Marketing isn’t just about generating noise—it’s about achieving measurable results. A well-thought-out marketing approach sets actionable goals that align with your current business realities. It defines clear objectives, identifies your target customers, and positions your business to stand out in a competitive market. The framework to achieve this? The 7Ps of marketing.

 

What Is the Marketing Mix?

The marketing mix consists of strategic tools and tactics designed to meet customer needs and effectively communicate your offering. Originally limited to four elements—Product, Price, Place, and Promotion—the mix has evolved to include People, Process, and Physical Evidence. These seven pillars serve as a comprehensive framework to build and execute a high-impact marketing plan.

 

Product

Your product is the core of your business—whether it’s a physical item, a service, or a combination of both. It must address a specific customer need. For instance, a bakery meets the demand for quick, quality treats.

 

What happens when customer preferences shift or competitors innovate? You adapt. Consider:

 

  • Enhancing products with add-ons (e.g., warranties, guides).
  • Introducing variations to cater to diverse tastes.
  • Developing entirely new offerings to capture untapped demand.

 

Ask yourself: How can tools like apps, tutorials, or rewards programs add value to your product?

 

Price

Pricing is the only part of your marketing mix that directly impacts revenue—getting it right is critical. Steps to optimise pricing:

 

  • Research what customers are willing to pay.
  • Position your pricing appropriately low prices may indicate value, high prices premium quality.
  • Factor in costs, competitors’ strategies, and market dynamics.

 

Use strategies like bundles, discounts, or tiered pricing to maximise customer acquisition and profitability.

 

Place

How and where customers access your product is as important as the product itself. Whether through a physical store, a website, or a delivery service, ensure convenience.

Evaluate your distribution:

 

  • Could a local retailer or online marketplace expand your reach?
  • How efficient is your logistics system for getting products to customers?

 

Streamline the customer’s purchasing process to reduce friction and increase satisfaction.

 

Promotion

Promotion ensures customers know, trust, and choose your business. Communication at every stage of their buying journey is vital.

 

Practical steps include:

 

  • Leveraging social media to engage your audience.
  • Combining tactics like email campaigns, online ads, and direct outreach.
  • Building loyalty through referrals, exclusive offers, or programs.

 

Promotion also applies to stakeholders like partners and local communities, helping establish credibility and goodwill.

 

People

Your team is the frontline of your business. Their interactions with customers directly influence perceptions and loyalty. Invest in:

 

  • Training and development to enhance skills and professionalism.
  • Tools that enable efficiency and customer satisfaction.

 

Well-equipped and motivated employees can differentiate your business and drive customer trust.

 

Process

A seamless customer experience depends on efficient processes. Map out and optimise every step:

 

  • Response times to inquiries.
  • Order handling and fulfilment.
  • Retention strategies, such as follow-up reviews or incentives.

 

Leverage automation tools like booking systems or email responses to streamline operations and free up resources.

 

Physical Evidence

Customers need tangible proof of your brand’s quality. Examples include:

 

  • A well-designed website or a professional social media presence.
  • Reviews and testimonials that build trust.
  • The physical environment (e.g., store ambiance or packaging).

 

Ensure every touchpoint reflects professionalism and reinforces customer confidence.

 

Execution and Optimisation

The 7Ps provide a roadmap for evaluating and refining your marketing efforts. Start by assessing your current position in each area, then identify opportunities for improvement. Marketing strategies are not one-size-fits-all—tailor them to fit your business and target audience.

By mastering these principles, you’ll create a sustainable, competitive advantage. Take action today by revisiting and refining your marketing mix.

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David Elliott

Chartered Accountant, BSC, FCA

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