You may have heard about the 4, 5, 6 or 7 Ps of marketing.
They are essential marketing elements, and you need to check them often.
Some companies prefer to focus on fewer than 7 Ps because they adjust their strategy to their needs.
In this article, you will read everything you need to know about all the 7Ps of marketing.
What Are The 7 Ps Of Marketing
The Ps of marketing are the basic pillars of any marketing strategy.
It is a popular concept that many companies need to master.
The 7 Ps are the following:
In theory, if you optimize each one of these pillars, you will get more leads and sales.
However, it is not as easy to optimize and get the maximum from each pillar when putting them into action.
This concept is known as marketing mix from 1960 when E. Jerome McCarthy introduced the first 4 Ps.
Other experts added and used the last 3 Ps through the years, so we have 7 Ps in total today.
1st P: Product
A product is anything that a company can sell.
For example, you can sell laptops, coffee, books, or anything else people can buy.
But it does not have to be a physical product.
Today a product can be a service, a software, a singing gig, etc
If you can sell something and make money, this is your product.
When you use the 7 Ps of marketing, it is not enough to define your product.
The goal is to figure out how you will offer a better product than your competitors.
It can be a product with more features or something unique that your competitors can’t offer.
If your business offer services or digital products, the product has more elements.
For example, you may need to consider the user experience or the speed of your software.
If you offer a service, communication with the customers can be another element of the product.
How To Create A Great Product
People buy products because they expect to solve specific problems.
So, you need to know your target audience to figure out what exactly they want.
Below are a few questions you need to answer in this step:
- What is the biggest problem of your target audience that you can solve with your product?
- Where can you find them? (social media, search engines, location, etc.)
- How do you reach your customers if you already make sales?
- Can you improve an existing product? (add more features, improve customer experience)
- What don’t they like about your competitors’ products? (you can avoid doing the same thing or create a product that solves this issue)
You need a product that makes a difference in your niche.
You don’t have to reinvent the wheel but improve your existing product or create something better than your competitors.
2nd P: Price
Price is the amount that you charge your customers for your product or service.
Most people want to know the price before buying a product.
It is not easy to set the right price.
If you want to increase sales, you set a lower price.
However, more sales do not mean more profits if the price is too low So, you need to find the right spot.
Many top businesses use low prices as a competitive advantage.
For example, Amazon wants to be a website that offers the best value for your money.
It is a similar concept to Walmart in the offline world.
Sam Walton used lower prices to get more sales for decades and created one of the world’s biggest companies.
On the other hand, some brands will never sell cheaper than their competitors.
For example, Rolex doesn’t create cheap watches.
The price is relevant to your brand’s image, the number of sales, and the profits.
Of course, your prices must be consistent with the value that you offer to the customers.
How To Choose The Right Price
There is no rule that works for every business.
However, there are some things you can consider based on your niche and the audience.
You can set a high price when you are a leader in your niche or a big name that people trust.
In these cases, people will want to buy from you.
You can also increase your prices when the competition is low and your customers don’t have many alternatives.
If you are in a saturated niche with too many competitors, you probably need to have the lowest price to get your target audience’s attention.
The only exception is when your product is too good compared to other alternatives.
3rd P: Place
With the word place, we mean location.
Choosing the right place to start your business and find customers will determine a big part of your success or failure.
Many businesses thrive because they have a good location.
For example, if you open a restaurant in the middle of the desert, you will fail every time.
Restaurants need locations where many people can see them.
You can have the best product and the best prices, but you must also find your customers.
The chances are that they will not come to you unless you have something unique and valuable.
In every other case, you must go to them.
The same applies to online marketing.
If you have a B2B company, you will find your target audience on LinkedIn and not on TikTok.
You can use the same exact same strategy on TikTok, but it will not work.
How To Choose The Right Place
Each place and online platform have specific demographics.
You can consider them before deciding the right place for your business.
For example, if you want to sell a product to a young audience, creating an account on TikTok to attract new customers would be a good idea.
