Creating a marketing plan or strategy is the first step when marketing your business. It is vital to stay aware of costs, return on investments, and overall progress of a marketing campaign. Merely creating a marketing strategy, however, does not necessarily mean a one-and-done thing. Continually evaluating and reassessing your marketing plan to ensure you are staying on track and achieving the best results possible. To do so, there is a “Seven P Formula” to follow.

Product: Your product should meet the wants and needs of consumers for which it is tasked. Not only should it work, but it should also be what the customers are expecting to receive. Taking a step back and looking at your product from a consumer perspective can help you determine if it’s suitable for the current market.

Place: Your target audience should be able to access the product easily, so making sure it is available where they shop is vital. Reviewing where your customer shops and sometimes changing the place in which you sell it could lead to higher sales.

Price: It’s not a bad idea to continually evaluate the cost of the product you are selling. While this does not necessarily mean it needs to be the cheapest available, ensure it represents a good value for customers. They will often be open to spending a little more money on a product that they are happy with and works well for them.

Promotion: This includes all the various ways in which you inform consumers about your product or service and how you sell it to them. If you find that you do not see much success with how you advertise, making even a small tweak can result in improved sales.

Packaging: First impressions are important not just when meeting new people, but when reviewing a product as well. Keep the packaging of your product in mind, as this is the first moment of contact a consumer has with your business through to purchasing.

Positioning: What do people think and talk about your company when you’re not around? Think about the position you would like to have in your consumer’s minds.

People: This aspect is often overlooked in a marketing strategy, though it is one of the most vital. The people inside and outside of your business are responsible for all elements of your marketing, sales, and ongoing activities. Investing in your people will result in a better product and business as a whole.