Marketing is essential to the success of a business because it can help them know what people want and how they want to be marketed to. A well thought out marketing strategy will help businesses grow by making sure they are reaching the right target audience with the right message that will resonate with them.
So where do you begin? Every marketing strategy will be different as each business has their own distinct target. You need to create a plan that is unique to you, your customers and your product or services you offer. A good start is to outline and identify the 7p's of marketing.
1. PRODUCT
It goes without saying that the service or product you're selling should be at the centre of every element of the marketing mix.
Fundamentally, it allows you to address the questions key to sales conversion: what problem or issue does the product or service solve for customers? Why is your product the best one to solve it?
The digital marketing mix is perfect for showcasing your products, through SEO blogs or articles, paid advertising, influencer marketing, and viral video campaigns.
2. PRICE
The strategy behind the pricing of your product needs to be based on what your customers are prepared to pay, costs such as retail mark-up and manufacturing, as well as other considerations.
Your marketing mix can include subscription and membership discounting programs or email marketing of promotion of sales.
3. PROMOTION
Successful marketing strategies include all the promotional activities across the marketing mix including advertising, direct marketing, and promotional activities.
The possibilities of digital promotion are limited only by your imagination and can include online events, chats, social media groups, videos and livestreams.
4. PLACE
This includes promoting your product or service in the correct place to get it in front of those who need and want it. Key factors also include assessing quantity, storage, inventory and distribution.
5. PEOPLE
Every person from your business that comes into contact with a customer will leave an impression - you need to make sure it's a good one. Your team will have a huge impact on customer satisfaction, making them an advocate and more likely to recommend your company in the future.
6. PROCESS
The delivery of your service is almost as important as the service itself and is a big part of what the customer is paying for. Everything from the way you generate documents and your phone answering policies, to the way your product ends up in the customers hands needs to be considered.
7. PHYSICAL EVIDENCE
Providing physical evidence of your trustworthiness is important. Take time to consider the impression your business gives as a whole, for example your premises, employees, packaging and online presence.
When it comes to creating a solid and strategic marketing mix, it's important to understand how the 7p's of marketing fit into the big picture.
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