Ignite Your Small Business: Monitoring Your Strategies
Why Monitor Your Strategies?
After putting time and effort into launching your 7P marketing strategy, the next critical step is tracking its performance. Without proper monitoring, how will you know if your tactics are delivering results—or if your approach needs adjustment? Simply put, without tracking, you're flying blind.
Remember the 7 Ps of Marketing come in: Product, Price, Place, Promotion, People, Process, and Physical Evidence. These seven powerful elements provide a clear, comprehensive framework to help you evaluate the success of your marketing strategy. By assessing each aspect, you’ll be able to pinpoint what’s working, what’s not, and where you need to pivot to achieve your goals.
Here’s why monitoring is so crucial—and how the 7 Ps can help you track your marketing performance more effectively:
1. Is Your Product Meeting Customer Expectations?
Understanding how your product is performing in the real world is key to ensuring that your marketing strategy is effective. Tracking product performance isn’t just about looking at sales numbers—it's about truly understanding customer sentiment and responding to it.
Here are a few powerful ways to assess whether your product is meeting expectations:
Customer Feedback:
Surveys & Polls: Directly ask your customers about their experiences. Use short surveys or follow-up emails to gather insights on what they love and what could be improved.
Reviews & Ratings: Analyze online reviews on your website or third-party platforms like Amazon, Yelp, or Google. Are customers leaving glowing reviews for certain features? Or are common complaints surfacing?
Sales Data:
High sales volume is often a good indicator that your product is resonating with your audience. However, don’t stop there. Monitor patterns—are certain features more popular than others? Are there significant dips in sales at certain points?
Return Rates:
One of the clearest signals that your product isn’t meeting customer expectations is a high return rate. If customers are frequently returning items or switching to competitors, there might be something in your product or messaging that isn’t aligning with what they were promised—or expected.
Customer Complaints:
Are you noticing recurring issues or complaints about a particular aspect of the product? Frequent complaints about quality, functionality, or usability are clear red flags that signal areas in need of improvement. Addressing these issues not only helps refine your product but also prevents further damage to your brand’s reputation.
On the flip side, if customers are consistently praising a specific feature, you’re on the right track! This is valuable feedback that can help you double down on what’s working and even tailor your marketing messages to highlight these strengths.
In short, tracking product performance is about listening to your customers, responding to their needs, and continuously improving your offering. By measuring satisfaction through feedback, data, and reviews, you’ll get a clearer picture of whether your product is truly meeting customer expectations—and where you can make impactful adjustments.
What to Track:
Customer reviews and feedback
Product returns or issues
Sales trends
2. Is Your Pricing Strategy Working?
Pricing isn’t just about putting a number on your product—it’s one of the most powerful factors driving your sales. Your customers’ perception of your price can make or break a sale. That’s why monitoring your pricing strategy closely is critical to ensuring you’re hitting the right balance between value and profitability.
Here’s how to track whether your pricing is hitting the mark:
Sales Trends:
Sluggish Sales: If you notice a dip in sales or a consistent lack of interest, it could be a sign that your price is too high for your target market. Pay attention to patterns—are there certain times or customer segments where sales drop?
Pricing vs. Competitors: Are your competitors offering similar products at lower prices? If so, customers might be choosing them over your product. Price comparisons can give you valuable insights into whether your pricing is competitive.
Customer Feedback:
Price Objections: Keep an ear out for customers commenting that your product is "too expensive." These direct insights can guide you in adjusting your pricing strategy. Use surveys, customer service feedback, or even social media comments to understand how customers feel about the cost.
Promotions and Discounts: Sometimes, it’s not about cutting the price permanently but offering limited-time promotions or discounts. Monitor how customers react to special offers—do they flood in when prices are lowered for a short period? This can help you decide if occasional discounts might drive more sales.
Price Sensitivity:
Some products, especially premium or luxury items, may not be as price-sensitive, but many consumers have a threshold beyond which they won’t purchase. If you’ve tested different price points and seen a drop in conversion at a certain level, it may be time to reevaluate.
Conversion Rates:
Are people visiting your site but not buying? A low conversion rate can indicate that your pricing might not align with perceived value. Compare the data from users who added products to their cart but didn’t complete the purchase—this is often a telltale sign that price could be the barrier.
How to Respond:
If you find that customers are hesitant or sales are slower than expected, it might be time to test new pricing strategies:
A price adjustment might be necessary to better align with your customers' expectations.
