Strategies to Use the 7 Ps of Marketing

In the present hyper-competitive business landscape, staying ahead of the curve is imperative. This necessitates the implementation of powerful marketing strategies, which are pivotal in engaging your target audience and showcasing the unique value your business offers. Through this, you can increase your brand recognition and build trust among consumers. However, not all marketing strategies are suitable for every type of business. It’s important for companies to select the most appropriate strategies to achieve their desired outcomes.

In this context, the 4 Ps of marketing is a concept that can help companies enhance their marketing efforts. It involves the tactics used by companies to promote their brand or services in the market and is traditionally broken-down into Product, Price, Place, and Promotion. However, with changing market needs, some businesses realized the need to add more elements than the traditional 4 Ps of marketing to provide a better customer experience. This expanded the concept to the 7 Ps of marketing, which includes People, Process, and Physical Evidence, along with the traditional four Ps.

In this blog we are going to delve into the 7 Ps of marketing and understand how businesses can use them to enhance their marketing process.

The 7 Ps of Marketing

The 7 Ps of marketing serve as the foundational pillars of any successful marketing strategy, empowering businesses to increase their impact. They are:

1. Product: To begin with, ask yourself a few questions about your products or services, such as “What are you selling? Does it solve your target customers’ pain points? Is it suitable for the market?” Remember, only good products and services can help you stand out. So, understanding what your product is and how it can meet the needs of your consumers is the foundation of your marketing strategy.

How to implement it:

• Understand your target audience’s demands through market research.
• Conduct competitors’ analysis to identify areas where you can stand out.
• Analyze and utilize customer feedback to improve your products or services.
• Stay current with the market trends and innovate to stay ahead of the curve.

2. Price: The second “P” is price, and it’s vital. Price is a decisive factor in the customer’s decision-making process. Therefore, it is crucial for any business to conduct market research to determine whether its pricing strategy aligns with the current market landscape. There will be times when adjusting prices becomes important, whether it’s lowering them to gain an edge or raising them to reflect market demands. Remaining open to price changes is key to circumventing the competition and thriving in the ever-changing market.

How to implement it:

• Analyze the pricing of your competitors.
• Determine the perceived value of your products and services, and then price them accordingly.
• Set the price based on the production and delivery costs, plus the margin.
• Use promotions and discounts to encourage customers to buy.

3.Place: The third “P” is place. Place corresponds to your product’s or service’s distribution strategy. If you don’t place your products and services correctly, your potential customers won’t find you. Therefore, understanding your target market is integral to selling your products and services to the target audience in a convenient manner. For this purpose, there are several distribution strategies which a business can use such as direct sales, indirect sales through distributors and retailers, selective sales and many more. Remember to conduct comprehensive market research and identify the optimal choice for each product or service.

How to implement it:

• Identify the most effective distribution channel for your target market.
• Ensure your products and services are available at the right time in the right place.
• Utilize technology to improve the efficiency of your preferred distribution channel.
• Examine and continuously optimize your distribution strategy to meet the needs of your target market.
• Monitor and optimize logistics and inventory to ensure timely delivery.

4. Promotion: The fourth “P” is promotion. Promotion refers to the strategies a company uses to market its products and services. Evidently, effective communication is a key to telling your target audience why they should opt for your products and services over those of competitors. This can be accomplished through promotional strategies, which not only elevate your brand’s visibility but also contribute to driving up your sales.

How to implement it:

• Develop and manage a positive brand image.
• Utilize marketing mix driven advertising, personal selling, and other promotional techniques to reach and captivate your target audience.
• Directly communicate with your target audience through social media and other digital channels.
• Utilize short-term incentives to encourage purchases.
• Regularly monitor and optimize your promotional activities.

5. People: The fifth “P” is people. People include anyone who is directly or indirectly associated with the business, such as employees, staff, distributors, and retailers. These individuals play a critical role as they are interacting directly with customers. Therefore, it is imperative for businesses to empower their people to deliver exceptional customer service and create an outstanding customer experience.

How to implement it:

• Hire skilled employees to provide exceptional customer service.
• Invest in the training and development of the people associated with your business to ensure they deliver the highest quality service.
• Encourage employees to be proactive in solving customers’ problems.
• Recognize and reward employees who excel in customer service.

6. Process: The sixth “P’ is process. It focuses on the process a business follows to deliver its products and services. It involves managing the sales funnel, payment processes, distribution channels, and after-sales services. You must ensure that the business processes are efficient and effective to meet the demands of your target market.

How to implement it:

• Streamline the process to ensure efficiency and reduction of waste.
• Ensure that processes are apt for meeting customer demand.
• Take advantage of technology to improve the processes.
• Ensure seamless customer experience.
• Use feedback from customers to improve processes continuously.

7. Physical Evidence: The last “P” is physical evidence. Physical evidence is comprised of tangible items that customers see or touch while interacting with a business. This can include packaging, environment, receipts, invoices, flyers, websites, logos, signage, business cards, and many more. All the physical evidence must align with the brand identity.

How to implement it:

• Make sure your brand’s outlet or online presence, such as a website or social media handles, aligns with its identity in terms of design, layout, and color theme.
• Use packaging according to the brand’s theme and ensure that it is aesthetically pleasing.
• Ensure signage, decor, and other interior elements create a positive customer experience.

Conclusion:

A changing market landscape is inevitable; therefore, businesses must follow strategies to adapt to this change. Strategically implementing the marketing mix can prove fruitful. It can help you outperform your competitors, boost customer satisfaction, and improve growth. Stay receptive to market changes and implement the 7 Ps of marketing to enhance your brand’s identity and foster lasting customer relationships. You can consult Virtue Analytics to help you effectively implement a marketing mix for your business. They can pinpoint the most efficient channels to enhance your return on investment (ROI), optimize marketing spend, enable data-driven decision-making, better forecasting and scenario planning and many more.

You can read our blog, Analysis of Marketing Mix Modeling: Advantages and Disadvantages, to learn about marketing mix basics.