There was a time when marketing was dominated by processes like word of mouth, passing on product brochures, and cold calling. Modern marketing, however, is a completely different ball game. Businesses today must add a mix of successful marketing strategies to bring products or services to their customers in places and situations where they are most likely to make the purchase.
To deal with this, several companies today use the concept of the 7Ps in marketing in their corporate marketing mix. The importance of the 7Ps of the marketing mix can be seen through –
- Differentiation from competitors
- Greater flexibility to change
- Priorities identified
- Ability to reach new prospects
- Increased collaboration within the company
- Better customer engagement
- Build a brand identity
- Easy adoption of new strategies
- Better idea of what works.
To get all of these benefits, you would need to incorporate seven pillars of marketing into your digital marketing strategy.
What are the 7Ps of the marketing mix?
Today, businesses use the 7Ps of the marketing mix to assess their marketing plan and see if it would help them achieve their goals. To do this, they would need a clear understanding of what even the seven Ps of marketing mean. Let’s get to that.
By product, we mean anything the company sells – a service, a physical product, or even an experience. Regardless of how you position your brand – whatever identity and tone you set – the product is the foundation of any digital marketing strategy. When thinking about products, think about things like their packaging, features, quality, and what problems they will solve for customers.
Ultimately, the product is what customers care about – sometimes even more than the customer service experience.
When developing successful marketing strategies around the product, here are the questions you need to ask yourself:
What do customers expect from your product?
What will customers do with it and how will they use it?
- What features would be needed to meet a customer’s requirements?
- What puts the product ahead of your competitor?
Price in the 7Ps of marketing is probably the most critical element of a marketing mix. Every product has a price; what is important is to know what it would be. You’ll need to figure out how much customers are looking to pay, how much you’ll need to set to cover overhead and labor costs, profit margins, and payment methods.
Any mistakes in this regard will affect the perceived value of the product by customers and your ability to achieve a high return on investment. Finding the best balance around price in the 7Ps of the marketing mix takes businesses through multiple pricing strategies.
Here are some of these strategies –
When pricing in the 7 Ps of the marketing mix, answer questions such as:
- Is the price favorable?
- How is the price compared to competitors?
- Do you offer discounts?
- Do you have multiple payment models?
This part of the 7Ps in marketing refers to where you will sell your product or service from. This doesn’t have to be a physical location, but it could also be a website, social media profile, or kiosk.
The location you select impacts how your customers will reach your business and this is what differentiates a local brand from a global brand.
When fixing your place in the seven pillars of marketing, here are some questions you should seek answers to:
- Where are shoppers looking for your product?
- What is your distribution strategy and how does it compare to your competitors?
- Will you remain a local brand or take the global route to sell your product or service?
Promotion in the 7Ps of marketing strategy decides the success of your brand. The better your marketing is, the faster it will reach the target audience and convince them to become your customers.
The end goal of promotion in the 7Ps of marketing strategy usually revolves around these categories: building awareness of a product, increasing sales, creating or changing brand image, and generating revenue.
When defining this part of the 7Ps marketing strategy, here are the questions to answer:
- When and how do you want to reach your audience?
- How does your competitor promote themselves?
- When is the right time to promote your business?
- What are the most cost effective/high impact ways to promote your brand?
Answering these questions and creating a foolproof promotion strategy becomes easier when you partner with the best mobile app marketing companies.
One of the most critical success factors behind the Seven Pillars of Marketing is the people who work there. It is necessary that the teams – in all areas – be experienced, fully trained and well informed. They need to know how different aspects of the processes impact the customer experience. While this part of the 7Ps of marketing mainly revolves around the role of an HR, the role of marketing comes in when the value of the product needs to be explained to internal teams.
When designing 7Ps in marketing from the people side, here are the things to consider:
- What is your employee hiring and retention strategy?
- Have you defined the KRA of each team member?
- What is your training practice?
From building a product to the part where it reaches end users is the process part of the seven Ps of marketing. It usually consists of factors such as how the business operates, how the service is provided, how the product packaging looks, how your customer will move down the funnel, etc.
Usually, the more personalized and transparent your business process is, the happier customers will be when they buy your product.
Ask these questions when editing the process section of the 7P marketing strategy:
- How do you personalize your product?
- What are the inefficiencies in your existing process?
- How does your customer service process look like compared to your competition?
7. Physical evidence
This part of the Seven Ps of Marketing includes factors that determine whether your business exists, is genuine, and whether a sale has occurred. Usually, the validation of your brand’s existence lies in having a website, social media profiles, and a well-thought-out after-sales process like emails, downloadable receipts, etc.
The more trust you are able to show through your product or service, the better your chances of gaining a loyal user base. One way to solve this problem would be to have your product reviewed by a known digital agency like MobileAppDaily.
With that, you now have the answer to what the 7Ps of marketing are. The next step would be to review your marketing strategy and see if these elements are addressed in the document taking into account unforeseen changes in the market. The more predictive your marketing strategy is, the better chance it will be ready for the future.
We advise that you do not consider the design of the 7P marketing strategy as a one-time activity, but which you should revisit each time there is a new competitor, when you change brands and when you modify your creation and marketing strategy. promoting products. To make the process easier, you can always partner with marketing agencies that excel in the seven Ps.
With a mixture of literature, cinema and photography, Manish mainly travels. When he’s not, he’s probably writing another tech news for you!
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