Building a framework for success with the 7Ps of Marketing
The business landscape is always changing. Businesses that stand still for too long can find themselves left behind. This is one of the reasons why we must always find room to grow and expand in our businesses. In a landscape of uncertainty and change, businesses can find firm ground with a practical framework to evaluate themselves on; one that helps them accurately pinpoint areas to improve and streamlines them for success. This is what can be achieved with proper implementation of the 7P’s.
As entrepreneurs we present value to consumers in the form of a product or service. Since the product or service lies at the core of what we do, there is a lot for us to consider. The fundamental question is always: how can we develop our products or services? We can achieve this by effectively tailoring our product or service to fit the task the consumer wants it for, making sure the product is what the consumer expects. One of the clearest ways a business presents value to its customers is in the form of Image and branding. We should work not only on quality but on the presentation of the quality of the product and its features.
Pricing Buyers will always consider cost when weighing up our business compared to other service providers in our industry. We can investigate our pricing by critically studying the optimal pricing of our service, based on value to the customer. Here the 4 key factors for us to study would be: competitor’s reputation, low- cost service providers, high-cost service providers, aswell as the number of players in our industry. Effectively, what we are doing here is analysing the business landscape in our specific industry. It is often helpful to do this with a business professional to ensure that all factors are sharply evaluated and weighed up in a way that reflects the actual industry we are in.
Place Where we choose to set up our business and the facilities of this location should be tailored to suit its needs. In the modern landscape this can be Brick and mortar location, an online location tailored to ecommerce, or even both. When settling on a place, we would do well to consider where our target customer finds it easiest to shop. This could be on the high street, mail order, or via an online shop.
Pricing Depending on your business, promotion could be central to its success. For consulting companies, a lot of emphasis is placed on using promotion to bring in more clients. These organizations usually use tools like search engine optimization, social media marketing and paid advertising for promotion. We know that the digital marketplace is always expanding, and this means that the opportunity, if not the necessity, to expand your business online is growing aswell. Thriving businesses can do well to identify this and implement it where appropriate. For any assistance with properly identifying the best means of promotion for your specific business, a good business coach can help with this.
‘To win in the marketplace you must first win in the workplace’. As Entrepreneurs we understand the importance of building a strong team. In the early days of running a business, we are told we must wear ‘many hats’, but as our business expands our team needs to aswell. Crucially, we have got to recruit the right people that add value to our organization. We should ask ourselves two key questions who is in the business and what are they actually doing? The answers to these questions would usually include identifying skill gaps, finding ways to measure output effectively, and looking into employee interaction with customers just to name a few. If you are interested in further exploring the two key people questions regarding your business, we can unpack this together in a coaching session.
How we go about delivering our services is part of what the consumer is paying for. To streamline our business and improve the quality of the service we are providing, we must pay attention to the processes involved. The key to this is often to create customer focused processes that make it easy for your customers and staff to understand. One way we can do this is by experiencing the product or service ourselves and then identifying what reduced your consumer experience. This way we can pinpoint what needs to be done to improve the process. We could even build on this by beginning to map out our customer journey. This begins when they first consider your product or service, through to any after-sales support your company might offer.
Even if what the consumer is paying for is intangible, almost all services include some physical evidence. Whether the physical capital is in the form of a service brochure, a request for proposal, social media accounts, corporate website etc, we need to consider the question: How can we reassure our customers of the value of the service we are providing? In ecommerce this will lie in the online experience we can provide. Specifically, how can we tailor website design and function to suit consumer needs. Need help applying the 7ps of Marketing to your specific business and industry in a way that helps to improve your business? Get in touch by calling +44 7973 220464 or by emailing firstname.lastname@example.org to discuss how I can help.