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