October 21, 2019

Please reload

Recent Posts

Meerkat Social solves 'AfterPay' conundrum for Serpent Sleds

May 20, 2017

1/1
Please reload

Featured Posts

The 7 P's in Memes! Finding Value in your Small Business

April 19, 2017

The 7 P’s are marketing at its most fundamental, Marketing 101. Term 1, week 1. Yet in the hectic world of small business, the things that most often are forgotten are those that are most simple. So here’s a 7 P’s refresher for small business to maximise your value.

 

 

Product

The physical goods or service that your small business is attempting to sell. Your product or service needs to meet a consumer demand (need or want) with some level of superiority or differentiation from competing products.

 

 

 

 

 

 

 

 

Price

The cost of your product or service. Price creates a perception of value in the mind of your customers. A cheap product will attract a price conscious buyer, whilst expensive products create a perception of higher quality.

 

 

 

 

 

 

Promotion

How a small business communicates a product or service to the market. Promotion allows you to advertise the positive features of a product, or add emotional or sentimental attachment to a brand.

 

 

 

 

 

Place

Where and how your product or service is sold. Through the point of sale, small businesses must ensure they are reaching their target market effectively.

 

 

 

 

 

 

People

The human resources of a small business are paramount. People influence the experience of your customers and may both create and destroy customer loyalty. Customers rate your service based on their experience with your people.

 

 

 

 

 

Processes

The process of providing a service or product to your customers. Processes have a large impact on customer satisfaction. Untidy or inefficient processes can frustrate, while convenient and efficient processes will boost customer retention.

 

 

 

 

 

 

 

 

Physical evidence

The physical evidence of a small businesses product or service, such as testimonials or souvenirs. These serve to reassure customers. This is particularly important for services as consumers can be reluctant to spend money on intangible experiences.

 

 

 

 

 

 

So in Conclusion…

The 7 P’s seem basic, but can mean all the difference to your customers. Thinking about how they work together for your business can help to create value for the people who matter. Sometimes, a little back to basics in all you need to keep you on the right track.

 

Interested in talking further about the value in your business? Get in touch with me via Meerkat Social.

 

Share on Facebook
Share on Twitter
Please reload

Follow Us
Please reload

Search By Tags
Please reload

Archive
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Basic Square

© 2017 by Meerkat Social.

  • Facebook - White Circle
  • LinkedIn - White Circle
  • Instagram - White Circle