In our quickly changing world, continually evaluate and reevaluate these seven Ps to achieve maximum sales results. As gleaned from Million Dollar Habits by Brian Tracy, these seven Ps are:
- Product
- Price
- Promotion
- Place
- Packaging
- Positioning
- People
Product
“Is your current product or service, or your mix of products and services, appropriate and suitable for the market and the customers of today?” Assess your business honestly and ask, “Is there any product or service you’re offering today that, knowing what you now know, you would not bring out again today? Compared to your competitors, is your product or service superior in some significant way to anything else available? If so, what is it? If not, could you develop an area of superiority? Should you be offering this product or service at all in the current marketplace?”
Prices
The second P in the formula is price. Develop the habit of continually examining and reexamining the prices of the products and services you sell to make sure they’re still appropriate to the realities of the current market. Should you raise or lower them? Many people resist raising their prices because they may lose a percentage of customers. If the remaining sales all generate a profit, the net effect could be a win. Do the math. You may be surprised.
In addition to your price point, consider options in your terms and conditions of sale. Will payment plans help? Will combining products into packages increase your average sale?
Promotion
Promotion includes all the ways you tell your customers about your products or services. Minor changes in your selling or marketing can lead to dramatic changes in your results.
Experiment with different advertising, promoting, and selling techniques to find a sweet spot. Keep in mind that these will continually evolve. What worked five years ago is not what will work today.
Place
The fourth P in the marketing mix is the place where your product or service is sold; brick and mortar, social media, sales reps, by phone, or online. Often you will need multiple “locations” to reach more prospects. Find the best locations to educate your potential customers on the value of your product or service.
Packaging
The fifth P in the marketing mix is the packaging. (I prefer to call this branding because it includes the whole experience, not just what they take home. But branding does not start with P.) Develop the habit of standing back and reviewing every visual element of the packaging of your product or service through the eyes of a critical prospect. First impressions are made in the first 30 seconds! Minor improvements in your product or service’s packaging or external appearance can often lead to entirely different reactions from your customers.
Look at everything the customer sees from the first moment of contact with your company through the end of the purchasing process. Everything helps or hurts, affecting your customer’s confidence about dealing with you.
Positioning
The next P is positioning. (Kerri’s side note: Really part of branding, but I won’t critique the seven Ps.) Think continually about how you are positioned in the hearts and minds of your customers. How do people think and talk about you when you’re not present? How do people think and talk about your company? What specific words do people use when they describe you and your offerings? (If you want more about how positioning affects your success, consider reading Al Reis and Jack Trout’s highly regarded book, Positioning.)
People
The final P of the marketing mix is people – the most critical element of your success. Your team is responsible for every aspect of your sales and marketing. Select, hire and retain only the people who will create the experience you want your clientele to have. People are crucial because nothing moves faster than a public complaint about a bad experience!
For more on branding, check out Let’s talk about your brand, and 10 places to check your branding.
