While developing your Marketing strategy, you should consider the 7 Ps of product or service marketing. The 7Ps formula is effective to continually evaluate your business activities and progress.
7Ps of Product or Service Marketing
Here is the list of 7Ps of marketing formula, explained.
The first P you need to consider is the Product. Do market research and ask a question to yourself that your product or service is appropriate and suitable for the customers or not? To sell the right product to the right person is the key to success in the business.
The second P in the row is Price. Product prices are always been the main concern for the buyer and sellers as well. Reasonable and competitive prices of your product or services are always appreciated by the buyers. Keep updating and revising the product prices is the survival of the businesses.
The third P of marketing is the promotion of products or services. Promotion includes all the ways you gain the attention of your customers and tells them about your key features. Even small changes in your advertising can promote you and can lead immediately to higher sales. Promotion is all about why you choose us among others?
The fourth P of marketing formula is the Place. Identify the geographical impacts where your product or service is actually going to be sold. Sometimes a change in place can lead to dramatic changes in your results.
Companies use direct selling, telemarketing, catalogs or mail order, trade shows, joint ventures, affiliate marketing, and distributors. You can use a combination of one or more of these methods.
In any case, the entrepreneur should make the right choice about the best place. Keep in search where else you can market your product or services? There might be many different places to target.
The fifth P of the marketing plan is Packaging. It’s been said that “The first impression is the last Impression” and people, form their first impression within the first 30 seconds of seeing. Small improvements in the packaging can lead to completely different reactions and a rapid increase in sales can be expected.
The next P in the marketing mix is Positioning. To know more about how you are positioned in the hearts and minds of your customers. positioning is all about branding. The more credible the image you have, the more popular you are. If you think and consider win-win, people will think and talk positively about you when you’re not present. It’s a two-way road but it depends on how you describe your offerings to others.
An entrepreneur should think about how do people think and talk about your business? And what positioning do you have in your market?
The Seventh and the final P of the marketing plan are People. Entrepreneurs and Business people should think about the people inside and outside of your business who are responsible for sales and marketing strategies. Demographics of the customers are very important for a business. Team building efforts inside the company can lead you to success.
As final thoughts, I would like to say that “Once you have planned, you must execute. Else, it remains just thoughts”
Credits: Million Dollar Habits