Strategic marketing is very important to every company. Youneed to develop a marketing strategy ideal for the goods and services you are offering. After establishing a marketing strategy, you should consider using
the 7 p formula to analyze and evaluate your business activities and progress.
The 7ps are the key elements involved in marketing.
1. Product
Marketing campaigns start with understanding your product.Perhaps it's a new product that must be compelling in its functionality and design. Most of the successful products were first to of their category. Your product type also dictates its cost and demand. Your product and services should be your main focus. First, youhave to make the consumers understand the problem that your product solves.
Why do you think your product is better than your competitors'?
2. Price
Price involves the whole pricing methodology for your product.It is important to consider how your target clients react to your pricing. Prices entail fees, discounts, and terms. When determining the prices of your product, you should consider your current position and that of your competitors. The quality of yourproduct should also determine your pricing. Some customers are ready to spend a little more for high-quality products, so when pricing your products, ensure you do not compromise on the quality of your product.
3. Place
Location is another veryimportant aspect of any business. The place doesn't have to be a physical location; There are many places you can market your products. Whether could be social media, websites, catalogs, or a brick-and-mortar store, your ideal place should have all the distribution channels. Consider marketing in an area with a large number of your target audience.
Finding the best place for your business is the best marketingtactic, especially if you are starting a new business. You can distinguish your business from the rest by setting up your retail space and applying effective merchandising techniques. Even if you do not have a physical location, your clients require quick turnaround or may prefer buying locally made products.
4. Packaging
Packaging is the way your product looks from the outside. Packaging also refers to your employees and how they are dressed. It can also refer to your office and every visual detail of your company. Packaging affects your customers' confidence in you and your products.
The first impression isvery critical to every business. Remember, people form their first impression of your products within 30 seconds of seeing them. Proper packaging and the external appearance of your product determine your customer reaction to your product or services. It is important to develop a habit of looking at every visual detail in the packaging of your products.
5. Process
This refers to the delivery of your products to your target customer. This also involves how your business runs and how you do your packaging and shipping. Ideally, the process involves a series of essential activities for your business. Ensure that you check your processes frequently to ensure that they are simple and boost revenue generation.
6. Promotion
You must carry out promotional activities to make your customers aware of your product and services. Promotion involves all the ways to tell your target customers about your products and services. You can promote your product through SEM, SEO, and sponsorship. Proper product promotion will lead to an increase in sales. And now a days, promotion has been undertaken to expand the businesses too with the help of new establishments or franchise business.
7. People
This p includes your staff, customer service team, customers,and everyone involved in marketing. Your employees need to process some marketing skills to ensure effectiveness.
Conclusion :
The 7 P BNs are the key consideration in marketing. The ideas should be considered and implemented carefully for the success of any business. If you have all the ps in your business, your business will thrive.
