Essential marketing glossary for smart businesses - the 7Ps

In Marketing Land, we like to keep it mysterious, with jargon, phrases and formulas, so you get really scared and look for the first exit. Today, I’m breaking down the 7Ps into easy chunks, so you can go ‘hey, I know this’. Quick win for the day. Let’s get started.

Product 

The 7Ps begins with ‘product’. This could refer to your physical product, a service or an experience. Basically... anything that’s being sold. Whatever your product or service is, it’s important that it meets the demands of the market and satisfies, or exceeds, the expectations of the customer. We all need toilet paper (hello 2020) but you have to make sure that yours holds together through thick and thin. You can also scent it, very middle-class, or print pictures on it, that can go either way. Either or, now you exceeded the expectations of your average user.

Place

‘Place’ signifies where you choose to distribute or allow access to your product or service. It could refer to anything from a warehouse or a high-street store to an e-commerce shop or cloud-based platform.

Where you choose to distribute your products can be dictated by many things, such as your product type or your budget. The best way to determine the perfect place to sell your product is by really knowing your audience; their wants, needs and requirements. Now, if you’re selling novelty loo rolls chances are you are doing that on your own website or socials, straight B2C. Clearly, you have a niche audience and you need to talk to them in a very specific way. Manufacturing toilet paper? Obviously, you want to sell big, in a B2B environment. Your voice is now corporate and you use terms like KPIs, ROIs, lead nurturing, bottom of the funnel...yawn.

Price

How much does your product or service cost? The price you set should reflect your customers’ perceived value of your product and should correlate with your budget. If your customers think your price is too high, you jeopardise losing a market that’s in it for a bargain, if your price is too low then you run the risk of losing that all-important profit. Some people are happy to pay extra for toilet paper with Donald’s face on it, I’m more of a conservative user. However, if your price is on the cheap end, I’ll assume that it is made out of see-through paper and will steer clear. For top dollars, I expect silk and a litter of puppies for entertainment. Get it?

Promotion

Promotion refers to your advertising, marketing, and other sales techniques. This could mean traditional advertising via TV, radio, billboards, etc., or more modern methods, like ads within web content, ads on a podcast, email marketing or even push notifications. See how we can work in the influencers to sing stories about our precious toilet paper… You may roll your eyes at this point but my example stands. Toilet paper is a necessity, a basic product where one can assume it does not require advertising. Cue in recycled loo rolls where the audience perception is sandpaper. Our product now needs all the help it can get.

Market segmentation allows you to learn the wants, needs, values, and motivations of your audience. Once you have discovered and analysed this data, you will be confident that your product is being promoted to the right people, in the right place and at the right time. 

Physical Environment

When we get down to basics, it’s important for consumers to know that the brand they’re purchasing from or interacting with, are legitimate and, well, actually exist in real life. 

Physical evidence often takes two forms: evidence that a service or purchase took place and proof or confirmation of the existence of your brand. After all, I do like to walk out of the shops with my new batch of handy toilet paper under my arms. Simples.

People

The ‘people’ element of the 7Ps involves anyone directly, or indirectly, involved in the business-side of the enterprise. Employing and retaining the right people is imperative in both the long and short term success of your business. Essentially, every single person who is involved in manufacturing, selling, promoting and distributing your prize-winning toilet paper, is your ‘people’. Word of advice, value your people, they are your brand just as much as your product is. Today’s consumer is savvy and they don’t take any crap from brands who are shady. (I can’t believe I worked this into my blog at the end, ha).

Processes

Process. The final ingredient in your marketing mix glossary - ‘process’ describes a series of actions that are taken in delivering the product/service to the customer. Examining the process means assessing aspects, such as the sales funnel, the payment systems, distribution procedures and managing customer relationships. You see, all those big words. I’ll deal with those in another blog. What your takeaway from this point is, to make sure your customer can put their hands on your toilet rolls the easiest way possible. 

Overall, a streamlined strategy effectively engages and retains your consumers, meets and achieves your goals and evolves your brand to the fullest extent. You sell, they buy and we are all happy.

Do you find this a bit too much, overwhelming and time-consuming? Why not give Your Brand Crew a call? With YBC your marketing strategy can outgrow your expectations to finish 2021 with a bang. Pun intended even if you don’t deal with sanitary products. Share your thoughts below.

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