Effective marketing can be a challenging task for anyone. When creating a marketing plan, there are many elements to consider to captivate your audience and drive sales. To make the most out of your campaign, consider the 7 P’s of marketing: Product, Price, Promotion, People, Place, Process, and Physical Promotion. We will break these 7 P’s to help you understand how to effectively utilize them to ensure the most success for your business.
1. Product
Products are an essential aspect of any business. On a daily basis, every company is looking to sell their products or services to consumers. So, it makes sense that your business’s products should be a main focus in your marketing campaigns.
Showcasing products allows you to be direct with audiences because you are specifically promoting what you sell. This allows your customers the opportunity to instantly decide whether or not they need your products. When highlighting products in a campaign, it is also important to show consumers why they should purchase your product over the competition’s.
2. Price
Closely related to products, the price you set for selling your products and services can affect your marketing. The strategy behind setting your price will be determined based on many factors including manufacturing and shipping costs, retail markups, and how much your customers are willing to pay.
Understanding the ideal price point for your product is essential to generating sales. If your price is too high, you will drive customers away and look for an alternative product that is more affordable. However, in order to profit off of your efforts, you will want to be sure your price is not set too low either.
3. People
People, both customers and employees, are an important element in the marketing process. When considering your customers, it is important to understand the demographics of the people you are targeting. Demographic information can be effectively utilized in marketing campaigns to help your business reach a specific group of people who may need your products or services. You can also use demographics to tailor your campaigns to show that you can relate to them and meet their needs.
When you consider the people that represent your business, prioritize hiring friendly and professional employees. Making your customers feel cared for reflects positively on your brand. Valuing the communication skills and personability in your employees will not only strengthen the reputation of your business, but will help drive sales and make customers want to return as well.
4. Promotion
There are a number of ways you can promote your products digitally, including hosting online events, giveaways, partnerships, and having sales. On the other hand, there are several traditional methods you can utilize to help promote your products including flyers, brochures, and print advertisements.
Ultimately, the effectiveness of your advertising is determined by your target audience. Understanding the age range of your consumers and how best to market your product, either digitally or print-based, can help boost your sales. To have a successful campaign, understand the characteristics of the people you are trying to reach. Doing so will tell you which methods to utilize in your campaign.
5. Place
Understanding how a place affects your marketing can also go hand in hand with understanding your targeted audience. An important aspect of a targeted campaign is knowing where your audience is. Knowing what places you can reach your customers is essential to shaping your advertisements to reach your desired customers.
Location plays such a key role in successful campaigns because it defines who exactly you’re marketing to. Important things to consider when analyzing your targeting area are: the popular attractions or things to do there, the average income, age and education of the residents, and the cost of living.
6. Process
Process refers to the packaging and delivery of your product. Having attractive packaging can be one of the main selling points of your merchandise. Simply put, people want things that look good. If your product has shelf-appeal, you are setting your products up for success.
Packaging can also help establish your brand and differentiate your business from your competitors. Different colors, styles, and even materials used will be what sets you apart from other products. Packaging can also be a way to attract a range of audience members. For example, having packaging that is sustainable and eco-friendly can be a key factor in attracting more environmentally conscious customers.
7. Physical Evidence
Finally, monitor your sales for evidence of successful marketing. Success of your product is proven in the data of your sales. Consider how long your product will last, how often you have to run discounts on your products, how many times you have to restock, customer satisfaction, and reviews when doing analyses. This information can be beneficial in determining what marketing approaches to consider. For example, if you have trouble restocking or find yourself consistently restocking, these could be factors in determining how many people you should advertise to and with what frequency.
How We Can Help:
Building your marketing plan around the 7 P’s of marketing can help to boost your businesses success. Here at Auburn Advertising, a public resource service from Inner Spark Creative, we want to be your marketing partner. We are here to help with your marketing needs and drive sales for your products and services. For more information on effective marketing strategies, contact us today.
