Unlock the secrets of successful marketing with the 7Ps of marketing mix model – product, price, place, promotion, people, physical evidence, and process.
What are the 7Ps of marketing?
If you’re diving into the world of digital marketing, you’ve probably heard about the famous 7Ps marketing mix model –
✔Product
✔Price
✔People
✔Promotion
✔Process
✔Place
✔Physical evidence
In the fast-paced world of digital marketing, having a solid framework to guide your strategy is essential. These 7Ps offer a comprehensive roadmap that ensures no ingredient is left out of the mix.
From crafting the perfect product to getting it into the hands of your target audience, each element plays a crucial role in your brand’s success.
Who invented the marketing mix model?
The 7Ps marketing mix model is an extension of the original 4Ps of marketing mix framework which was first introduced by E. Jerome McCarthy in the 1960s.
However, the specific addition of the three extra Ps—people, physical evidence, and process—has been attributed to various marketing scholars and practitioners over the years.
While there isn’t a single inventor of the 7Ps model, it has evolved as a comprehensive framework to guide marketers in developing effective strategies.
Why are the 7Ps of marketing important for your brand?
In a sea of competitors vying for attention, how do you stand out? Enter the 7Ps marketing mix. By meticulously crafting each element—from your product offering to your pricing strategy to your promotional tactics—you carve out a unique space in the market.
Sure, you could throw spaghetti at the wall and see what sticks. But why leave your marketing strategy to chance when you have the 7Ps of marketing at your disposal?
From building brand awareness to driving conversions to fostering customer loyalty, these seven principles lay the groundwork for sustainable growth and long-term success.
The 7Ps of marketing
P1: Product
So, you’ve got a product that’s ready to take the world by storm. But before you unleash it onto the digital stage, there are a few things you need to consider.
First, think of your product as your crown jewel – the Beyoncé of your brand. What makes it stand out from the crowd? Is it faster, sleeker, or more eco-friendly than the competition?
Identifying your product’s unique selling proposition (USP) is key to capturing the hearts (and wallets) of your target audience.
Once you’ve nailed down your product’s USP, craft a marketing plan that showcases it in all its glory. From eye-catching visuals to compelling copywriting, every aspect of your marketing should revolve around highlighting what makes your product special.
After all, you wouldn’t dress Beyoncé in a potato sack, would you?
Key performance indicators for products in marketing
Now, let’s talk metrics. How do you know if your product is hitting the mark? Here are a few key performance indicators to keep an eye on:
- Sales Revenue: The ultimate measure of your product’s success. Are you seeing a steady increase in sales over time?
- Customer Satisfaction: Happy customers are loyal customers. Keep tabs on customer reviews and feedback to gauge satisfaction levels.
- Product Return Rate: A high return rate could indicate issues with quality or customer expectations.
- Market Share: How does your product stack up against the competition? Tracking market share can help you assess your brand’s position in the industry.
By understanding its unique value proposition, tailoring your marketing strategy accordingly, and keeping a close eye on key performance indicators, you can ensure that your product shines bright in the digital spotlight.
P2: Price
Ah, pricing—the age-old dilemma of how much to charge for your products and services. Before you can slap a price tag on your offerings, you need to understand your cost structure inside and out. How much does it cost to produce your product or deliver your service?
Factor in materials, labor, overhead, and any other expenses to ensure you’re not selling yourself short. Find that sweet spot where value meets affordability.
You want your customers to feel like they’re getting a bang for their buck without breaking the bank. It’s like Goldilocks finding the porridge that’s neither too hot nor too cold—just right.
Which pricing KPIs should you track?
So, how do you know if you’ve nailed your pricing strategy? Here are a few key performance indicators for marketing that will tell you your pricing is just right:
- Profit Margin: Are you making enough profit to sustain your business and reinvest in growth?
- Price Elasticity: How sensitive are your customers to changes in price? A high price elasticity means small changes in price can have a big impact on demand.
- Competitive Pricing: How does your pricing stack up against the competition? Are you priced competitively while still maintaining your profit margins?
- Customer Lifetime Value (CLV): How much revenue can you expect to generate from a single customer over their lifetime? This can help you justify higher prices for products or services with long-term value.
Remember, you don’t have to be the cheapest vendor on the block for your products to actually sell. With careful consideration and a keen eye on the KPIs, you can find the Goldilocks zone that’s just right for your brand.
P3: Place
This is where your product meets the world; where the magic happens. But before you roll out the red carpet, there are a few things you need to consider.
1. Choose the right channels
First things first, you need to decide where your product will be available. Will you sell exclusively online, or do you want to explore brick-and-mortar retail? Maybe a combination of both?
Consider your target audience and where they’re most likely to shop, whether it’s on their smartphones or at their favorite neighborhood boutique.
2. Accessibility
Once you’ve chosen your channels, focus on accessibility. Can your customers easily find and purchase your product? Think about factors like website navigation, mobile optimization, and payment options.
You want to make the buying process as smooth and seamless as possible, like sliding down a waterslide without a splash.
KPIs to consider for your product’s place strategy
How do you know if your product’s place strategy is hitting the mark? Here are a few key performance indicators to keep an eye on:
- Distribution Reach: Are you reaching your target audience through your chosen distribution channels?
- Conversion Rate: How many visitors to your website or store actually make a purchase?
- Inventory Turnover: Are you effectively managing your inventory to meet demand without overstocking?
- Customer Satisfaction: Are your customers happy with the buying experience, from discovery to delivery?
