If you haven’t already heard of it, 7 Ps marketing mix consists of the tactics used by companies so that they are able to provide customers with a positive experience. It helps companies to know what their goals are and how they will be achieved. They are things that can be tracked and controlled and then used for your own benefit.
The 7 Ps marketing mix helps companies to review and define key strategies for marketing their products and services. By breaking down your approach to marketing allows you to dive deeper into the psyche of customers and audiences. You can discover what works and what doesn’t, helping you to refine your strategy and reach consumers in the most effective way possible. So in what ways can this be done?
The 7 Ps of marketing are:
Product, Price, Promotion, Place, People, Process and Physical Evidence.
The ‘Product’ is what your company is selling to consumers. Whether it’s a physical item, a service or even both, a product is usually developed to meet the wants or needs of customers. For example, people who NEED to wake up early need an alarm clock to help them know when to wake up, and some people WANT merchandise from their favourite shows. It’s all supply and demand. Find an audience and give them what they want.
Your product must stand out though. You aren’t the only ones trying to appeal to different crowds. Your competition will all be coming up with their own solutions to the same dilemma. So it’s of utmost importance that yours sticks out from the crowd. Innovation is key to success. As customers’ wants and needs are constantly evolving, the answers to their problems need to do the same. Increasing your range of products gives audiences an alternative answer to their prayers and is what attracts them into your customer base.
Creating companion pieces to your products, such as interactive apps, can help to provide additional value to the products and give customers what feels like a more complete experience.
Out of the 7 Ps of marketing mix, price is essential in knowing how much revenue your business can and will generate. Other parts of your marketing mix are investments. You need them to succeed. However, they involve lots of time and money to be able to execute thoroughly. Price allows you to work out how much you need to earn from product sales to offset the costs required to get the products into the hands of consumers in the first place.
It’s essential that you find the sweet spot for how much you charge for your products. Setting prices high to make more of a profit can negate customers from buying your services and products, as they may have a perspective shift on your company, seeing you as greedy and anti-consumer. You need to understand what customers are willing to pay, from there, you will need to adjust your spending in other areas of production to maintain earning a profit.
Low and high prices can also change how people view your product and can increase the likelihood of people wanting it. For example, many people will view cheap products as low quality and expensive products as high quality. This may mean people will try to avoid buying cheap products as they feel it won’t meet their standards. For others, a cheaper price is a benefit, as if they don’t care as much for quality, they get to pay less. Understanding the types of people in your customer base can help you decide where to place yourself.