A well-timed promotion or temporary price drop could spark new interest, especially if you create a sense of urgency or offer discounts for a limited time.
If your product is positioned as a premium offering, consider bundling or offering value-added services to justify the higher price.
Ultimately, pricing is a dynamic part of your marketing strategy. By continuously monitoring how customers respond, you can fine-tune your approach and find the optimal price point that drives both sales and customer satisfaction.
What to Track:
Sales numbers
Customer sentiment on pricing
Impact of discounts or promotions
3. Where Are Customers Buying Your Product?
Understanding where your customers are purchasing your product is just as important as the product itself. Your distribution channels—whether online or in-store—are the pathways that get your product into customers' hands. If you’re not keeping an eye on how well these channels are performing, you could be missing out on valuable opportunities to optimize and boost sales.
Here’s how to assess and monitor the effectiveness of your distribution channels:
Sales by Channel:
Track sales data to see where most of your revenue is coming from. Are customers flocking to your website to make purchases? Or is your physical store still the primary revenue driver? If one channel is outpacing the other, it’s a sign that it’s working better—or that you might need to put more focus on the underperforming channel.
Evaluate online vs. in-store performance: Are customers still primarily buying from brick-and-mortar locations? Or is e-commerce taking the lead? Knowing this can guide your next moves.
Customer Preferences:
Are customers commenting or asking about certain buying methods, such as requesting more online payment options or mentioning a lack of stock in a physical store? These insights can help identify where friction exists and where improvements can be made.
If customers are engaging more with your online store or specific online platforms, it may be time to prioritize that channel for resources, content, or promotions.
Channel Efficiency:
Track how efficient each distribution channel is in terms of conversion rates, customer satisfaction, and speed of delivery. If your online store is converting more visitors into sales than your physical store, it’s worth considering why. Is it the ease of shopping? Faster checkout process? Customer reviews? Or do physical locations need a revamp in terms of layout, signage, or in-store promotions?
Costs vs. Returns:
Not all channels are created equal in terms of costs and profits. If maintaining a physical store or third-party retailers is more expensive than managing an online storefront, but online sales are growing at a faster pace, it may make sense to reallocate resources. Are delivery costs, store upkeep, or rent eating into profits? Is it time to improve or invest in your e-commerce experience to make it easier for customers to purchase online?
What to Do With This Data:
If online sales are outpacing physical stores, consider improving your e-commerce platform. This could mean enhancing the website's user experience, adding more product information, offering better payment options, or streamlining the checkout process.
On the flip side, if your physical store is still a strong performer, think about revamping your in-store experience. It might be worth investing in better displays, customer service training, or creating in-store promotions that drive traffic and sales.
By keeping a close watch on where and how customers are buying, you can make data-driven decisions that help you optimize your distribution channels for maximum impact and profitability.
What to Track:
Inventory levels
Delivery times and costs
Sales by channel (online vs. in-store)
4. How Effective Are Your Promotional Efforts?
Are your ads, social media posts, and email campaigns truly delivering the results you expect? Tracking the performance of your promotional efforts is essential for understanding what resonates with your audience and drives engagement. Without this data, you’re guessing at what works and what doesn’t.
Here’s how you can measure the success of your promotional campaigns:
Track Key Metrics:
Use tools like Google Analytics, Facebook Insights, or Instagram Analytics to measure important metrics like click-through rates (CTR), conversion rates, and overall engagement. Are customers clicking on your ads or posts? Are they taking the desired actions (e.g., signing up, purchasing, downloading an app)?
Email Campaigns: Track open rates, click rates, and conversion rates to see how well your email content is engaging your audience and driving them to act.
Monitor Engagement:
Engagement isn’t just about likes or comments—it’s about whether your content is sparking meaningful interactions. Are users commenting, sharing, or discussing your content? High engagement signals that your message is resonating, while low engagement might suggest you need to tweak your messaging or targeting.
Conversion Tracking:
If you’re running a campaign, like a fitness app promotion, tracking specific actions like app downloads, new sign-ups, and user interactions will help you assess whether your efforts are truly converting leads into customers. Use conversion tracking tools to see exactly how many clicks or views are leading to desired outcomes.
A/B Testing:
Test different versions of your ads, social posts, or email subject lines to see which ones are getting the best results. A/B testing allows you to refine your approach and optimize your content for higher engagement and better conversions.