The success of your product depends not only on what it is but also on where it’s available and how accessible it is to your customers.
By carefully considering your distribution channels, optimizing accessibility, and monitoring KPIs, you can ensure that your product finds its rightful place in the world.
P4: Promotion
Welcome to the fourth installment of our journey through the 7Ps of marketing – Promotion. This is where the real fun begins, where you get to shout from the rooftops about how amazing your product is.
But before you break out the confetti, let’s talk strategy.
Crafting your product campaign
First things first, you need to think about your promotion campaigns. What message do you want to convey to your audience? What channels will you use to reach them? Which influencers will you have recommend your product to their followers? Are they trusted?
Collaborate with influencers to create authentic content that resonates with their followers. Whether it’s an unboxing video, a sponsored post, or a product review, influencer partnerships can amplify your message and drive engagement like never before.
Consider leveraging influencer marketing platforms to help you identify the right influencers in your niche whose audience aligns with your target demographic.
See our influencer marketing guide to provide a structured approach to leveraging influencer marketing as part of your promotion strategy.
KPIs to consider in your promotion marketing strategy
The following influencer marketing KPIs will gauge whether your promotion campaigns are hitting the mark.
- Reach: How many people are seeing your promotion campaigns? Track metrics like impressions, views, brand sentiment, and website traffic to gauge your reach.
- Engagement: Are people interacting with your content? Look at metrics like likes, comments, shares, and click-through rates to measure engagement.
- Conversion Rate: Are your promotion campaigns driving action? Monitor conversion metrics like sign-ups, purchases, and leads generated.
- Return on Investment (ROI): Is your promotion budget translating into tangible results? Calculate your ROI to see if your campaigns are delivering a positive return on investment.
P5: People
The people, your customers, are the heart of your marketing strategy. As a brand, your goal is to build strong relationships with your customers and keep them coming back for more.
But how will you achieve this?
1. Create lasting impressions
First impressions matter, right? Well, the same goes for your customers.
From the moment they interact with your brand, whether it’s through your website, social media, or customer service, you want to make sure they’re wowed. Think of every touchpoint as an opportunity to leave a positive impression that keeps them coming back for more.
2. Foster customer loyalty and retention
Once you’ve hooked your customers, it’s time to keep them coming back for more. Building customer loyalty is like cultivating a garden—you need to nurture it with care and attention.
Offer rewards programs, personalized experiences, and exceptional customer service to keep your customers engaged and coming back for more.
Key performance indicators to track against your customer base
- Customer Satisfaction: Are your customers happy with their experience? Measure satisfaction through surveys, feedback forms, and online reviews.
- Customer Lifetime Value (CLV): How much revenue can you expect to generate from a single customer over the duration of their relationship with your company? CLV is a key indicator of your brand’s long-term success.
- Net Promoter Score (NPS): Are your customers likely to recommend your brand to others? Track your NPS to gauge customer advocacy and word-of-mouth referrals.
- Churn Rate: How many customers are you losing over time? A high churn rate could indicate issues with customer satisfaction and retention.
P6: Physical evidence
Here’s the deal – when it comes to new products or services, seeing is believing.
Whether it’s through high-quality product images, detailed descriptions, or interactive demos, you want to give your customers a clear picture of what they’re getting. Think of it like painting a vivid picture that leaves no room for doubt.
But how will you achieve this? By using the secret weapon in your marketing arsenal – influencer gifting.
By partnering with influencers who align with your brand values and target audience, you can leverage their credibility and reach to showcase your product in action.
Whether it’s through unboxing videos, product reviews, or sponsored content, influencers can help bring your product to life in ways that traditional marketing channels can’t.
KPIs to track against your physical evidence strategy
- Engagement Metrics: Are customers spending time interacting with your visual representations, such as watching videos or exploring interactive demos?
- Conversion Rate: How many customers are making a purchase after engaging with your physical evidence?
- Brand Awareness: Are customers able to recognize and remember your brand based on its visual representations?
- Influencer Impact: How effective are influencer collaborations in driving awareness and interest in your product?
Physical evidence is the tangible representation of your brand, and it plays a crucial role in helping customers understand and connect with your product or service.
When customers encounter your brand’s physical evidence, it should leave a lasting impression. They should remember your brand when they see a certain object or hear a specific mention.
P7: Process
Ahoy there, fellow marketers! Welcome to the final frontier of our marketing voyage—Process.
The process of delivering your products and services is the final piece of the marketing puzzle. Right from order fulfillment to delivery logistics to customer support, every step of the process should be optimized for maximum efficiency and satisfaction.
Whether you’re delivering a physical product or an intangible service, you want to ensure that every interaction with your brand is consistent and of the highest quality.
Think of it like baking a batch of cookies—you want each one to be just as delicious as the last. Consistency is your secret sauce of success.
But how do you know if your process strategy is hitting the mark?
KPI metrics to track against your process strategy
- Order Fulfillment Time: How quickly are you able to fulfill customer orders from the moment they’re placed?
- Delivery Time: How long does it take for your products or services to reach your customers?
- Customer Support Response Time: Are you able to address customer inquiries and issues in a timely manner?
- Error Rate: How often do errors occur in the delivery process, such as incorrect orders or shipping delays?
By streamlining your operations, ensuring consistency and quality, and monitoring key performance indicators, you can ensure that your brand sails smoothly toward success.
Takeaway message
By mastering the 7Ps of marketing—product, price, promotion, place, people, physical evidence, and process — your brands can navigate the digital marketing landscape with confidence and clarity, leaving a lasting impression on your target audience.
