Marketing can be overwhelming and the internet has left us with endless information. We decided to take it back to the basics and help you determine how to market your brand or service to the world.
What are the 7 P's of marketing and how do they work for your business? The 7 P's are: product, price, promotion, place, people, process, and physical evidence. Let's go ahead and break each one down individually for you.
Product: How can you develop your product or services to entice a customer or solve a problem? We always suggest being innovative and thinking outside the box to problem solve.
No matter what type of brand you are -- your product or service will always be the center.
Price: Your price point will attract certain customers leaving them with certain expectations about the experience. Think about beauty brands in this scenario. There are drug store brands, mass brands, prestige, luxury and designer brands. All of them come with different styles of packaging, marketing and experience. All of them lead with a different price point depending on the tier.
Promotion: This is how you promote yourself and communicate to your customers. This allows them to know what you have going on and what they need. This can be done through social media campaigns and more.
Place: This is how your customer discovers your product. Think about your product on a shelf; Is it at eye level? Is it displayed at the front of a store? Do you have signs for clearance in the back? Is it placed directly in the photo you are sharing on social media? Placement (directly or indirectly) shares the product and need for your customer to discover it.
People: People shop people. Have you ever heard the saying "People don't stay for the company, they stay for the boss"? It's similar in this situation. Your customers want to get to know the person behind the business. You will also see better retention with great customer service. It's the reason why someone will shop at Nordstrom VS Walmart. They are looking for a certain type of customer service and experience. People want to know what to expect.
Process: This is how your client gets your product in hand. Amazon is a great example for this one. Amazon's incredibly fast process for delivery makes it hard to compete with when you don't want to run errands. Keep your process direct and simple to avoid confusion or delays.
Also, always note if the process is digital, sustainable or anything else that allows the consumer to understand start to finish.
Physical Evidence: Proof is in the pudding! Have you ever seen a cute Instagram AD and said 'ohhh, I want that'? But, then you clicked on the image and you aren't sure where they are located and they might not have a website? Leave your clients with physical evidence of any store locations, online presence and professional tracking to make them feel safe + secure to make those purchases.