The Marketing mix | The seven P’s in Marketing
Just when you thought there were so much to consider, they keep adding more to The Marketing Mix to keep you on your toes.
If you’re not familiar with the Marketing Mix, we will be talking about all the elements over the next couple of weeks, so keep an eye out.
Product
You’ve got the product, but is it the right product for your market???
At this point, you should have undertaken extensive research into the needs of your market; that way, you should have created the perfect product for that market.
Your product is an item or service built or produced to satisfy the needs of a particular group of individuals.
What’s your price tag?
What do people pay for your product or service? Is it the right price for your market? The price point needs to reflect the actual value of the product or service that you’re selling.
This can be a tricky one as priced too low; the product might be perceived as cheap but then priced high, and you may create a product that is a luxury item but may not sell as many.
It’s trying to get that balance in the middle. Good luck with this one.
Is your product in the right place for your market to see it?
When you decide the placement of your product, you need to determine where you should sell a product and how to deliver the product to the market.
You may want to consider placing your product in a store or a specific location within a store. In many cases, placement may refer to showcasing your product on a TV advert or a digital online banner; this all contributes to the attention your product needs to gain from your suitable target market.
Let’s talk about promotion.
There are three main areas to consider when thinking of promotion: advertising, public relations, and promotional strategy.
The focus here is to promote the product or service benefits and to convince your target audience why they need this product and why they should pay what you’re charging.
Linking promotion with placement will strengthen your overall strategy and be sure to reach your target audience.
People.
You create products and services to target specific people but do you think about the people who will be promoting your product or services?
Are they the right people for the job?
Your team will be at the forefront when interacting with your customers. Therefore their knowledge of your product or service is imperative for them to portray it to your customers. So make sure you train them well.
Process.
How long do your customers have to wait before getting a response from an enquiry they’ve made with you?
Do you have an efficient, streamlined process in place to give your customers a smooth journey?
What do you do after they have made a purchase? Do you follow up for feedback or request a review? All of these things contribute towards offering your customers an overall positive experience.
What’s your Physical Evidence?
When you look to buy from a company, what do you look for first?
Is it a website? Is it reviews? or is it a location where you can physically go and see the product so you can determine the quality you’ll be getting?
These things matter to your customers; they want physical evidence that they won’t be disappointed with your product or service.
Make sure you give it to them.
All of the above are specific tactics which need to be addressed when launching a product or service, the marketing mix or 7Ps should be at the forefront of your marketing strategy.
I hope you found this helpful, why not check out some of my other blogs such as Strategic Alignment and Marketing Communications.
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