ROI (Return on Investment):
Ultimately, your promotional efforts need to be cost-effective. Track how much you’re spending on ads or content promotion compared to the revenue or leads generated. This will help you measure whether your campaigns are delivering a positive ROI.
What to Do With This Data:
If you’re seeing low engagement or poor conversion rates, it’s time to re-evaluate your targeting, messaging, or creative assets. Perhaps your ads need stronger calls to action or your social media posts need a more personalized touch.
If app downloads or sales are lower than expected, consider running targeted promotions, offering discounts, or refining your offers to better align with customer interests.
By monitoring your promotional metrics, you’ll gain a clearer picture of what’s working and where you can make improvements, ultimately helping you drive more successful campaigns and achieve your marketing goals.
What to Track:
Click-through rates (CTR)
Conversion rates from campaigns
Social media engagement (likes, shares, comments)
5. How Customer and Employee Satisfaction Drive Your Marketing Success
Your marketing strategy isn’t just about products and ads—your customers and employees play a huge role in how successful your efforts will be. After all, happy customers lead to repeat business, positive word-of-mouth, and better brand reputation, while engaged employees help deliver a consistent and authentic brand experience.
Here’s how to track satisfaction and engagement on both ends:
Customer Satisfaction:
Customer Feedback: Regularly gather feedback through surveys, reviews, or direct conversations. Are your customers satisfied with your products or services? If they’re not, identify common pain points to make improvements.
CSAT (Customer Satisfaction Scores): Use CSAT surveys to measure how customers feel about specific aspects of your business, such as product quality, customer service, or overall experience. A sudden drop in scores can signal a problem that needs attention.
Net Promoter Score (NPS): Ask customers how likely they are to recommend your business to others. A low NPS could indicate that your offerings or service aren’t meeting expectations, while a high NPS shows that customers are loyal and likely to spread the word.
Employee Engagement:
Employee Surveys: Your employees are the face of your brand—are they engaged and motivated to deliver exceptional customer experiences? Use engagement surveys to assess job satisfaction, motivation, and commitment to the company’s values.
Brand Representation: How well are your employees representing your brand? Are they enthusiastic about your products and services, or do they seem disconnected? Monitoring employee morale can give you insight into how well your brand is being communicated both internally and externally.
Customer Service Performance: Employees interacting with customers directly—whether in-store, over the phone, or online—greatly impact the customer experience. Track performance through feedback, ratings, and mystery shopper assessments to ensure your staff is providing excellent service.
How to Take Action:
If customer satisfaction is low, it might be time to revisit your products, customer service training, or overall experience to see where improvements are needed.
On the flip side, if employee engagement is lacking, consider incentive programs, training, or team-building activities that help employees feel more connected to the company and motivated to deliver excellent service.
Why This Matters:
When both your customers and employees are happy, your brand thrives. Monitoring satisfaction on both fronts helps you fine-tune your marketing strategy, ensuring that the experience your customers have aligns with what you promise and that your employees are motivated to support that promise.
What to Track:
Customer satisfaction surveys
Employee engagement and feedback
Customer service inquiries and feedback
6. How Efficient Is Your Business Behind the Scenes?
Behind every successful marketing campaign and customer experience, there’s a smooth operational flow that keeps everything running. Operational efficiency plays a huge role in delivering on customer expectations. If your processes are delayed or inefficient, it could harm the overall customer experience, no matter how good your marketing efforts are.
Here’s how you can monitor and optimize the operations behind the scenes:
Customer Journey Mapping:
Track the entire journey: From the moment a customer makes a purchase to the time they receive their product, map out every step of their experience. Are there any points where delays occur, like long shipping times or slow order processing? Identifying these pain points will allow you to address issues before they affect the customer experience.
Identify friction points: Are customers dropping off at certain stages in the process, like during checkout or post-purchase support? Mapping the customer journey can help pinpoint where you might be losing customers or where the experience needs to be smoother.
CRM (Customer Relationship Management) Software:
Use CRM software to track customer interactions, purchase history, and order fulfillment timelines. By monitoring these data points, you can measure the efficiency of your sales and customer service teams and quickly spot any delays in the fulfillment process.
Automated workflows: Many CRMs offer automated workflows that streamline processes like follow-ups, reminders, and status updates. These systems can help reduce human error, speed up response times, and ensure that customers are kept in the loop.
