Marketing Mix – The 7 P’s In Sales And Lead Generation

These elements are the product you offer, the price you charge, and the place you offer your services. The methods of promotion to get customers the packaging. The way it looks on the outside positioning, how your customers think about you, and finally, your people who deal with your customers. The place is the location on where you engage your customers; physical location and online presence. Let me go over this one at a time.

  • The first element in the marketing mix product or service? What exactly is your product or service? What does it do for your customer? How does it improve their life or work? What products or services are you going to offer? What products or services are you not going to offer? Any change in the product or service offered? It can dramatically change the entire nature of your business.
  • The second element in the marketing mix is the price. How much are you going to charge for your product? Will you sell wholesale or retail? If you give volume discounts for large purchases? How much will you charge at that time? How do your prices compare with those of your competitors? Are they higher or lower? How do you justify your prices, whatever they are? Any change to your pricing strategy can dramatically affect your sales, results, and profits.
  • The third element of the marketing mix is the place where exactly are you going to locate your business? Where are your customers? Do you sell from a retail storefront or by telephone and internet from your offices? Any change in the location of your business activities? The place where you make contact with your customer can change the nature of your business number for promotion.
  • The fourth element in the marketing mix is customers. How do you advertise and attract customers? Once you\’ve attracted potential customers, what is the specific sales price that you use to convert those prospects into customers? What systems do you use for developing and maintaining a successful sales process to get customers to buy from you? Any change in how you attract or convert customers can dramatically change your business.
  • The fifth element of the marketing mix is the packaging. What does your product or service place of business in every other visual element of your company look like to your customers? Customers are extremely visual. They form their first impression of you and your company within four seconds of seeing you for the first time. Looking from the outside is every part of the customer\’s visual experience about your company. Excellent in every way. Any change to the visual impact that your product or service makes on your prospect can have a dramatic effect on his or her behavior.
  • The sixth element of the marketing mix is positioning. How are you positioned in the minds and hearts of your customer? What words do your customers use when they talk about you and describe you to others? If your name were mentioned in a customer survey, how would customers and non-customers refer to you and your business? The way people think about you and talk about you when you are not, there is a critical factor that largely determines whether they buy from you or recommend you to their friends.
  • The seventh element in the marketing mix is people who exactly are the people who interact with your customers. What do they look like? How do they dress? What do they say? What kinds of personalities do they have? Prospective customers are largely emotional. They make most of their decisions based on how the people in your organization treat them. What kind of people experience do customers have when they deal with you? And how could it be improved? The first step on the road to wealth is the starting point of business success is attracting potential customers. You can say that you are in the business of customer acquisition. In its simplest terms, the purpose of your advertising is to tell people that you have a product or service that they want and need and that you are the best choice for them at this time. All things considered. To put it another way, you are in the business of buying customers.

Everything you do in your marketing, advertising, promotional, and selling efforts is aimed at buying customers at a cost that is lower than the profit that you earn from the sales you make.

All promotional expenses have to be compared against this number. How much do you pay to buy a customer before you spend any money acquiring customers? You must first determine your breakeven point. Your breakeven point is often called your profit contribution. This is the amount of profit that you make from the sale of each item. Once you have this number, you then determine how much you can afford to pay to acquire a customer. When every expense is added together, for example, let\’s say that you pay $50 for a product and you sell that product for $100.

Your profit contribution is $50 per item. That is the amount of profit that you make from each sale. Gross profit If you are contemplating spending $5000 in advertising costs, you would calculate your break-even point before you make a final decision. You would divide $5000 by $50 to get a break, even point of 100 units. This means that you would have to sell 100 units of your product in order to break even on that advertising expenditure. If you do not feel that you can generate 100 sales from an expenditure of $5000 and this is not a good place for you to invest your advertising dollars, you are not in the business of losing money. You are in the business of making a profit from every investment, including every investment in advertising of any kind. There are four keys to an effective marketing strategy. Each of these principles must be thought through carefully and then continually revisited as the business grows and changes. Any changes in any one of these areas can have an enormous impact on the sales and profitability of the business.