Known throughout the industry as the ‘7 P’s’, these Golden Rules of marketing are identified as key tactics which can be used in any order of assembly in order to draw the target customer towards the end product – and ensure they don’t drop out along the way.
With a cross-channel strategy now forming one of the most fundamental parts of the marketing plan for any business or brand, marketing recruiters are more focussed than ever on searching for candidates who understand what the 7 P’s are and how they can be executed to their full extent in the modern market.
Without further ado, let’s take a closer look at what the 7 P’s are and how they come together to create an effective end-to-end plan for businesses across a multitude of industries.
As any marketing recruiter will be able to tell you, knowing a product isn’t just a case of reeling off its key features. Marketing a product means understanding how that product solves a problem and using that problem-solving advantage as the first and most crucial sticking point for the customer.
For candidates interested in the world of marketing, product is closely linked with research and development, with a successful marketing recruit getting to know the product through the perspective of the end customer. Once you see what they see, you are far better able to communicate with them about what the benefits of your product in their lives.
The pricing strategy is a huge part of the marketing process, considering how the total cost impacts the customer’s willingness to buy the product, and identifying value stacks and other techniques which can enhance the perceived value of the product in relation to its price.
It’s important to note that price doesn’t just refer to the end cost of the product for the customer – it also takes into account the production cost, profit margins, overheads, and even the payment methods associated with the business or brand. All of these are areas that fall on marketing to communicate.
Contrary to popular belief, this does not refer to the offers and discount promotions that businesses engage in – all of those areas fall under Price. Promotion is in fact all the promotional and advertising work you do to get the product out there and in front of its target audience – largely referring to the basics of marketing and the area of the sale most synonymous with marketing tactics.
If you’re interested in the field of marketing, promotional activities will be something you should be familiar with – with businesses and industries all employing their own methods as per the temperature of their audience.
Where are your customers? Where will they be when they decide they need your product? How will they access your product?
These are all questions which fall under the placement section of marketing, with marketing recruiters often being asked by clients to find candidates who think outside the box and can deliver innovative ideas that will help their products and services stand out from the competition.
Spoiler alert: It’s no longer enough to simply showcase a product at an event. Brands need to be increasingly different in their approach if they want to continue to generate interest and start conversations.
Not the audience but the team. This is one of the most important elements in the marketing recruitment field because it refers directly to the people that we as recruiters bring on board to different businesses – creating the team that bring the product and its messages to life.
This has as much to do with branding as it has to do with the quality of a product, with customer service and experiences playing into the importance of the people behind the business.
Process carries on well from the people who make it all happen – referring directly to the ways in which they make various activities come to life. Processes can be anything from the interaction a customer has online, to their journey through the marketing sales funnel, all the way through to delivery of the product and their after-purchase experience.
Marketing, particularly in a cross-channel world, is all about creating seamless and joined up experiences where the same messages are spread across a multitude of touchpoints. In this case, it is the way that these messages tie in with the processes that ensures a high marketing presence.
And finally, to Physical Evidence, which considers the role that marketing plays in bringing the physical experience of a brand or business to life. This could be a store or a poster, packaging, branding, or even a short video. All of these physical expressions of a brand or product can be a make or break for potential buyers, particularly when they are given better insight into the brand culture and the personalities behind the products.
There is a reason why more clients than ever are coming to marketing recruiters looking for candidates with experience in live stream, social and engaging content creation – because more and more customers are turning to brands who they can resonate with online and who go above and beyond to reach out and share their brand values.
If marketing is a field that you are interested in, the 7 P’s introduce a handful of the golden rules which create an overarching and seamless marketing strategy. While any one of these 7 P’s can become your speciality, as a marketing professional it pays to have an in depth understanding of how these areas work together and deliver a high quality and consistent level of messaging across the different channels and touchpoints experienced by the customer.
Remember, the more touchpoints your customer has to go through to reach the buy page, the more likely they are to drop out. Your job as a marketing professional is to continue to communicate the benefits of the product – so much so that they decide by the end that they cannot live without it.