brand loyalty, and drive long-term success.

Process

Process is the system and all activities involved in ensuring that a product or service is effectively delivered to the customer. 

The process involves mapping the customer’s journey, service delivery, the sales process, order fulfillment, the customer service process, and performance measurement. 

The goal here is to make sure that the process is optimized to give the customer a stress-free experience. For example, a fast and user-friendly checkout process on your website can reduce cart abandonment rates and increase sales.

Physical Evidence

This covers everything clients come across, touch, or encounter while dealing with your brand. It provides concrete evidence supporting the reputation and quality of your brand.

Physical evidence may include packaging, your website, the interior design of your store, and even your business cards. Everything should constantly mirror the image and ideals of your brand. For instance, a well-designed and user-friendly website can improve the trust of your business and positively influence possible consumers.

Conclusion 

In conclusion, mastering the 7 Ps of marketing is essential for crafting a successful marketing strategy. Each element—Product, Price, Place, Promotion, People, Process, and Physical Evidence—plays a critical role in determining the effectiveness of your marketing efforts. By carefully considering and optimizing these components, businesses can create a cohesive and comprehensive strategy that meets the needs of their target audience and stands out in a competitive market.