In a world where technologies, markets and customer preferences are constantly evolving, the most successful companies are taking an agile approach to marketing. A marketing strategy isn’t a static document, but an ever-changing roadmap for effectively connecting with customers and prospects in authentic ways.
As a business leader, it’s your responsibility to ensure your team is continually reevaluating and reformulating your marketing strategy. Originally developed by Brian Tracy, the “Seven P Formula” helps you assess the key aspects of your business, so you can achieve maximum results in today’s fast-paced market conditions.
#1 – Product
Ask yourself: “Is this the right product/service for today’s customers?”
It’s essential for business leaders to develop the habit of looking at their products or services like an outside consultant. Assess whether your offerings are still appropriate for today’s market and consider whether there are improvement opportunities to make your them superior to the competition’s.
#2 – Price
Ask yourself: “Am I charging the right amount and in the right way?”
Regularly look at your prices to make sure they’re still appropriate for today’s market. Sometimes, you may need to lower prices to remain competitive, or you may find you could increase them. Evaluating price also means evaluating your terms and conditions of sale. From incentives for cash payments to bundled package discounts, there are countless ways to adjust your “price” to make your company more attractive to buyers.
#3 – Promotion
Ask yourself: “Is there a better way to connect with my audience?”
Here’s the simple truth: whatever advertising or marketing strategy is working for you now will stop working sooner or later. Consumers’ preferences and behaviours change all the time, and you need to continually readjust course to keep up. By identifying emerging trends and experimenting on a small scale before the need becomes immediate, you’ll have greater success with your evolving marketing strategy.
#4 – Place
Ask yourself: “Where do I sell my product/service and is there a better place to do so?”
Consider the exact place where your customer comes in contact with your product or service, such as a retail shop, e-commerce website, Amazon listing, trade show, or a third-party vendor. Are you making it simple or do customers need to go out of their way to purchase from you? What can you do to connect with your customers in a more effective location?
#5 – Packaging
Ask yourself: “What’s the impact of my brand’s first impression?”
The external appearance of your brand, including the product’s packaging and the visual presentation of your staff, has a major impact on customers’ perceptions. Step back and view each visual element from the critical perspective of a wary prospect.
#6 – Positioning
Ask yourself: “How do people think and talk about my company?”
In their book, Positioning: The Battle for Your Mind, Al Reis and Jack Trout discuss how critical it is to understand and improve your customers’ perceptions of your brand. After all, if your customers and prospects align your company with positive and trustworthy attributes, they’ll be much more likely to buy your product or service for a greater price.
#7 – People
Ask yourself: “Who are the key people interacting with my customers?”
Customers don’t simply buy a product or service; they buy from the people who are selling those products or services. Never underestimate the impact your people are having on the customers’ experiences with your company.
Looking for more tips on Sales & Marketing? Read our post: The 7 Key Sales Skills Your Sales Team Needs to Master.
Learn How to Optimize Your Sales & Marketing Strategy with FocalPoint Canada
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