Most people think when they hear the word ‘Marketing’ they think of promotion and advertising.
These two elements are of course key to marketing, however, they are really just a function of your overall strategy.
Traditionally, there was the 4Ps of marking:
Over time, this became the 7Ps, where the following ‘P’s were added:
- Physical Environment
As you can see, the promotion aspect of marketing is relative to the other six elements. Each one is enormous in respect of having a successful business, as each one is very powerful, but they must work together.
It all starts with your target market: you must be able to describe who you are marketing to. For example: First time parents aged between 20 – 35 years. it could be an insurance product or an accessory to a pram. Therefore, when considering the 7Ps:
- Product – Functionality, appearance, quality, packaging, brand, warranty
- Price – List price, discounts, financing and leasing options. Price needs to reflect value and massive in terms of positioning your brand.
- Place – Brick and mortar, locations, online.
- Promotion – The actual message and the channels you choose for market penetration. Radio, events, expos, TV, social media, print, physical representation.
- Physical Environment – Customer experience, ambiance, customer service – can be in store, on phone, online.
- Process – Service delivery. The process of moving the product from your store to the customer.
- People – For when a customer engages with you, are they the right people for client contact?
These 7 elements make up your marketing mix. Today’s marketplace is very fragmented, so getting market penetration is a lot harder. For example, pre-internet, most people watched TV, so sending a message through a commercial on TV had a high success rate. A lot of emphasis is placed on data analysis to work out what the best channels are to engage with clients.
As consumers, we are quite sophisticated in how we choose our products and services. So by analysing how and why you buy, what you like and what you don’t, you can come up with the next innovative way to gain and retain customers.
Jasmine Porter, Business Development Advisor, Business South West