Someone once rightly said that 'The greatest journey is the journey of a product from retailer shelf to customer basket' and it holds its complete essence in 2018, when customers are no more interested in products or services, but are interested in BRANDS that have a unique personality that resonates with his or her own personality.

Following are 7P'S of modern marketing for startups for branding in 2018

1) PRICE

'PRICE' is one of the most core deciding factor for making or breaking of brands across world for ages. PRICE is primarily defined as the monetary value that you are asking customer to pay in exchange of your branded product or service or a specific aspect of your brand such as a 'sociological status factor'. Real fact is that no one wants to pay a premium without a reason and rarely may have been there someone who said no to anything FREE. Consider Asian, American or any other market, technically no market exist with NO sensitivity to "PRICE" factor, the only difference may be that price sensitivity maybe high, low or medium. Startups must understand price sensitivity of their particular customers and create a pricing strategy such as penetration pricing, predator pricing, bundles pricing etc for market entry, expansion or exit.

2) PROMOTION

'PROMOTION' is the composite of all activities done by an existing or aspirant brand to achieve a specific marketing goal such as sales, loyalty, awareness etc. No matter how great is the product, it is only of value when a customer knows about that product and PROMOTION is the best way to achieve that goal. The various techniques of promotion includes direct selling, advertising, public relations etc

3) PRODUCT

'PRODUCT' is defined as an aggregate of several things such a core product, complementary products and more for which the brand stand for. In modern day business both product and service is covered under 'PRODUCT' category. A good promotion may get your product sold once or twice maximum but brand loyalty happens only when the product is delivering value for money spend by customer. Startups must focus on product's value for money proposition and shall make sure it is delivered every single time.

4) PLACE

In modern day business terminology, 'PLACE' is considered as an online or offline space where prospective or existing customers can interact or trade or conduct business with the brand. Many times, lot of brands miss out on creating a mark in market because of lack of availability when the customer needs your product or service. The various factors to be considered to ensure successful 'PLACE' factor are such as ensuring access to customer in online or offline mode, availability of inventory, availability of complimentary products etc so that customer satisfaction index can be managed positive.

5) PROCESS

'POCESS' in for a startup is defined as a fixed layout of business such as production process, delivery process, marketing process, customer complaint redressal process etc. Today's world is of fast paced customers where 'PROCESS' efficiency in terms of time, productivity and ease gives a high competitiveness for brands whether that be drive through facility in Mc Donalds or self billing facilities in several retail stores all to enhance customer satisfaction and deliver better value for money through efficient processes.

6) PHYSICAL EVIDENCE

Aroma of freshly brewed coffee from Starbucks sells more coffee than any of their promotional activity so is case in perfume fragrance in a perfume brand store like that of Versace or Burberry. Physical evidence is sum of all brand visible elements mainly on point of purchase online or offline. 'PHYSICAL EVIDENCE' can be something as subtle as a theme colour or as vibrant as heavy in-shop digital board advertisements. Startups have to considers what are the physical evidence factors that can gain customer loyalty or sales for your brand.

7) PEOPLE

Last but not the least is 'PEOPLE' factor of business that includes total of all people factor involved in the business such as customers, employees, suppliers or more. Startups have to trace ways to empower the people factor in their business in order to create a pool of productive employees, loyal customers and profitable suppliers. Some of most effective people factor enhancement processes in business are employee training, customer and supplier loyalty programs, loyalty merchandising etc.

About Author:

Jeffin Ani Johns

- Jeffin Ani Johns is an award winning brand consultant based in India who have worked with over 150 startups across world. Read more about Jeffin or connect with him to get your dream startup created at www.jeffinanijohns.com

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