The 7Ps Of Marketing - Marketing Mix Explained
Digital marketing might be a new field but a lot of strategy based principles are based on psychology and consumer behaviour of marketing in general.
Colleges and universities usually teach the 4Ps of marketing, which are like 50 years old.
Digital marketing evolves literally every single day, and smart digital marketers, entrepreneurs need to evolve with it.
These days sheer volume of ad noise and because of the high number of brands in the market advertising to everybody acts like a distraction. So learning these 4Ps of marketing is not enough.
In this article I am going to explain the 7Ps of marketing that you have to take care of whenever designing an online marketing strategy or campaign.
These 7Ps are also referred to as the marketing mix in a lot of textbooks and online.
Product is the base of any marketing strategy or business.
We must look at our own product as somebody from the outside would, as a customer and as a prospect.
We must be sure that our product is the best quality possible, solves the problems that our customers have, and fulfils their desires and their needs.
Contrary to popular belief having a lower price can sometimes hinder the sales of your product.
Depending on the situation, your product, your customers you have to keep an eye out for if the product price needs to be lowered or increased.
There have been a lot of times where an increased price has resulted in more units sold because people perceived higher price with higher quality.
So if you are in an industry which runs on luxury prices then that might be the right approach for you.
For example, if I sell you a diamond for only a few dollars you would doubt that the diamond is even real. Even if it was a real genuine diamond you would still have your doubts just because I sold you the diamond at a very low price and you are not used to that price point for that product.
As marketers we must always think about getting our product to as many people as needed.
This also means that we have to get it in front of the right people.
So we must think of promotional strategies to get our product in front of as many as possible right people, people who would love our product, use it and promote it to their friends and family.
We must always pay attention to how other products in our industry are promoted and how we can form promotional strategies that are going to keep our cost low and conversions high.
In digital marketing since the budget can vary quite a bit, and thousands of people get to see your ad, a small change in the ad copy can result in a huge output change in terms of more sales or more views etc.
Place is as important as anything else in marketing strategy. If your medicine is placed in an organic food store it is not going to sell as much.
The same way products placed at eye level in big shopping malls, grocery stores sell more than products placed at other heights.
Same is the case in digital marketing, if you are selling financial services software it is better to place your ads on financial blogs and business magazines as opposed to a beauty blog.
All the products are actually judged by their colour. It takes somebody less than five seconds to make the decision if they are going to buy a product or not just by looking at the packaging.
As an example let's compare Apple laptops to Dell laptops.
Most of the time the stuff that is inside the Delhi laptop is going to be of better specifications at a cheaper price.
But you still prefer Apple laptops and pay higher price because they look good, and make you feel good because of that.
So packaging is extremely important in how people perceive your product.
Positioning yourself well in the market can make or break your business.We must think in terms of the mind share that we can occupy of our audience.
If we are able to acquire mind share, the market share automatically takes care of itself.
Pricing, packaging etc. are also responsible for the way people position your brand as compared to other brands in their minds.
The ad copy you use in your marketing campaigns, the design, the words and the social media presence your brand has also matters in terms of mind share positioning.
People make everything in a business. As entrepreneurs we must think about people inside our business, our team, and we must think about people outside our business.
We must always think how our product fits in with people and how it solves their problems.
At the same time we must always look for hiring the best possible talent which is people possible for our brand in order to maximise the intellectual capabilities that are business has.
Products are made by people, bought by people, and promoted by people.
So, this is all about marketing mix. Marketing mix is something that you would learn if you are doing an MBA.
However I believe that marketing mix is beneficial not just for somebody who is doing an MBA, but for anybody and everybody associated to any business even if it is yours or somebody else’s business.
We must learn all the aspects of the marketing mix and constantly keep thinking about how we can improve each of these aspects for a business if we want our business to grow into a successful one.