What do the 7 P's of the marketing mix and the 7 P's of the British Marines have in common?

Today we’re going to dive deep into a well-known aspect of marketing that will help you transform your growth strategy: the 7 P’s of the marketing mix.

The 7 P’s, namely Product, Price, Place, Promotion, People, Process and Physical Evidence, serve as variables that significantly influence how your customers value your business proposition. Each ‘P’ requires a thoughtful investment, as the right balance ensures the effective implementation of your growth strategy. But remember that the success of investing in the 7 P’s depends on adhering to the 7 P’s rule inspired by the British Marines – “Prior Planning and Preparation Prevents Piss Poor Performance.”

1: Product

The product is undoubtedly the heart of any business. It is what you offer your customers and the solution to their needs or wants. To make a product stand out in a competitive market, focus on its unique selling point (USP). It could be the innovative design, the excellent quality, the problem it solves or even the brand’s reputation. Think about what your product offers that competitors don’t.

Take Apple as an example. The tech giant’s USP revolves around cutting-edge design, superior user experience and perceived status enhancement. As a result, Apple continues to dominate the market despite its many competitors.

2: Price

Price isn’t just about what consumers pay in exchange for a product or service. It’s a reflection of the perceived value that customers place on your offering. Pricing strategy is about finding the balance between profitability and customer acceptance. Companies often use tactics such as competitive pricing, value-based pricing and psychological pricing to achieve this balance.

3: Place

The ‘place’ represents where and how your products or services reach customers. It could be a physical store, an online platform or both. With the rise of e-commerce and omnichannel retail, finding the right distribution channels is crucial.

The right ‘place’ is where your customers are. For example, if your target audience is primarily millennials, a strong online presence is crucial, as this demographic tends to shop online.

4: Promotion

Promotion encompasses all of the communication methods you use to tell customers about your products or services. It includes advertising, public relations, social media marketing, email marketing, content marketing, and more.

A robust promotion strategy ensures that your message reaches your target audience effectively. Nike, for example, has its promotion strategy down pat. Its inspiring “Just Do It” campaign, which emphasized personal achievement, resonated with customers around the world.

5: People

“People” refers to everyone involved in creating, delivering, and consuming your product or service. This includes your team, your customers, and even yourself. Effective marketing requires understanding people and nurturing those relationships.

Take Zappos, for example. Their customer service is legendary because they believe that the right people—happy, trained, and empowered—can deliver an excellent customer experience.

6: Process

Processes are the systems and procedures your business uses to ensure consistent delivery of your product or service. A smooth, efficient process improves customer satisfaction and helps your business scale effectively.

Starbucks offers a perfect example. From the way baristas make coffee to how they interact with customers, every step is standardized to ensure consistency across their stores worldwide.

7: Physical Evidence

Physical evidence includes any tangible representation of your brand. This could be your brand materials, packaging, the look and feel of your stores, or even the design of your website.

Tiffany & Co.’s iconic blue box, for example, is an effective piece of physical evidence. It reinforces their brand identity and evokes a sense of luxury and exclusivity.

In our discussion of the 7 P’s of the marketing mix, one constant theme remains: the guiding principle of the British Marines – “Prior Planning and Preparation Prevents Piss Poor Performance.” This line is not just a catchy phrase; it underscores a critical aspect of implementing a successful growth strategy. So, how can we ensure effective planning and preparation for great performance? Let’s dive in.

Structuring Your Plan

First, establish a clear goal. What do you hope to achieve? Increase sales, brand awareness, or perhaps market share? A clear, measurable goal is the cornerstone of your plan.

Next, invest in research. Understand your customer, your competition, and the market dynamics. Identify trends and anticipate changes. This knowledge will help you refine your 7Ps and ensure your plan is aligned with the realities of the market.

Your plan should also include a detailed timeline with specific milestones and KPIs. This will keep your team aligned and working toward the same goal. Remember, every part of your plan should be SMART - Specific, Measurable, Attainable, Relevant, and Time-bound.

Prepare for Success

Preparation is where the rubber meets the road. Start by equipping your team with the necessary skills and resources to implement your plan.

Test your plan on a small scale before you roll it out fully. This could be a pilot in a specific region or a soft launch of a new product. Testing like this will help you refine your strategy and address any issues before you go all in.

Review and adjust your plan regularly. The market is dynamic and what worked yesterday may not work tomorrow. Regular reviews ensure that your plan remains effective and relevant.

In conclusion, careful planning and thorough preparation are the stepping stones to achieving excellent performance in your marketing strategy. Remember that the success of your business’ growth strategy and investment in the 7 P’s depends on the wisdom of the 7 P’s rule. Plan diligently, prepare diligently and watch your business leap to success.

In conclusion, each ‘P’ is a puzzle piece that, when combined effectively, creates a compelling marketing strategy. But remember: “Prior Planning and Preparation Prevents Piss Poor Performance.” By thoroughly understanding and implementing both 7 P’s, you are setting your business up for success in the competitive world of marketing.

Stay tuned for more insights and keep aiming beyond the stars with your business!