The same applies when you start to offline business.
You need a location that allows you to reach the ideal customer.
You can also consider where your competitors are and if the lack of competition is a sign of opportunity or lack of customers.
The bottom line is that you must go to your audience.
Usually, they will not come to you.
It is much easier to have the right place than trying to bring them to you.
4th P: Promote
When you promote your brand or your products, you need to put them out there and get attention.
Every promotion aims to generate revenue, and this goal is possible when you drive sales.
There are many ways to promote a business.
You can use social media, search engines, paid advertising, blogging, and many more.
Traditional marketing includes methods like flyers and billboards.
These ways must send potential customers to your business.
Promotion becomes more critical in internet marketing.
If you build a website about a product, no one will visit it unless you figure out ways to get traffic.
How To Promote Your Business
If you have found the right place that can be an online platform, you need to find the proper method to reach your audience.
For example, if your target audience loves to watch videos on YouTube, you must make nice videos as well.
Next, you need to consider the right message or the next logical step.
The message is the call-to-action on your content or the copy of your ads.
It must motivate the user to take the next step.
The time of the promotion can affect the results.
For example, there are times that your audience is offline.
If you target people that work 9-5, you should not place ads on their working hours.
The same applies to seasonal products and services.
Lastly, you need to check the promotions of your competitors.
You must win them to get results.
If you target the same keywords or publish content on the same platform, you must do a better job.
5th P: Packaging
The visuals elements of a product are parts of the packaging.
You must take a step back and see your product or service from the eyes of the target audience.
Does it look or sound appealings?
If you have a physical product, it is easy to see the package.
It can become more complicated when you offer a service or digital products.
However, you can assume that packaging is the external appearance of the product.
So, find the elements that affect the first impression of your target audience.
How To Improve The Package Of A Product
The features of a product are not relevant to the package.
You need to consider how you offer it to the people.
For example, if you sell a book, the cover is a part of the package.
Many books lose sales because of a low-quality or confusing cover.
If you sell a service, the package can be the people that deliver it.
Are they kind and helpful?
A part of the package is how they dress and talk as well.
The package of a product includes everything that affects its image.
6th P: Positioning
The next element of the marketing mix is positioning.
It is not about the physical position or location that was mentioned above in this post.
It has to do with your position in your industry compared to other companies.
Another way to define position is how your audience thinks about your business.
For example, you can position your business as the one with the best customer service or the business with the best prices.
It’s a problem that most brands don’t have a position in their niche.
How To Choose The Right Position
When you know your audience and how you will help them, the answer is easy.
Your position will determine the customers and many parts of your business.
For example, if you want to have the best customer service, you may need to hire more people for the relevant department and increase your price.
When you want the best prices, you may choose to lose in some other areas to keep your expenses low.
7th P: People
The seventh P is people.
You can do your best in all the previous Ps, but you can’t get results if the people that work in your company don’t do a good job.
It is an element that many business owners overlook.
It is impossible to offer great customer service when the people who work in that department are not helpful and friendly.
You want the right person to do the right task.
If you assign tasks to people that can’t complete them, you will not get the results you want.
How To Find The Right People For Your Business
You can find people for every task and job you need.
However, many times businesses hire the wrong people.
They may make mistakes when they evaluate applications or don’t put them in the right positions.
In every case, you must make sure that each person can do the requested job.
You can always try to change people’s positions that don’t perform well or educate them.
However, some people are in the wrong job or are not ready to take responsibility.
So, the most critical task is to hire and retain the right people.
It’s easier to hire the right person than trying to teach the wrong person.
These were the 7 Ps of the marketing mix.
They don’t have the same importance, but all of them can affect your results.
For example, if your product is the only cure for a disease, people will find and buy it even if you have a terrible location and a high price.
This is an extreme example to highlight the importance of the product.
Usually, a great product is not enough, but you must consider it as a requirement.
When you have the right product, you can take care of the other Ps for the best results.