E. Jerome McCarthy revolutionized the marketing domain with his discovery of the 4Ps of marketing in 1960, to which he later added three more Ps, the 7Ps of the marketing mix. This 1960 invention is still relevant in today’s modernized and evolving marketing landscape, empowering marketers in every way possible. The added three Ps are- people, process, and physical evidence. Now, the question is, which two additional marketing Ps help retailers deliver the best retail experience?
This article discussed the two most effective Ps of the marketing mix, delivering the best retail experience.
‘Process’ and ‘Physical Evidence’: Two Marketing Ps Changing the Retail Marketing
New technologies and market trends will undoubtedly keep on influencing the 21st-century retail marketing landscape, frequently reshaping crucial factors affecting marketing operations. The question of the present and future of the marketing mix needs to be evaluated by their acceptability and efficacy in steering modern-day marketing activities, be they conventional or digital. By observing the scenario of the present-day competitive retail market, the additional marketing Ps of process and packaging can be seen playing a critical role in offering the best retail experience to customers. Let us see how.
Process: The Key to A Great Value Proposition
Before you learn how ‘process’ helps deliver the best retail experience, let us have a brief understanding of what this P of the marketing mix is all about. Without adopting the right processes, businesses nowadays won’t be able to ensure a seamless and customer-friendly journey. As per McCarthy, process refers to the sequential method in product or service delivery that thrives on creating the desired value proposition. An effectively designed process can offer a smooth customer experience at their convenience. Process factor encompasses elements of speed, quality, convenience, and ease of customers to craft a value proposition that every customer expects to have.
A business like retail, having such diverse facets of products being delivered to a wide array of customers, often struggles to structure its processes for the best retail experience for consumers. Of the two most effective additional marketing Ps, the process is the most significant one in delivering value not only to customers but also to the business. With the integration of advanced technologies such as artificial intelligence, machine learning, and automation in business processes, retail organizations can ensure an uninterrupted, fast, and user-friendly customer buying experience. Present-day retailers are incorporating features like personalized interaction, real-time communication, and seamless 24-hour customer services. Automation in various processes of a retail business can win customer loyalty through facilities like automated in-store checkouts, AI-powered shopping assistants, and several others. Hence, by amplifying their processes through technology, retailers can give an unforgettable shopping experience to customers.
Physical Evidence: Drawing Consumer Attention
Physical evidence of the two additional marketing Ps can directly impact the purchasing decisions of customers. In the present-day competitive business sphere, you cannot rely on the fact that one should not judge the book by its cover in the first place. Customers nowadays make their purchasing decisions by looking at the tangible cues concerning the quality of their experience before going for your brand. Physical evidence is these cues that customers rely on to make an opinion about your brand at the early stage of their purchasing process.
In a retail business, product packaging, customer reviews, logo and branding, furnishings, and other tangible elements are assessed by customers to decide on their purchases. For example, customers nowadays are more concerned about environmental impacts. Thus, a product having green recyclable packaging can draw more consumer attention to the product. This exhibits the importance of such physical evidence in the retail business to make sure customers stick to your brand.
Technology, the cornerstone of digital marketing in modern retail business, can now be fully embraced by retailers to augment their marketing procedures. So, now, if asked which two additional marketing Ps help retailers deliver the best retail experience, you can say process and physical evidence without any doubt. Now, both the process and physical evidence factors are being developed using technology to ensure customers have a retail experience they didn’t have before.