Marketing is important because it helps you sell your products or services. The bottom line of any business is to make money and marketing is an essential channel to reach that end goal. Creatives explained that without marketing many businesses wouldn’t exist because marketing is ultimately what drives sales. From here, it is a key management discipline in no end of ways to a business. Also, it is one also that ensures producers of goods and services can interpret consumer desires and match, or exceed them.
It all came from the 4P’s
It started with the four principles of marketing, also called the 4 Ps or the 4 Ps marketing matrix. This framework was first published in 1960 (though its origins can be traced back to the 1940s). Then in 1981, researchers extended that model to the seven principles of marketing, or the 7 Ps. There’s a whole lot that’s changed since then—for example, that tiny invention called the internet. But there’s no denying that these basic principles of marketing have built a strong modern blueprint for how to run a successful brand. On your path to building and growing your own business, you’ll find that the Ps offer several gems of wisdom to apply to your marketing strategy.
What you also need to know
If you’re a business owner or an aspiring one, you’ve surely noticed by now the sheer volume of choices you have—from picking the right things to sell to getting your target audience to buy them to keeping them satisfied and coming back for more. When you examine and thoughtfully apply the marketing principles, you’ll be able to make smarter, more informed business choices.
This, in turn, will dramatically improve your chances of building a brand that’s truly valuable to your customers, your team, and yourself. As an added bonus, the 7 Ps are sustainable marketing principles that set your brand up for long-term stability. The conditions of the market will constantly change, but the strategies you build from these principles will help to fortify and protect your company from the market’s inevitable volatility. Now, let’s break down each of the seven marketing principles and how you can apply these concepts to your own business, whether it’s a brick-and-mortar store, online store, or service-based company.
Product is key
Product is arguably the core of the original four principles of marketing. If you don’t have a good product, you don’t have a good business, right? One of the most important considerations for your product or service is making sure there’s a strong demand. Do customers really want it? Does it truly fulfill a need in the marketplace? The best way to explore these questions is through good old-fashioned market research, which can be done through methods like online research, firsthand interviews and analysis, and surveys.
Market research should take a deep dive into your audience: their traits, desires, needs, and behaviours. Market segmentation can help you identify these key considerations. This then sets you up to deliver star products that they really love. Once you’ve made some sales, consider the customers’ satisfaction. Did they get what they expected, or is there some room for improvement? When you’re examining the relevance and quality of your offering, consider all the elements, like the build, quality, and uses, as well as potential needs like repairs and accessories.
Process is one of the marketing principles that helps to streamline and simplify your operations, which in turn has benefits for virtually every aspect of your business. You’ll find that optimized processes contribute to lower costs. Also to more productivity, and a reliable customer experience. It should be one that stays consistent for each customer. To optimize your processes, it’s important to create standardized, integrated workflows. Make ones that are easy for all of your team members to follow. For example, how are orders fulfilled and offerings delivered? How are customer service inquiries answered? Does your team use specialized software to track and manage these tasks, while ensuring that nothing slips between the cracks?
A great way to create reliable, repeatable processes is to document them. For example, you can create official spreadsheets and instruction manuals that anyone can reference when certain issues come up. You can also create training materials so that all new employees receive the same training. Also, so they handle tasks the same way.