There comes a time in a business owner’s life when he or she must face the fact that without marketing, the business will eventually go to a hard stall or decline. Ever since men discovered the need to barter and sell, they realized that they were more effective when they showcased their products or services to the population. They built markets and selling wagons. They often hired orators to speak in the center square about their products. Governmental structures in medieval times discovered the effectiveness of flyers to offer a reward for wanted criminals. All of these are part of the Seven Ps of Marketing.
In summary, without marketing, you will be committing business suicide by keeping your amazing product and services to yourself and those who know you. However, marketing is not as easy as you would think. Marketing can work for you and can work against you. This distinction is made by properly using the Seven Ps of Marketing.
Product
In the first P of the Seven Ps of Marketing we cover the product. Products or Services are ultimately the point of focus of your customer. Understanding your product and how your customers perceive it are key factors. How does your product rate in a supply/demand scale? How much competition does your product have? How do you stand against them? These are all questions you should ask yourself. Consider your product’s quality, web precense, design, features, durability, safety, and use.
Pre/Post Service
Not one single product in the world is guaranteed to work perfectly for all eternity, not one! Regardless of what you sell, you should always have a friendly and knowledgeable customer service and after-sale service department in your business structure. Ensure your website has contact information and contact forms to facilitate customer service. This is crucial to maintain retainability, as well as, a great rapport between your company and your client base. One of the most reported causes to induce word of mouth marketing is friendly customer service.
Place
As much of a touché as it may be, the right words to describe this is “Location, Location, Location”. Placing your establishment in high traffic areas enhances visibility. Not only those who are looking for your product will find you easily, but those who do not need you now, will know you exist and know where to find you when the time comes. In terms of internet marketing, being able to appear in the first page of Google when your product is being searched is the most effective form of placing your business in the most populated mall in the world – the internet. Consider investing in SEO (Search Engine Optimization), SEM (Search Engine Marketing), PPC (Pay per Click), Social Campaigns (Facebook, Twitter, and LinkedIn), etc.
Price
Price is usually the turning point for many sales. Your product can be flawless; however, pricing correctly will determine the success of the sale. Contrary to popular belief, price inflation is not the only problem with pricing. Underpricing your product leaves a great doubt in your potential clients that leads them to think you are not as good as you claim to be. Even if you explained your low overhead, it has nothing to do with value. When you price, consider value, discounting, payment types, investment, profit (your own), and customer profit. If the product is not likely to bring a return to your customer then it is priced too high as an investment.
Promotion
Promoting is synonym to advertising, and therefore marketing. When you promote your product you are attempting to persuade your audience of the benefits of choosing you. You are convincing your clients, that of all the businesses selling the same product, YOU are the best choice. This is done by utilizing all of the before mentioned points and other features such as testimonials, social network interaction, and more.
Presentation
Presentation refers to the delivery of such product or service. I mentioned how important it is to market and create exposure. However, if your website is on every first page of Google yet your customers are running in the other direction when they visit your website, you may have a presentation problem. Consider a professional web design, friendly web usability, dense web content, high definition graphics and images, and a flowing web environment.
People
People refer to the target audience. Marketing can be useless if the wrong audience is being targeted. This is where Internet Marketing stands above the rest. Meanwhile traditional forms of marketing are a hit and miss; internet marketing is designed to reach accurately every customer that is looking for your product today and in your area.
More About The Seven Ps of Marketing
Almost all schools of marketing will cover the Five Ps of Marketing. These are the most basic aspects to keep in mind. They are Product, Price, Promotion, Place, and People. The Seven Ps of Marketing refer specifically to Internet Marketing by adding Pre/Post Service and Presentation. The online businesses and online presence can be very tactful. When your clients use the web section of your business, you are giving up the human contact and ability to provide a smile and a good comfortable experience. These two added Ps have been added to the Five Ps of Marketing to make the Seven Ps of Marketing a more solid and complete guideline for online marketers.