How Are The 7 Ps of Marketing Relevant for Online Promotion Strategies?
Devised by Edmund Jerome McCarthy in the year 1960, this model started out with 4 Ps. But eventually, the economy developed and hence the 4 Ps of marketing got a boost to 7 Ps of marketing by Booms and Bitner in the year 1981. They help businesses analyze and construe the main concerns that impact the marketing of their services. Especially in a time where online promotion strategies have all the hype, the seven Ps of marketing are used vigorously for digital media marketing. There are a million more ways to tell what are the seven Ps of marketing but let us stick to the current way that we are taking.
Let’s Learn About Each of the 7 Ps of Marketing:
1st P of Marketing – Product
When you want your customers to really be into the products your company is selling, your product should exactly be what the target audiences have been looking for and are expecting to receive.
In the social media marketing mix, it works the same way. For example; A potential client is supposedly looking for a certain fragrance and suddenly sees an ad for it online. That is what will get their attention and if not, you will understand what you can do to make the product seem more approachable.
2nd P of Marketing – Prices
Your product doesn’t always need to be the cheapest out there but it needs to hold the value for the price it is being sold. One of the main precepts of the seven Ps of marketing theory is that people usually tend to pay a little more for the product they are purchasing if it works well for them.
3rd P of Marketing – Promotion
The key ways of promoting your product/service online are via Advertisement, PR, Personal Selling, and nowadays, Social Media. It is the biggest part of the social media marketing mix when it comes to online promotion strategies because it spreads the message to the target audiences. It completely depends on the company as to what type of promotion they would like it to be, whether emotional or informative.
4th P of Marketing – Place
A valid factor in the seven Ps of marketing, this is where you get to know which area has had the highest sale. You need to evolve your habit of checking in which place you’ve had the highest sale because sometimes when you change that specified area, your product just might get an even higher sale. There are various ways to go by this; some people choose the door to door selling method, direct marketing, social media, and whatever else that helps them get their boat afloat in the market.
5th P of Marketing – Packaging
In online promotion strategies appearance always matters. If the packaging/design of the product you’re selling is attractive, it will attract the audience and they will take action of purchasing. It has been the same for a long time. A fine example would be when a person meets another, they always check out how the other is dressed, and that way the first impression is made. Every little detail of the packaging of your product counts. And it applies similarly to the sellers of the said product.
6th P of Marketing – Positioning
One of the pivotal parts of the seven ps of marketing, when a person has to buy your product they will definitely consider what position your brand has in the marketing. Keep in mind that your company needs to constantly plan about how to improve your position in the market. Your positioning leaves an impact in the mind of your audience often inflicts on their decision of whether or not to purchase your product.
7th P of Marketing – People
Finally, the no. 7 P in marketing is people. Your company is dependent on the kind of people who run your brand, starting with the staff at sales to managing directors.
Having the right people to run your brand is crucial because they are a part of the package that is your business. Think of it as a House of Cards, one little mistake in the build and the entire tower comes crumbling down. Your entire company depends on employers and employees because of each type of role they play in running your business.
This 7P of Marketing framework will help you to achieve the best results in terms of economy and finance, considering the awful scenario of the pandemic.