7 Ps of Marketing
The 7 Ps of Marketing
The 7 Ps of Marketing are the seven aspects of a business’s process that are vital to its marketing strategy and its potential growth. The seven marketing Ps are:
- Product
- Price
- Promotion
- Place
- People
- Process
- Physical Evidence
Here is a breakdown of what each marketing P entails and how they can be used within your marketing strategy.
Marketing P #1: Product
“Product refers” to the products or services your business provides to individuals or other businesses. When taking into account your products and services, you need to consider how the needs of your customers can change and how new opportunities can be identified. This can be done by listening to your customers and adapting your products or services based on feedback. If you run a cafe and get a lot of people asking whether you reward customer loyalty, consider how you can implement loyalty cards into your business. You can also consider the well-being of a customer after they buy a product. For example, provide them with a guide on how to use your product correctly.
Marketing P #2: Price
This aspect focuses on how much your business charges for your products and services. When deciding on what you can charge your customers, you should consider:
- How much your customers are willing to pay
- How much your products or services cost to manufacturer or deliver
- How much profit would make your services worth your time
- How the price positions your business against your competitors
Marketing P #3: Promotion
“Promotion” is how you let your customers know about all the aspects of your products and services and bring awareness to your brand. So how can you help your customers find you? There are many different ways you can promote your business. Here are a few:
- Social media
- Advertising
- Direct marketing (Email, text, phone calls)
- Email marketing
Marketing P #4: Place
“Place” is where your customers can find you and the services you can provide. The location of where you do your business will depend on what the best way to deliver your services are. The main two places your customers could find you are online or at a physical location. Here are some examples of which business come under those two categories:
Online:
- E-commerce businesses
- Subscription services
- Online grocery shopping
Physical locations:
- Car mechanics
- Phone shops
- Barber shops
Marketing P #5: People
A business’ employees are a crucial part of interacting with customers through different channels like in-person, online chat, social media, or the call centre. They become the face of the organisation for customers and handle their inquiries, orders, and even complaints. It is essential that they have great knowledge of products/services and access to information.
Marketing P #6: Process
To create a customer-friendly journey, businesses need effective behind the scenes processes. Understanding each step of the customer journey from initial inquiry to purchase, enables us to identify necessary processes for a positive experience. Factors to consider include response times to customer inquiries, scheduling for meetings, order fulfilment, generating reviews after purchases, and using technology to improve your process.
Marketing P #7: Physical Evidence
Physical evidence acts as an indicator of a business’s experience. It’s vital for customers that are new to your business to seek reassurance about your services. So you may find that many people will look at your company’s reviews before enquiring about your services or products. If you have a website, it may also be appropriate to post write-ups that display your business’s knowledge of certain aspects of your industry.
Create your marketing strategy
You should now have a better understanding of how each of the 7 Ps of Marketing can affect your business, and which of them you should look to improve upon. If you are looking to further identify where your marketing can be improved or you want to create a completely bespoke marketing strategy, reach out to our marketing experts:
Written by Denham Thompson
Web Developer & SEO Specialist
Denham maintains and updates our current clients’ websites, as well as designing and developing brand new professional sites for new clients and their businesses. He has 8 years experience working with clients in varying industries and loves applying his knowledge to help our clients succeed.
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