The business of marketing your business is a complex and ongoing process. To effectively implement your advertising and promotional strategies, you need to break down several key elements. 

An excellent tool that marketers use to assess a company’s strategies is the ‘Seven P Formula’. In fact, Evolution uses it to identify problems and discover solutions to satisfy the dynamic needs of your business.

THE SEVEN PS

Product

Primarily, a company must compare its own product(s) and service(s) with that of its competitors. Doing so brings to light any prevailing advantages or shortcomings. 

Next, you may find how you can work on making your product superior over the competition. Alternatively, you may find a certain product or service has become obsolete and should be discontinued.

Price

Review your price structure regularly to avoid faulty pricing. It may become clear you need to make adjustments, such as lowering or raising prices on certain products or services to remain competitive.

Indeed, some companies realize they cannot profit with specific products or services since the effort of production is not financially feasible. In some cases, it may benefit a company to alter the terms and conditions of sale or combine products and services with special offers or promotions. A touch of creative ‘outside the box’ thinking helps you find major ways to make prices look more appealing to customers.

Promotion

Promotions envelop all the ways you market your product or service—how you communicate your product or service to your customers. Undeniably, the language you and your team use affect your company image.

For example, small changes can make a significant difference in the response rate from advertising. Customer response can increase from an advertisement simply by creating a catchier headline.

Further, experiment with different methods of sales, promotions, and advertising so you can determine what works for your business. Take note that what succeeds today may not work tomorrow. Remain willing to change promotion strategies at some point. 

Place

We all know the importance of business location, but where you sell your product is also vital. Places where you can sell your product or service can be online, in catalogs, or through a sales consultant who meets customers in person. Large companies often employ distributors.

There are many different places to sell and sales platforms to apply. Each should be examined for suitability to your business model.

Packaging

Appearances are of key importance in our social media-soaked marketplace. The way your product or service looks on the outside give customers their first impression of your company. Staff appearance, website, and brochures all affect your company’s image.

Small improvements in packaging or how you package services may help to acquire new customers and sales. Use a critical eye; think how customers view your company and how to guide them to a purchase.

Positioning

Another practical habit to develop is to always question how to improve the position of your company. Ask your self how to become the first choice in your field?

Next, ask how to get people talking about your product or service? How do you wish to be described? Naturally, you want to be the first business that people reach out to.

People

Finally, you need the best people to work hard and make your business succeed. This also entails weeding out people who hinder your business.

Consider everyone who represents your company: sales staff, marketers, and anyone who carries out company activities. You require skilled people to carry out tasks in the manner that reflects your company values. Identify what needs to be modified or what may be left as is.

The ‘Seven P Formula’ is a helpful guide to evaluate company actions and conduct and should be used frequently as your business evolves. Customer needs, markets, and products change rapidly. Reevaluate the seven Ps to keep your vision headed in the right direction.

Our talented team is here to assist you with the seven Ps. Don’t get lost in the marketing muck—EBMG knows the way to get back to basics that work.