7 Parts Of A Winning Marketing Strategy
Every day we create marketing strategies that help our clients grow and transform their companies and offerings using market research along with experiential and behavioral marketing. But we couldn't develop a great strategy if we didn't follow the “7 P’s” of The Marketing Mix.
A great marketing strategy will help you connect with the right audience, develop products and services that generate their own demand (think Apple and Tesla here), close more business with increasing ease, and build a stronger brand. So, it is important to have a great strategy, but most small and medium sized businesses use hit-or-miss advertising and promotion without a comprehensive strategy.
If you are trying to develop a marketing strategy that will propel your organization to the next level, try using the 7 P's as your recipe for success. Here is how each piece impacts your success:
Product – Define or refine product and service offerings so they match what your target audience wants to buy, and you'll find your sales process flows much more easily.
Place – Where is the best place to connect with consumers when they are ready to make their purchases? If you know this, your messages will have a much greater impact on your bottom line.
Price – Pricing determines more than sales, and it is dependent on your target audience. Over-price and you won’t sell. Under-price and you could be perceived as desperate. Set the right pricing strategy for your offerings in your market!
Promotion – Building a brand requires more than just advertising and promotion, but you cannot build your brand (or company) unless you have a strategic promotion plan. This is a key ingredient to success (but it’s not the only one).
People – The most overlooked aspect of brand development is the people in the organization. Understanding -- and changing -- how your people impact your brand can lead to big changes in your success. This is true for sole practitioners as well as multiple employee organizations, and you need to remember that sub-contractors are also seen as "your people" in the eyes of your customers.
Processes – How you sell and deliver your products and services contributes to the building of build your brand, helps create brand loyalty, and encourages repeat sales. Make sure your processes are making a positive contribution!
Physical Elements – Consistency, packaging, delivery, and other physical elements can be the difference between a one-time buyer and a loyal customer.
For more information about developing a winning marketing strategy, contact us today!