Simply wracking your brains for developing winning business strategies does not ensure the success of a business.
If you are unable to formulate equally effective marketing strategies, then there is little chance that your business will do well. That is why marketing gurus have come up with the 7 Ps of Marketing which are –
- Product
After you have got the product ready, understand the consumer’s perspective and then inspect the product. Or even better, you should check the product as if you are the marketing consultant of a competitor company and then analyze whether you should launch it into the market at this point.
Whenever you find yourself amidst the utmost dilemma of whether to launch a product or service in the market, ask yourself questions like-are these services or products appropriate for the needs of the present day customers?
- Prices
Often, business leaders, after setting the prices of their products and services, forget to examine and reexamine them to check whether they are relevant to the realities of the present day market. At some times you need to increase your prices and at other times you might need to lower it as well.
To ensure profits and at the same time to hold the loyalty of your customers, you need to introduce special offers, discounts, and promotions.
- Promotion
Promotion includes all the ways in which you can inform your customers about your products and services and nonetheless to say, this falls under the prime ideals of marketing. You might not realize, but small changes in your promotion have an adverse effect on your sales. Yes, your advertising has the potency to increase and even decrease your sales. So whatever method of advertising you are applying now would go out of vogue soon, so make sure to realize it and develop innovative methods of promotion.
- Place
The place where the customers meet the salesperson is also to be kept in mind while developing your marketing strategy. You might not realize but a change in the place can adversely affect your sales. For instance, some business owners sell through telemarketing and catalogs while others sell through trade shows. For example, if your business focuses around GMAT prep tips then you can sell it either through telemarketing or even mail orders.
- Packaging
It is the visual element of your product so improving the outer appearances of your product can impact your sales. Via your packaging, your customers first come in touch with your product and analyze whether they should invest in it.
- Positioning
You will have to think again and again where is your position in the hearts of your customers? And what should you do to ensure that your position remains as it is?
- People
The final marketing principle is People which represent the people working for you and responsible for sales; marketing activities etc. You will have to think in terms of them and also hire them according to the skills they own.
With the 7 Ps of Marketing in mind, you are sure to soar higher with your business.
