The most commonly accepted theory of marketing depicts 7 elements in the marketing circle. Read on:
The term ‘marketing’ in a business holds utmost significance. The entire process of the business, that is from planning a product to manufacturing it, preparing distribution channel and reaching the targeted customers, everything comes under this single word.
The world of marketing is a dynamic one which changes every now and then. The continuously evolving discipline is hard to understand and implement when the elements of marketing or its mixes are not known properly.
The most commonly accepted theory of marketing depicts 7 elements in the marketing circle. This 7P model of marketing is a defined tool to achieve a proper goal within the stipulated time and resources. To use this tool in a wellness business, you need to understand the concept of 7P first.
7 P of Marketing Mix
The goods and (or) service that you are going to cater to the world will be defined in this element. From maintaining proper quality to providing relentless customer support, all the elements in this ‘P’ will determine the future of the business. It will include the following points to consider.
A wellness business will have all types of products and services that are meant to escalate the health of an individual, both physical and mental. Whether you are offering health coaching service or selling supplements and health products, you need to make sure that all the points related to your service are covered.
The channel of distribution and logistics will determine the price like the raw materials do. The price must be competitive, neither more nor less, so that you can earn a profit while catering good products to your customers. You don’t have to be the cheapest item dealer. The price of your wellness products should be optimised as per the market condition. In fact, the customers tend to pay a little more for a deserving product. Include discounts, credits, rebate, etc for lucrative offers to the customers to earn more attention.
Positioning the wellness business is a tough trick to play. The contemporary digital world demands online presence for all types of businesses. A wellness business is a popularly accepted idea that will have a good clientele when it has an efficient online presence. Other than the virtual store, you should have a physical presence to make it an authentic venture in the eyes of the customers. Mostly the services will need physical presence.
Making the target segment aware of your product and service will use the promotional strategies. These days, online marketing is the ultimate promotional medium as majority of population is hooked with the smart devices. Advertisements, sales promotion, PR, and even personal selling will also aid in flourishing the business. The current digital marketing techniques include social media marketing and mobile marketing. It is better to indulge in online promotion as it adds a desirable element to the business. The digital promotional methods are calculable and comparable. Moreover, the investment is nominal yet fruitful.
Know and research your target audience. Learn the basic lifestyle and demography of the audience and find out where your products fit in their life. Any business is all about people. In fact, this ‘P’ also includes the human resource in your business. Individualisation is an ultimate trick to ascertain the best service or product or to develop the perfect sales pitch. Considering the individual needs will aid in designing the best-selling products.
The wellness business should be health and happiness oriented. The more you will focus on the fitness, health, happiness, and well-being of the customers, better ideas will appear. The business should also have a robust model to rely on. The model can be improvised and maneuvered to a better version for great outcomes. A unique wellness business process will determine how the product and service will be catered via proper channels and whether it is worthy for the customer or not.
No matter how much the products or services are intangible, the business will include certain physical elements. The customer going through a rejuvenation process in a salon or spa will receive intangible service from the business, but the physical elements involving in the business must be considered.
The wellness sector requires individualising the products in order to sell them to the needy. Joe Chernov said “Good marketing makes the company look smart. Great marketing makes the customer feel smart.” Define your USP and sell the products like hot buns.