The 7p’s of marketing has evolved from the core four: product, price, place and promotion – when manufactured products rather than services were most likely to be marketed. And still forms the foundation of marketing strategy.
The ‘services mix’: people, physical evidence and process was added to extend the framework.
But what do these words mean and how should you use them?
Starting with the core four...
When you’re looking at marketing strategy – you need to understand where you are right now and where you want to get to (then you can worry about the how). Using this framework to structure your audit will make sure you’ve got all the key basis covered.
Top tips on what to think about for each element:
Does your existing product/service meet your customers needs? What could you change or improve to make it more appealing?
Does the pricing work? Is it competitive? Could an alternative pricing model lead to an overall uplift in sales?
Is your product/service easily accessible? Are there other distribution models that could be considered – online or intermediated?
Is your go to market strategy working? How’s your share of voice compared to your competitors? Which channels are working best? How can you complement them?
- Customer needs
- Service / support provided
- When used (frequency / occasion)
- Shelf life
- Supply chain
- Perceived value
- Competitive pricing position
- Discounts / sales promotions
- Bundled pricing
- Enhanced value
- Contract terms
- Sales channels
- Channel support
- Bespoke buying experience
- Alternative distribution
- Communication channels
- Core marketing messages
- Consistency of message
- Messages tailored by audience
- Sales promotions / discounts
The extended mix...
These elements of the marketing mix are focused on service offerings, but can often apply to products:
What do customers see, touch and feel when interacting with you? A nice shop, a fancy office, a flawless website?
Who is writing your marketing content? Who is dealing with your customers – pre and post sale…do they all sing the same song about your business?
How easy is it to do business with you? How do you deliver your product/service? Is it seamless?