This week we’re taking a look at where Price fits into the Marketing Mix (the 7P’s). But first, let’s meet Vicki O'Neill.
Vicki is helping companies bridge that gap between marketing and sales and she has the experience needed to achieve this. Vicki also hosts the podcast ‘Connect the Dots’, tackling and talking through those important areas where sales and marketing could and should be working in harmony as this increases employee satisfaction, customer engagement and business results and who doesn't want that!
- Without sales, a company doesn't exist and without marketing people don't know the company exists. Just let that sink in! Now you understand why it’s so important we all just get along.
- Aligning both sales and marketing goals has a whole host of benefits including;
Better customer retention, better revenue, better profits and a better atmosphere internally…. And why wouldn't we all just want to get along!
- Automation can be a great way to speed up a process or create efficiencies. But only under the right circumstances. For example AI will only ever be as good as the data that precedes it, which should be thorough and detailed…. For now! I think we’ve all seen the errors that can occur when AI doesn't have the right data, not good!
Top Tip – 7 P’s - Price
I don’t think I have to shove it down your throat the importance of Price within a Marketing Mix, but the connotations of setting this can be varied. The price will have a detrimental effect on how people view a product or service and it has the power to destroy a brands positioning as well as create its prestige.
It’s important when setting a price that you consider if it is a right fit for, not only the product or service as well as the actual company (after all it needs to be making money), but also from the customers point of view – your target market. Set it to high and they won’t be able to afford it or see the value, to low and it may be perceived as not having enough value – i.e. it’s seen as cheap.
In addition to this, the pricing structure is also important – will this be subscription based, a one off payment or an annual payment perhaps?
Marketing Rebellion – Mark Schafer: https://amzn.to/2WdxNeW
Enjoy the episode - Happy Marketing!
Music Featured on this Podcast:
Sleepy in the Garden
Lobo Loco www.musikbrause.de
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