Once you develop your marketing strategy, you should look into "The Seven P Formula" to drive your business successfully. Using marketing 7P model and constantly evaluate will help to boost your profitability's performance. Marketers may all know the traditional marketing mix comprised of the 4Ps of Product, Price, Place, and Promotion since it has become tremendously popular over the years. This model has been extended by 3 new Ps directly related to the service provider recently, including People, Physical Evidence, and Process. The market share has increased and changed rapidly, and hence you need to continually revise the 7Ps marketing mix campaign to ensure you're on track and achieving the maximum outcomes for your business.
Knowing what you sell and what your customer wants is one of the keys that lead to success. Be critical thinking, ask yourself about what you are selling is appropriate for the market and target customers today? What products/ services are good so far, and what needs to be cut off since they failed to satisfy your customers. Simultaneously with the progress of developing company, you should also take a look on your competitors, is your products or service superior in a substantial manner to others? If yes, define it. If not, could you develop an area of superiority? Ideally, to ensure customers have a consistent user experience, most services providers target to customize within an overall standardized mode of delivery.
The second P in the 7P model is price. You could enhance your habit of examining and adjusting the cost of the products when needed. You are the one that understands deepest the value of what you are selling, so be minded of the possibility that your current price structure is not ideal for the current market and dare to be more profitable from changing that. You can combine your products within a service, or vice versa, and raise special offers as well as some irresistible promotions. And, take risks too. You may lose a percentage of potential customers by increasing prices, but the remaining proportion can generate even more profit. Therefore, you should be sensitive to the need to revise your prices, when it's necessary, take action to survive and thrive in a fast-changing marketplace.
The third P refers that marketing and sales should think of promotion all the time. Small effective changes in your promotion plan sometimes can lead you to higher sales immediately. Whatever the method of marketing and sales you have implemented, sooner or later, they do not work out anymore, whether you know the reasons or not. You may want to train yourself adaptive and resilience to continually evolve new sales, marketing, advertising approaches, and strategies.
The fourth P in marketing mix is where the products will be sold. Sometimes, people make a choice or change their business premises followed by feng shui, which leads to a rapid rise in sales. It's not about superstition since the location affects many aspects of marketing, such as surroundings involving your likely consumers deciding. Sales and consumption happen in the same place, and they can not be owned or take away from the location. Every transaction occurs at the business premises, so you shouldn't overlook the Place.
5. Physical Evidence
The marketing mix must leverage everything along the customer journey, from the beginning of brand awareness, up to the point of sales and beyond. Physical evidence encompasses the overall of your brand's existence, from the website you are branding to the post-purchase email or gift voucher for loyalty customer campaign. Customers are overwhelmed and skeptical with untrustworthy business, both online and physical. You need to ensure you are legitimate and worth your customer's time so they can feel comfortable purchasing, returning for their loyalty and belief, or advocating for your brand.
You have products and buyer personas visualizing your target audiences, but how to deliver what you sell to the customers. The process is that in-between aspect. This sixth P describes a series of actions or fundamental elements that evolve in how your business runs to deliver products or services along the customer journey, from attraction to purchasing or so. There are so many different pieces in the process puzzle you have to consider in marketing strategy. Sometimes, you will receive feedback or complaints about the quality of services that frustrated or unsatisfied customers. It's important to know that words of mouth can build or break a brand, especially in the digital world. And hence, to optimize your process and deliver a good service as much as possible, you should keep an eye on online reviews.
7. People are everything
Last but not least, if your employees are the firm's inner lifeblood, so all of the clients and target audiences can be seen as the paramount factors that nurture and push your company to thrive. Therefore, don't be tempted to chase profit and neglect your inside and outside people, who are responsible for every element of your marketing and sales activities. At the end of the day, it's all about humans, which is more important than anything else put together.
Brian Tracy. 2017. The Seven P Formula For Marketing And Sales Success. Brian Tracy International.
Brian Tracy. 2004. The 7 Ps of Marketing. Entrepreneur.
Stevie Langford. 2021. The 7Ps of The Marketing Mix: Streamline your Strategy. Hurree
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