The principles of marketing

Everything you need to know about marketing

Marketing has become synonymous with advertising but that’s not all there is to it.. Marketing means the process of investigating the needs and wants of your target demographic so that the product or service, the price, promotion and distribution thereof, entices and satisfies customers. In other words, it’s the process of making your product or service as profitable as possible.

Marketing is the tool for creating awareness of your product and attracting new customers, forming relationships with those customers that nurtures many more sales and organic advertising. It is critical for a business to market itself effectively so as to drive sales. This applies whether you’re Apple or an apple vendor.

Marketing today faces unique challenges but also unique opportunities. Never before has there been so much direct, constant and consistent access to customers through so many channels. On the other hand, the marketplace is saturated, and consumers are spoilt for choice meaning the competition is fierce.

Marketing must represent a cohesive approach within your company. Marketing techniques must form the basis for your sales tactics so that your customers experience a smooth integrated company. That’s why it’s vital to ensure collaboration between marketing and sales departments and to make sure that all your employers are up to date on the marketing strategies. After all, every employee is a brand ambassador.

Marketing is crucial and it takes time, research and money. There is a marketing technique know as the 7 p’s of marketing, in this article we will explore each p and explain how it can be implemented to help your company boost sales and drive revenue.

The 7 Ps of marketing

Each p is a legitimate marketing tactic which can be implemented in conjunction with any other p for optimum success. You control the p’s but your internal and external circumstances will inform how you should be using them, Using more than one p at a time, in order to adapt to the needs of your target demographics, is known as tactical marketing mixes.

Product

Product is whatever it is you are selling. You need to evaluate it’s advantages, strengths, special features and also, it’s weak points. Then you can identify your USP, unique selling point so that you can market the things that make you great, the things that set you apart, make you different. The things that make customers choose you.

Price

Pricing strategies need to be based on how much customers are willing to pay for your product. Create an air of perceived luxury and you can sell your Ferrero Rocher chocolates for double the price of every other brand, But if you want to pile em high and sell em low, then you will adopt a Primark strategy of cheap clothes. Market research should inform you what your target audience are willing to pay.

Ensure that your pricing covers all your overheads so that you can generate enough cash flow to cover your expenses.

Promotion

Discounts, sales, promotional offerings are how you make customers aware of your presence and entice them to make a sale. Snapfish offers 50 free prints a month, once customers are taking advantage of the promotion, they will look around and bring in additional revenue.

Do you remember when cereal boxes used to come with little prizes? That was to make kids nag their parents to buy the cereals. Free pens or calendars are also great ways to get your name out there.

Place

Where are your products and where can they be seen. The most important thing you can do for your bank balance is to make sure your marketing takes place where customers will see it. Don’t put up a billboard in the dessert. Where are more than 45% of the world going daily? Social media, the internet, find out where your customers will be and be there. Taxis hang around airports and train stations because that’s where they are needed most.

Use effective visual marketing techniques, if you have a retail space, make sure it’s visible and be creative with the environment that you have.

Location, location, location. Where you place your physical retail location is the key to your success.

People

People means the employees and staff, including you who run the company and interact with the customers. Great customer relationships are what make customers come back again and again.

Recruit friendly people and provide them with adequate training to make sure your customers are happy and catered to. There’s a fairground in London where the ride operators are given points based on how smiley and friendly they are. At the end of the year, the worker with the most points receives a £5000 bonus. Why? Because it makes the rides so much more enjoyable to experience and that’s what keeps customers coming back over and over.

Process

How your customer interacts with your business, the experience from hook, to sale, to delivery. How smooth was it? How easy to work with were you? The faster and easier the customer gets what they want, the better your process, the better the feedback, the more likely repeat custom is.

Why do you order from Amazon? It’s easy, it’s quick and you know you’ll get excellent service.

Plus, the more efficient your process, the more money you’ll save.

Physical evidence

The physical experiences that your customers sees when engaging with your business. From an attractive environment to well groomed, friendly staff, the interior design of your retail store or office, the packaging and branding.

The more pleasant and pleasing your physical experience, the more satisfied the customer.

Follow the 7p’s and you’ll end up with the eight and all important p; profit.

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