The 7 P's of Marketing: Key to Successful Marketing Strategies

In the world of marketing, innovation is the key to success. If your ideas remain stagnant, so will your product. However, what if we told you that achieving success in your business requires you to follow a theory that's been around for 70 years? Sometimes, building upon something that is tried and true is the best way.

As they say, some things never go out of style. Theories and frameworks come and go, but the Marketing Mix has been a pillar even for new marketers. Let's look at how this classic marketing theory is relevant today and how it can help improve your business.

How the 7Ps of Marketing Got Started

The marketing mix is a familiar marketing strategy tool. It is one of the top three marketing models. Neil Borden originally developed this term in the year 1949. It was E. Jerome McCarthy who gave the 4Ps of the Marketing Mix. In 1960, he published his book Basic Marketing. A Managerial Approach. The four original P's were Product, Price, Promotion, and Place.

After the emergence of the service economy, the 4Ps were promoted to the 7Ps of Marketing Mix. People usually refer to them as the Service Marketing Mix.

The traditional 7Ps of marketing consist of:

• Product
• Price
• Promotion
• Place
• People
• Process
• Physical evidence

1. Product

Simply put, whatever is being soldto the customer is the product. The service or product you're selling should beat the center of every element of the marketing mix.

According to Assemblo.com, it lets you ask questions that are key to sales conversion: what problem or issue does the product solve for customers? Why is your product the best one to solve it?

"Whenever you're having difficulty selling as many of your products or services as you'd like, you need to develop the habit of assessing your business honestly and asking, "Are these the right products or services for our customers today?" - Brian Tracy

The digital marketing mix is excellent for showcasing your products through SEO, blogs or articles, paid advertising, influencer marketing, and viral video campaigns.

2. Price

The first principle of pricing considers the value of the product or service that the customer perceives. The price can make or break a product or service launch.

"The strategy behind the pricing of your product needs to be based on what your customers are prepared to pay, costs such as retail markup and manufacturing, as well as other considerations." - Assemblo.com

It's recommended that you continually examine and reexamine the prices of the products and services you sell to ensure they're still appropriate to the realities of the current market.

Your marketing mix can include subscription and membership discounting programs or email marketing of promotions and sales.

3. Promotion

Promotion is the tactics firms use to make their customers aware of their products, build their brand image, and retain their customers. It includes how you tell your customers about your products or services and how you market and sell to them. Successful marketing strategies include advertising, direct marketing, and in-store promotional activities. Digital promoting can include online events, chats, social media groups, and live streams.

"Whatever method of marketing and sales you're using today will, sooner or later, stop working. Sometimes it will stop working for reasons you know, and sometimes it will be for reasons you don't know. In either case, your methods of marketing and sales will eventually stop working, and you'll have to develop new sales, marketing, and advertising approaches, offerings, and strategies." - Brian Tracy

4. Place

According to Super Heuristics, Place is all about making your products or services available to the right customers at the right place and time. It's vital to consider where your customers will be looking for your products or service, where they spend most of their time, and then decide your place or medium of distribution.

"Develop the habit of reviewing and reflecting upon the exact location where the customer meets the salesperson. Sometimes a change in place can lead to a rapid increase in sales." - Bryan Tracy

5. People

Counting on excellent customer service is a must for the success of any business. Satisfied customers mean good referrals. Therefore, employing, training, and retaining the right people is critical for the success of a service business. Always think about the people inside and outside your company who are responsible for your sales and marketing strategy and activities.

"It's amazing how many entrepreneurs and businesspeople will work extremely hard to think through every element of the marketing strategy and the marketing mix and then pay little attention to the fact that every single decision and policy has to be carried out by a specific person in a specific way." - healthcaresuccess.com

It's essential that everyone who represents your brand or deals with customers is a fully trained professional and can appropriately treat your customers.

6. Process

The process of delivering your product to the consumer should be designed for maximum efficiency. However, it can also include features that align with your brand, such as sustainability. According to Assemblo.com, digital partnerships and logistics have become essential to the marketing mix with the rise in online shopping.

"Businesses have to keep in mind that the process of service delivery is designed not for provider's convenience but keeping the customer in mind." - Super Heuristics

7. Physical Evidence

Physical evidence involves aspects proving your brand exists and that a purchase occurred. It can include a physical store or office, a website if your business operates solely online, and printed business cards you exchange when meeting people.

Your marketing mix must also consider dramatically changing what your customer sees and hears concerning your product or service. Of course, this includes packaging and branding.

"It should also bring in the ways products are displayed in stores, where they are placed, and the context in which they sit, as well as digital placement, including on your website and social media." - Assemblo.com

Marketing Mix Done Right

According to Smart Insights, here is what a successful marketing mix might look like. However, keep in mind that this is a top-level overview only:

1. Products/Services: Integrated toolset for SEO, blogging, social media, website, email, and lead intelligence tools.

2. Prices/Fees: Subscription-based monthly, Software-As-Service model based on a number of contacts in the database and the number of service users.

3. Place/Access: Online! Network of Partners, Country User Groups.

4. Promotion: Directors speak at events, webinars, and useful guides amplified by SEO and effective with SEO. PPC Social media advertising, e.g., LinkedIn.

5. Physical Evidence: Consistent branding across communications.

6. Processes: More sales staff are now involved in conversion.

7: People: Investment in online services.

8. Partners: Hubspot looks to form partnerships with major media companies such as Facebook and Google, plus local partners, including Smart Insights, who it is collaborating with on research in Europe.

The Right Mix

When creating a solid marketing strategy, it's essential to fully understand how the 7 Ps of marketing "mix" together. Think about them as individual ingredients that, when combined, will give you that delicious dish you've been craving. While it's essential to understand each one individually, it's even more important to knowhow they work together and depend on one another. Only then will you reach maximum success in your business goals.

Let's talk.

Reach out to us on Facebook or LinkedIn and tell us about your experiences using the 7Ps of marketing. Or follow us on Instagram for a bite-size version of our blog.

‍