The 7 P’s of Marketing existed well before the explosion of Social Media and for decades has been taught to Students, Marketers and Business people as the fundamental basics of Marketing, known as the Marketing Mix. For any Marketer or Business knowing your 7 P’s is always a good place to start with Marketing, but as you become more advanced there are so many other theories, elements and concepts involved.
The initial 4 P’s of Marketing is more widely used whereas B2B and International Marketing are more suitable for the use of the 7 P’s. However any business in any industry can use the 7 P’s, but can we apply Social Media to all 7 elements?
What do your customers think about the product/services you sell to them?
Do you have ideas for a new concept or star product?
Would your customers be willing to pay more for a premium priced product?
Ask them. Co-creation involving your target market at the stages of idea generation and product development can be conducted via Social Media. Conduct a focus group on a webinar, groups or forums. Run polls on Twitter, LinkedIn, Google+ and Facebook or post videos on You Tube or pictures on Pinterest. Get feedback from the very people who will ultimately buy your goods and include them at the R&D stages.
Co-creation of your PRODUCTS and ideas, all done using Social Media.
You don’t need a shop, fancy website or offices to sell to your customers, Social Media can facilitate all of this. Some small businesses find it easier to sell their products by uploading photos to the Business Facebook or Google+ Pages rather than entering complex code into the back end of company websites.
For example my own business website is modest at best, a free page which is very limited so I try to sell using my Social Media sites – and it works. As a recent graduate with a brand new business a new website isn’t in my budget yet so I network on LinkedIn, Twitter, Facebook and forums which has won me new business in my 1st 2 months of trading. All I need is a computer, a phone, sweat equity and my Social Media networks become the PLACE I sell my services.
Different Social Media networks have varying demographics which opens up the possibility of charging more or less according to each target segment. High net worth individuals can be targeted to sell at a premium price, whereas lower income earners perhaps could be targeted with discounts or budget ranges.
Co-creation can also be applied using Social Media to help determine the PRICE of your product.
PROMOTION, this one is easy. You can promote on almost all Social Media sites as long as you know who your market is and what channel they use. Content Marketing and customer engagement are vital when promoting your company, but always remember that Social Media is social where people communicate.
Target your ads and always narrow your target market to as small a segment as possible and always keep the conversation flowing. If you get a like or a comment, respond immediately to engage with real people on a 1:2:1 basis.
PEOPLE areTHE most important element of any type of business, service or product in any sector anywhere in the world. Your customers are number 1 so consider them in every choice you ever make for your business and you’ll always do well.
Use Social Media to connect with wider stakeholders to your business such as your local community, competitors, trade associations and public bodies. Employees can be used as an asset when communicating via Social Media but ensure you train them and have a solid social media policy implemented.
Customer Service PROCESSES can be facilitated on your company Social Media sites. Respond swiftly to customer complaints and re-tweet, share and post any testimonials or positive feedback. Check all your Social Media sites at least twice daily and regularly conduct searches for key words about your company.
Walk down any street in any city and you’ll most probably see someone on their mobile phone. Go into any cafe, University or shopping mall where people communicate on their handheld devices. Their world, their PHYSICAL ENVIRONMENT is in that device, talking, laughing, crying and sharing their lives on Social Media.
Get into their world, the rise of Mobile advertising targets consumers according to their habits and businesses need to think about how to fit into consumer lifestyles.
Even the old fundamental classic 7 P’s of Marketing can be adapted to incorporate Social Media. By applying old and new theories and tools, Social Media should be seen to compliment and enhance traditional Marketing.
Read more: How Tech Firms Are Leveraging the Power of Social Media
Start putting social media in the budgets….act already!
Social Media can cost very little. Small businesses in particular need to use “sweat equity” in place of money, but provides purer insights into their customers.
Thanks Jason, this is a Marvelous piece. I wish if the professors in the universities during our college life could impart knowledge like this. What a meaningful content of 7 P’s of Marketing-
Co-creation of product, Social Media a best place,pricing according to target market,content marketing-new method of promotion,using social media to connect with people as they come in no.1, customer service processes and Mobile advertising as we can see people most of their time hanging on their handset devices.
Adma Maharjan, Commnunity Manager, Simplify360
Thank you so much for the kind words Adma. I’m a recent University graduate at 34 and found that I was taught very little about Social Media at Uni. I simply used new theories and concepts with old to show they’re compatible. The customer of course is always number 1 in any business.
Thank you so much for the kind words Adma. I’m a recent University graduate at 34 and found that I was taught very little about Social Media at Uni. I simply used new theories and concepts with old to show they’re compatible. The customer of course is always number 1 in any business:)
Every business decision you make should be done with your customers – the people – in mind. Whatever niche your company or organization belongs to, you’ll always be in the ‘people business’.
Hi Michelle, thanks for your feedback. I couldn’t agree more that the customer should be at the forefront of any business anywhere in the world. Glad to see we share the same approach to business :)
I like you co-creation ides using social media. You would end up with a group of engaged customers an you would know the exact language your customers for building your marketing campaign.
Very true Mark, knowing the language of your customers helps you to understand who they are and what they want :)
One of the most relative pieces of Social Media Marketing i’ve seen in a while, a very good job. Clearly relates traditional methods to modern times where businesses are seeking every opportunity to diverse into this medium.
As the mobile internet grows, this platform shows how business can relate old to the new and enhance their customer knowledge and image for the future.
Thanks for your positive comments Dan. Knowing the 7P’s is always a good place to start for small businesses. As a recent Marketing graduate I was taught very little about Social Media and had to combine new and old to adapt to modern day Marketing :)
Catchy title and P theme!
Thanks Kelsey, it’s a nice feeling to get positive feedback :)