HOW TO ACHIEVE AN EFFECTIVE MARKETING MIX IN REAL ESTATE (THE PETIK EXPERIENCE)
By: Thomas Datimi
The ‘Marketing Mix in Real Estate’ is a term used to describe the combination of tactics used by a business to achieve its objectives by marketing its products or services to a particular target Client base.
It is also referred to as the
‘7 Ps’ Of Marketing, which was originated by E. Jerome McCarthy.
The 7Ps model was originally devised by E. Jerome McCarthy and was published in the year 1960 in one of his books titled “Basic Marketing”.
notwithstanding that every organization to succeed must create a particular pattern or patterns of working, this systematical operational means would help the organization to function beyond expectation.
there are no two ways about this, it is a must you follow a pattern and become productive or you don’t and pay dearly for your ignorance and nonchalant attitude and neglects.
every business that has become successful today and is still thriving is in one way or the other following this particular strategy.
The 7Ps of Marketing are –
• Product
• Price
• Promotion
• Place
• People
• Process
• Physical Evidence
PRODUCT
Marketing is about identifying, anticipating, satisfying, and knowing the stage of a product to meet the client’s expectations.
PRICE
Price is a determinant of profit-making. With the price, you need to consider what your target clients’ base will be willing to pay for your product or services, the cost of production, and what your competitors charge.
PROMOTION
The promotional mix is made up of;
Advertising
Sales promotion
Public Relations
Direct marketing
Personal selling
The budget often determines what would be made use of.
PLACE
It is a chosen means of distribution. Your choice will impact your pricing and promotion decisions.
PEOPLE
The staff members in your organization will determine the quality of service your clients receive. The happy, skilled, and motivated staff makes happy clients. Anyone can achieve a competitive advantage over competitors by offering a high level of pre-sales and after-sales support and advice.
PROCESS
The process involved in delivering your products and services to clients has an impact on how your clients perceive you.
Staff members should be able to keep to their promises, handle clients’ complaints, and provide after-sales services.
PHYSICAL EVIDENCE
Physical evidence is a term used to describe the type of image that your business portrays through its physical presence, namely; its premises, staff’s appearance, vehicles, etc.
When clients cannot touch, see or try before they buy, they are more likely to assess you by the image you put across.
Why it is important
Businesses need to make sure they are marketing:
• The right product (Product)
• The right person (People)
• The right price (Price)
• The right place (Place & physical evidence)
• The right time (Process & promotion)
In Conclusion-
The 7 Ps of Marketing creates a visible understanding of how you should go about your business daily activities, how you should model, relate, conceive, and execute your business.
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