A jargon free zone
Marketing is essential for any business, but it can be especially important for small businesses. Why? Because small businesses often have limited budgets and need to make every marketing dollar count.
That's where understanding the 7 Ps of marketing come in.
Now before you clock out and think I'm going to get all marketing jargony on you, stay with me for a sec.
Even though the 7Ps is a term used mostly in academia or larger businesses, I think it's still important for small business owners to be aware of what they are and how they apply to business. And the simplicity of the 7 marketing Ps may surprise you.
So, what are the 7 Marketing Ps?
Simply put, the “Seven Ps of Marketing” is a framework for your marketing.
- Product
- Price
- Place
- Promotion
- People
- Processes
- Physical Evidence.
As a small business owner myself, I find that thinking about marketing in these terms can help you simplify your marketing mix so you can give each marketing activity more focus.
The 7 Ps of Marketing
Let's delve into understanding what each of the “Ps” stand for. I promise not to get too jargony.
1. Product:
What are you selling? This is the first question you need to answer when thinking about your marketing mix. Technically this could also be an S for service based businesses (or S for Selling to cover both products and services). But then we wouldn't have the 7Ps, and that wouldn't be anywhere near as much fun to say or remember!
2. Price:
How much will it cost? You need to make sure that your price is low enough that people will buy your product or service, but high enough that you make a profit. A lot of people don't realise that setting your pricing comes into the marketing arena, but its an important part of marketing because it also plays a part in how your brand is perceived by your ideal clients (refer #5.).
3. Place:
Where will you sell it? You need to sell your product or service where your ideal clients buy. This can be a bricks and mortar shop, online, through a travelling sales team. There are so many ways to sell your product and/or services these days – you need to know where is going to be the most effective for your business.
4. Promotion:
How will you let people know about it? Promotion is how you let your target market know about your product or service. A lot of the time people think that marketing is just advertising. But advertising is one small aspect of promoting your business. There's also public relations, social media, networking, sponsorships, etc etc etc.
5. People:
I think this is the most important P. Who will buy your products and/or services? Your ideal clients of course. Which is why I'm always harping on about needing to know who your ideal clients are. People are the ones who will actually be using your product or service. You need to make sure you can reach, connect, and engage with your target market (ideal clients) so they know about your product or service and choose to buy or use it.
6. Process:
How will you deliver your products or services? Process is how you will deliver your product or service to your customers. You need to make sure that your process is efficient and effective so that you can deliver your product or service in a timely manner.
7. Physical Evidence:
What will they see when they use it? Physical evidence is what your ideal clients will see when they use your product or service. You need to make sure that your physical evidence is of high quality so that your customers will have a positive experience with your product or service.
What next?
So there you go – a really simple outline of the 7 marketing Ps.
Now that you know what they are, you can start using them to develop your marketing strategy and market your small business. Check out my blog on The Process to Follow to Develop Your Marketing Strategy here.
Just remember to keep it simple and don't try to do too much at once. Marketing is an important part of any business, but it takes time and a strategic approach to be successful.
If you need help developing your marketing strategy, find out more here. Or get in touch
