The purpose of the seven P formula is to put in place the tools needed to consistently evaluate your marketing strategy. Following is an evaluation of each of the seven P's from the perspective of a small business owner.
I assume you have your marketing strategy figured out and now its time to execute.
• Constantly evaluate whether your product or service is still a match with your market.
• If you have direct competitors, examine whether you are differentiating.
• If you have problems with the above, can you re-position your product? Enhance it in some new way?
• You may need to offer something entirely different. That's a tough pill to swallow, but may be necessary.
• Numbers don't lie. Are people buying your product or service?
• Check your market. What is the price they can bear? How much time/money do you save them?
• Investigate different payment terms/financing.
• Constantly think of new ways to tell your market about your product (advertising, publicity and sales methods).
• Employ methods to measure the success of your different tactics.
• Examine all methods of contact with your customer. (Website, E-mails, Phone, Trade Shows, Traditional Materials, etc...)
• Look at news ways of customer contact.
• Take a look at how your product or service appears to your market.
• Examine how all elements of your business appear to the public, such as how your people dress, your office, etc...
• Determine your ideal impression, and continue to think about how you can enhance that image.
• How does your market perceive you? How does that disconnect with your goals? How can you bridge that gap?
• How would a random sample of your market describe your business? Does that match with the message you want to convey?
• Evaluate all stakeholders regularly.
• Obtain more people that enhance your marketing strategy and equally as important, remove those who don't.
• Install clear goals, time lines and responsibilities along with metrics to evaluate regularly.
Please send all feedback, topic suggestions and/or questions to TechTalk@AboveTheLimit.com Digital archives can be found at BlackVoiceNews.com and IngleWoodToday.com
Elmer Thomas Jr. is Founder of Above the Limit, Inc., an award winning web and software development company dedicated to bridging the digital divide. You can find out more about Mr. Thomas at www.AboveTheLimit.com.
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