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As discounters dislodge the supermarket hierarchy and we have all reached for that extra blanket in recent months, you would be forgiven for thinking that price is not only King but the only business lever we have right now.
But hold that thought! Price isn’t the only ‘P’ in the marketing pod. Yes, we may have all turned down the thermostat a notch, but the nation has not miraculously found themselves with oodles of spare time to spend on shopping around or making their own jam!
People are still making choices that fit with their preferences and principles. Convenience, quality, service and sustainability are still important drivers of consumer choice.
Here at Fruit Marketing, we have been around the block a few times. We know that no matter what the macro environment throws at us, there are traditional marketing processes that help us to develop the best strategies to fit the situation, the client and the objective. And the 7P’s Marketing Mix is a cracker!
The 7Ps is a constant in our armoury, standing for Product, Price, Promotion, Process, Place, People and Physical Evidence. Constantly assessing, adapting and optimizing using the 7Ps framework helps us to create clear, holistic marketing strategies and effective marketing campaigns to overcome hurdles, drive sales and meet business objectives.
Tell me more about the other P’s I hear you cry! There is a lot to take in, so for now here is a whistle stop tour of the 7 P’s and how to use them to review your business.
PRODUCT– Is your product or service the best that it can be, is it unique in any way and is there a demand for it that will lead you to growth?
PROMOTION– This isn’t about price promotions; this is about assessing how you are currently promoting your product. Are you using the right methods, language and frequency to reach and engage the right people in the right way.
PROCESS– Could the processes in your business be improved, in order to enhance the customer experience or to enhance the company culture and efficiencies?
PLACE– This can be your physical place, i.e., shop or offices or it can be your digital place such as your website or social media channels. Are all of the places, where your customer interacts with your brand, reflecting your brand in the best possible way and providing the best customer experience?
PEOPLE – Have you got the right people on the bus? Do your team have the right skill set? Do you have the right number of people to provide the best service and to hit your business objectives?
PHYSICAL EVIDENCE –Is the physical interaction with your brand optimised. Your shop, the welcome packs, leaflets, business cards, packaging, online experience.
PRICE– What is your pricing strategy, positioning, discounts. Are there value-added elements or is your discounting in danger of de-valuing you brand? Do you know if your pricing is competitive?
So, is price really king? Well, we certainly do not think that it can reign alone. No matter what your pricing strategy, people cannot buy what they do not know about. Your customers will only buy again or recommend you, if they value the product or service and have an enjoyable and memorable brand experience.
To talk more about the Ps in your Marketing pod, give us a call or drop us an email. Together we could cook up something wonderful!
T: 01626 248500