Order Fulfillment Tracking:
Track the entire order fulfillment process, from purchase to delivery. How long does it take to process an order? Are there delays in packing, shipping, or customer communication? If the fulfillment process isn’t running smoothly, it can affect both customer satisfaction and your bottom line.
Monitor bottlenecks: Delays or bottlenecks in key areas, like inventory management or shipping, can hurt the customer experience. Identifying these pain points and resolving them quickly will prevent operational inefficiencies from negatively impacting your brand reputation.
Why This Matters:
A seamless operation behind the scenes translates to a smooth, positive customer experience up front. If you’re experiencing delays, inefficiencies, or miscommunications in your processes, it will show in the customer’s journey. By using tools like customer journey mapping and CRM software, you can gain actionable insights to optimize operations, improve fulfillment times, and enhance the overall customer experience.
What to Track:
Order fulfillment time
Operational bottlenecks
Service delivery speed
7. How Tangible Aspects of Your Brand Impact Customer Perception
The tangible aspects of your brand—things like website design, packaging, and in-store displays—have a huge influence on how customers perceive your business. These elements often serve as the first impression of your brand and can either strengthen or weaken customer trust and loyalty.
Here’s how to measure and optimize these tangible brand elements:
Website Performance:
Page Load Speed: Is your website loading quickly, or are customers bouncing because of slow page load times? Speed matters—both for user experience and SEO. Use tools like Google PageSpeed Insights or GTmetrix to analyze and improve load times.
User Experience (UX): Is your website easy to navigate? Ensure your site is responsive, intuitive, and provides a seamless experience across devices. Heat maps and user session recordings can help you understand how visitors interact with your site and highlight any friction points in the customer journey.
Product Packaging:
Customer Feedback: Does your product packaging stand out and enhance the customer experience? Positive feedback on packaging, such as “unboxing” experiences, can significantly impact customer loyalty. Surveys or reviews can give you insights into how customers feel about the packaging—whether it’s aesthetically pleasing, functional, or eco-friendly.
Brand Messaging: Does the packaging align with your brand's message and values? For example, sustainable packaging could attract eco-conscious customers. Regularly check to ensure your packaging reflects your brand's personality and is consistent with your overall image.
In-Store Displays:
Visual Appeal: If you have a brick-and-mortar location, the in-store experience matters. Are your displays visually appealing, easy to navigate, and aligned with your brand’s aesthetic? Use mystery shoppers or customer feedback to gauge how well your displays are engaging customers.
Product Placement: Is your product easy to find, and are high-demand items prominently displayed? Tracking foot traffic and sales by product placement can help you optimize the layout and presentation of your in-store displays.
Why This Matters:
The tangible elements of your brand are critical touchpoints in the customer journey. Whether it’s a fast-loading website, eye-catching packaging, or an inviting store display, these factors shape how customers perceive your brand and affect their decision to engage or purchase. By regularly measuring these aspects through analytics, customer surveys, and performance reviews, you can ensure that your brand’s tangible elements are positively impacting your overall image and customer experience.
What to Track:
Website performance (load times, bounce rates)
Customer feedback on packaging
In-store experience or product displays
The Power of Monitoring: How the 7 Ps Drive Continuous Marketing Success
In today’s fast-paced business landscape, the success of your marketing efforts depends not just on launching a strategy, but on how well you monitor and adjust it along the way. The 7 Ps of Marketing—Product, Price, Place, Promotion, People, Process, and Physical Evidence—offer a comprehensive framework to track and assess every facet of your marketing strategy. By regularly evaluating these elements, you can uncover invaluable insights about what’s working, where improvements are needed, and how to course-correct in real-time.
Monitoring is not just about collecting data; it’s about using that data to refine your approach, optimize customer experiences, and maximize ROI. Whether it’s tweaking your product offerings based on customer feedback, adjusting pricing to match market demands, or improving operational efficiency, monitoring your strategy ensures you’re always aligned with your audience’s needs.
Ignoring the need for regular monitoring is like sailing without a map—you may start strong, but without guidance, you could veer off course. So, make monitoring a core part of your marketing routine. It’s the key to sustaining success, making data-driven decisions, and keeping your business competitive in an ever-changing market. The more you track and adjust, the more empowered you’ll be to make the strategic changes that lead to long-term growth and customer loyalty.
In essence, the 7 Ps not only help you understand your marketing strategy—they help you optimize it for maximum impact. Keep measuring, keep adjusting, and let the data guide you to success.