The 7 P's of Marketing!!! Marketing guide 2 by KBC

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Sucessful marketing depends on a number of key factors which can be expressed as some questions....

  • What are you going to produce to sell?
  • How much are you going to charge?
  • How will you deiver the products to the buyer?
  • How are you going to inform potential buyers about your product?

OR they can be expressed as the 7 P's ,a common marketing term and analysis.

  1. Product
  2. Price
  3. Place
  4. Promotion
  5. People
  6. Process
  7. Physical Evidence

The 7 p's are also known as the "Marketing Mix". So what do they mean.

Basically, the 7 p's allow you to analyse and get thinking about how you operate your business. Many sellers do not do this and this is the difference from those who become successful and those who do not.

PRODUCT

There is no point developing a product that no one wants to buy, yet many sellers decide what to offer first and then hope that it sells. In contrast a sucessful seller will find out what the customers what and need and then develop , produce or source a product to meet that need of the potential customers.

TIPS:

Visit eBay pulse. Here you will find information to what items are hot and are selling a lot. Also , check out the communtiy pages and join a group or two. Even if you do not join , you will be able to find members who are powersellers. Have a look , see what they sell, how they sell. Check there feedback received for the last month. This is always a good indicator of how much they are selling.

You can even calculate how much of a product is being sold on eBay. Do a search for an item and save the sellers in your favourites. Then visit them in turn and calculate the average selling price of their goods. Once you have this , add up the amount of feedback that those sellers and received in total and multiply them. Hey presto, thats how much a certain market is worth on eBay as a selling channel. It is not rocket science , but please do not take it for granted. This should only be used as guide or indicator.

  • The perfect product must provide value for the customer
  • Don't get carried away with high quality goods. eBayers are always after a deal.

PRICE

A product is only worth what a customer is prepared to pay for it!

On eBay, the price you choose needs to be competitve, but this does not mean it needs to be the cheapest. Many small business are able to compete with larger ones by offering extra vaule services, better value for money.

Your pricing must be able to provide you with a profit!

TIPS

  • How often do you see sellers offering after sales advice on eBay? This is an extra value service which buyers want!
  • If you think as the price you sell at , as a cost to the customer, it will help you keep things in perspective.
  • Remember that your price will position you in the market place. The more you charge , the more the customer will expect in terms of value and quality.
  • The price you choose to sell at needs to cover your costs and time. Remember , you are here to make a business and a profit. Not sell the most to get the highest feedback!

PLACE

This is where the customers can buy your product, and the means you have to get the product to the customer. Your product must be available at the right place, the right time and in the right quantity!

The right place- choose your listing catorgary carefully. Imagine you are a buyer, how would you search for your product on eBay. Ask you friends and family as well.

The right time- The time you sell your product is important. This could be the time of the year( selling xmas cards) or the time of the month. Most people get paid in the middle or at the end of the month. With that in mind , you should schedule your listings to coinside with that to opmtimise your sales with the buyers who have just been paid.

The right quanity- Make sure you have enough in stock. Planning this is crucial. Storage of products is costly, so making sure you recieve you goods closest to the time which you sell them will maximise your profit and keep your expenditure at a minimum.

TIPS

  • Customer surveys show that the delivery performance of goods that are purchased online are the most influential factor in customers who make buying decisions online. Always state you delivery times and shipping methods clearly.

PROMOTION

This is the way in which you communicate to your potential buyers about your product. This can be done in a number of which and includes your brand image, advertising, special offers. The fundemental factor of promotion is that the customers need to be aware that you selling your product. Promotion must get the customers attention , it must be appealing to them, it must inform them of a consistant message and above all else give the customer a reason to choose your product over others!

TIPS

  • eBay has different levels of listing. You may chioose to list your item as a featured item to gain more awareness in the launch
  • Join a community group , or start your own.
  • Write a guide or a review about the product you are selling. Be careful not to use it as an advert for your products. This will put potential buyers off! You should provide unbiased , indepth knowledge about you product. This has often proved to be a key factor in the buying decisions of customers! Show your knowledge off, it will pay off in the future!

PEOPLE

Anyone who comes in contact with your customers will make an impression on them, and will often leave a profound image with them about your business. The repution of your brand rests in your peoples hands. You must therefore ensure that all your people are appropriatley trained, well motivated and have the right attitude!

TIPS

  • Many of you reading this may not think that this is important as you prehaps are starting your business off yourself. But remember, that your people does not only include the people in your business , but alsop the people that you use for your business. An example would be the delivery company you use. You shoudl also consider eBay as one of your people for advertisingf your products for sale.
  • Many buyers are unable to seperate the products they buy from the person who sells it to them. This goes to show the importance of your people in relation to custoer perception.
  • The level of after sales support and advice provided by you is one way of adding value to what you sell , and will give you the competitive advantage over others sellers of your product.

PROCESS

The process that you go through and the behaviour of those who deliver the products are crucial to customer satisfaction. Issues such as waiting times , the information passed onto customers are vital factors when trying to maintain 100% satisfaction.

TIPS

  • Buyers on eBay do not care about how you run your business. What is important to them is that it works and you can deliver and meet those customer needs.
  • Always keep buyers informed. As an online seller through eBay, you have the best platform for communicating with no cost......e-mail!
  • By keeping in contact with your customers and buyers you will aviod problems of negatie feedback etc. This also does the world of good for your brand image and presence opn eBay. Customers will view this as an extra value added service. How many times have you bought something on eBay and have had no contact with the seller?

PHYSICAL EVIDENCE

The last of the 7 p's is about the intangible parts of the business. In simple terms , the parts that cannot be touched, felt or measured. Intangible is often used to describe services as they cannot be touched like a product can be. This important because, fundementally you are selling a product, but in order for you to be able to price your goods at the right the level , you will also be selling the service the buyer will will receive. A good example is food. You can order you food from a takeaway establishment your self and they will deliver it to you . Or you can pay more at a restaurant and have you food served to you and recieve assistance from the serving staff in choosing your food or drinks.

This "p" is also concerned with your premesis. Do your eBay customers collect goods from your warehouse , office or home. This all adds to their perception of you as an organisation.

Even if you ship your items to your buyers, which most of us do. What do you use? Will you use an old padded envelope that you received your item you bought on eBay previuosly, or will you use a clean, new padded bad with your logo on it? This answers itself!

TIPS

  • The physical evidence that you demonstrate to your buyers will confirm any assumptios that they may have had. Most buyers on eBay are uncertain about purchasing online, especially newcomers to online shopping. You need to wow them right from the word go! Excellent packaging of your good works wonders in delivering a good image for your business.

IMPORTANT FACT

A happy customer will usally tell 3 others of their buying experience you provided. An unhappy customer will tell 10 !

Summary

Each of these 7 p's are vital for you to be able to operate a sucessful business on line , partically on eBay. You should approach these in harmony with each other. do not stick to just one of the p's , as you will fail. You cannot organise you pricing without taking into account your image and physical evidence you provide and the delivery company which will place the product in the buyers hands.

Shaun1521, KBC Store.

I hope that this guide will assist you in becoming a sucessfull eBay seller. Please rate this guide after you have finished reading it.

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