If you are developing a marketing strategy for your business, you must know that there is a 7P formulate that can help you constantly evaluate and re-evaluate your business activities. These 7Ps include product, price, promotion, place, packaging, positioning, and people. The world market is becoming global now and the products, markets, customers are also changing rapidly. You must continually revisit these seven Ps to make sure you are on track and achieving the maximum results possible for you in today’s marketplace.
It is important to assess your products and see what you are offering to the customers. You must compare your products with others in the market and see what makes them different and why customers should buy them. You can only look forward to developing your business if you offer a high-quality product to the customers that impress them and they are encouraged to come back again for more. Every market has its own need and you must ensure that the product you are offering is the right one for this market.
Price is the second P in this formula. It is important to examine and re-examine the pricing of the products or services you are selling to ensure they are just right for the market and help you make good sales. Keeping in mind the realities of the current market will help you attract more buyers. Sometimes, you need to lower the prices, offer discounts and deals and sometimes you can raise the prices to make good profits. Working on the terms and conditions of your product and services can also help to determine the prices and you can fluctuate them as needed.
Promotion is a significant part of marketing and sales and you cannot look forward to making your business a success. Promotion is all about the way you tell the customers about your products or services and how you choose to sell them. Sometimes even the smallest changes in the way you promote and sell your products can make a big difference and lead to dramatic results. A little change here and there can lead to immediate higher sales and you can look forward to attracting more customers with a little experimentation or change in your promotional campaigns.
This means the place or the market where your product or service is sold. It is necessary to develop a habit of reviewing and reflecting upon the exact location where the customer meets the salesperson as a change in place can help to increase sales. You can sell your product in many different places; while some companies use direct selling where salespersons are sent out to meet customers and deal directly, others prefer telemarketing while others use catalogues or mail orders. There are various places and multiple ways to sell and it is necessary to use the right ones to market your business.
No matter how good your product or service is, if it is not packaged well or appeals to the customers’ eyes, it will fail to make a good impression. Small improvements in packaging or the external appeal of the product and service can make a big difference and lead to a completely different reaction from the customers. You must think in terms of everything the customers see from the first moment they connect with your company as it will have a significant impact on the purchasing process.
Thinking about how you are positioned in the mind and hearts of your customers is very important. You must be aware of how people think and talk about what you are offering and if they are impressed with your products and services. Knowing about your positioning in the market can play a crucial role in taking the right steps to market yourself well and reach out to more customers in a much better way.
It might be the last but it is a very important aspect of marketing and you must focus on it very carefully. Thinking in terms of people inside and outside of your business who are responsible for every element of your sales, marketing strategies, and activities can help you immensely and give you a chance to focus on every little detail that can help your business. Your ability to select, recruit, hire and retain the right people who have the skills and abilities to do a job to perfection is very important than anything else. These people can get your business on the right track and manage their responsibilities well, ensuring you get the best results.
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