Reviewing 7P’s of Marketing

It’s the very first lesson that everyone learns in their course of MBA, and carry it on all throughout their lives. The 7P’s not only engulfs the 7 most important attributes of marketing but also entails the birth of all popular sales and marketing concepts ruling the boardrooms of all major companies.

Reviewing 7P’s of Marketing

The 7P’s of marketing has been ruling the marketing space and has existed well before the explosion of social media. The initial 4P’s of marketing is more widely used whereas B2B and international marketing are more suitable for the use of 7P’s. However any business in any industry can use the 7 P’s, but can we apply Social Media to all 7 elements?

1. Product

Evaluating:

• Customers feedback on the products/services you sell to them
• Any ideas for a new concept or a star product
• Customers willingness to pay more for a premium priced product

You can co-create while involving your target group at the stages of idea generation and product development; also conduct a focus group on a webinar, groups of forums. Run polls on Twitter, LinkedIn, Google+ and Facebook or post videos on YouTube or pictures on Pinterest and at the end get feedback from the people who ultimately buy your goods and services.

2. Place

Social Media can be a one-stop solution to sell your products without any entitlement to own a shop, fancy website or offices to sell to your customers. Small businesses are the biggest beneficiary as they find it easier and cheaper ways of reaching target customers maneuvering marketing campaigns.

3. Price

Various social media has different demographics that open up the possibility of charging more or less according to each target segment. Facilitating targeting to high net worth individuals to sell at a premium price whereas lower income earners targeted with discounts or budget ranges.

4. Promotion

Though content marketing and customer engagement is necessary is necessary while promoting your company over social media, as it is here that most people communicate. Narrow your target market and keep the conversation flowing to maintain engagement

5. People

Use social media to get connected with wide stakeholders to your business such as community, competitors, trade associations and public bodies. Employees can also be used as an asset but makes sure they are trained well enough and have a strong social media policy to fall back on.

6. Processes

Re-engineer your processes to facilitate customer service on social media sites, accelerate response to customer complaints and re-tweets, share and post any testimonials or positive feedback. Check your social media presence twice daily and duly conduct keyword search about your company.

7. Physical Environment

Mobiles are omnipresent, people’s world of physical environment is in this device talking, laughing, crying and sharing their lives in social media. Get into their world of social mobile advertising and target consumers according to their habits and businesses.

Implement social media in business processes as a way to be seen as a compliment to enhance traditional marketing while slowly involving the 7P’s of marketing.