A marketing strategy that creates success
February 17, 2016 / Sharnie Carter
The marketing mix is a very valuable marketing strategy tool. The 4p’s provides the base of the marketing mix which includes: product, place, price and promotion. The 7p’s goes into more depth adding on people, process and physical evidence. This technique covers all areas of your business so it helps to get yours on track to success.
Here are the 7p’s:
In order to have a good product you need to find out what customers need and want. It will be a disaster if you develop a product or service and no one wants to buy it. You will have to create the right product with the correct quality to meet your target audience expectations.
What are customers prepared to pay for your product? This price should be competitive, but doesn’t mean you have to be the cheapest in your market. Your product could give people a more personalised service, exclusive add-ons or better value for money. Price is what generates money for your business; therefore you will need to make a profit. All the other elements in the marketing mix represent a cost to you, which means pricing your product or service is very important. It is best to look at price from a customer’s perspective.
Your product or service should be available:
- In the right place
- At the right time
- In the right quantity
The distribution of your product must be appropriate and convenient for your customer to receive it. This is even more important to those products and services sold online, as it is so easy for a customer to go elsewhere.
Promotion allows a business to communicate to its customers. This can be in the form of: branding, advertising, PR, corporate identity, social media outreach, sales management, special offers and exhibitions. These must gain attention and awareness and be appealing. The promotion that you send out must contain a consistent message and give the customer a reason to use your business rather than going elsewhere.
Everyone that comes into contact with your business will make an impression. Many customers comment on both or either the product that you’re offering and the service they have been given. This may have a positive or negative effect on your business and customer satisfaction.
Customers don’t just buy a product; they invest in an entire experience. This starts when they discover your company and lasts through the purchase and after stages. If you have an online business you will need to think about, whether your website is fast enough or on the right devices.
When customers are unfamiliar about a product or service, they can be indecisive. They will be wary about how good the product will be after the purchase. Therefore you need to reduce this by helping potential customers ‘see’ what they are buying. Reassuring your customers will get you more sales.
If you want to learn more about this important strategy and understand how to market your business then why not study one of our marketing courses?
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