Are you using all of the 7 P’s in your financial services marketing?

7ps in marketing mix

Bridgette Ellis

Account Executive

Posted on October 30, 2017

The marketing mix is well known for the 4 P’s – Product, Price, Place and Promotion. But we shouldn’t forget about the other 3 P’s, that make up the service marketing mix – People, Process and Physical Evidence.

7Ps marketing mix

People

A first impression is a lasting impression. Many clients cannot identify the difference between the product or service you provide from the member of staff who provides it. So the people you have within your team and business represent you, your brand, your values and your vision.

In this tech-savvy age where almost everyone can be reached by social media, each employee within your team could potentially reach a mass audience. Ensure that your team have the right policy for online interaction as the collective message is very important. Not only does this translate as consistency within your team, but it also sends a positive perception to your audience.

Process

Many of your clients are no longer simply buying into a product or service, they are investing in an experience. From the moment you first came into contact with them, to delivering their desired outcome. Every step of the way is an experience for them. Understanding your client’s journey, and what to do at different stages of the journey, helps place you and your business at the front of their mind.

Physical Evidence

Deciding to purchase an unfamiliar product or service is a risky decision for a client. This is particularly true for the financial industry as many services are intangible. As marketers, we need to design and implement tangible evidence to promote your services messaging.

For the majority of us, physical evidence will take shape in the form of corporate branding. Which reassures the consumer of the quality and type of service they are going to receive. As well as, reinforcing your brand values.

Each ingredient of the Services Marketing Mix is a key to success. The process of considering the 7 P’s together form a cohesive strategy for your marketing planning.

This blog has provided insight into the service marketing mix and why you should be considering each element in your financial services marketing. Be sure to combine them with the traditional 4 P’s for a cohesive marketing strategy.

Download our free white paper
How to choose a financial services marketing agency guide
Download now »

Sign up to receive our latest blogs and ideas

Every now and then we’d like to send you information via email which contains content we feel may be of interest, or to promote our services. Submitting your details tells us that you’re ok with this and that you agree to our privacy policy and cookie policy. You can opt out at any time.