On the last post we talked about Digital Marketing, which is the Marketing of products or services through technological channels like a social media, websites, email or even SMS, and what types of marketing there are, like Content Marketing, Online Marketing and Affiliate Marketing.
Today we are going to talk about the 8Ps of Marketing.
The 8 Ps of Marketing represent the pillars of a Marketing strategy. When there is balance between these concepts, the probability of having a successful campaign is highly increased.
The 8 Ps of marketing are the following
- Product – is the center of your business and your marketing strategy. Marketers must fully comprehend the product and how it is valuable for the customer, how it solves a problem, achieves a goal, or satisfies someone’s needs.
- Price – The prices of products tend to fluctuate over time. This is due to the fact that when there is a high supply of a product, but not a big demand, the price should go down to attract more people. But if the is a high demand and a lower supply the prices tend to go up. So, make sure your product is well priced.
- Promotion – is every aspect of how you present your product, packaging, advertising and sales what most people think of as “marketing,” but instead it includes every aspect of packaging, advertising, sales methodology, and salesmen so that customer engages with the product.
- Place – is the where the consumer finds your product. It could be a store, a website or a social media presence.
- Process – is your customer overall experience throughout the process of acquiring your product or service. This is important to make the consumer come back for more.
- Positioning – is where your product or service fits in the industry. This is important for your marketing positioning strategy. For example, if you sell jewelry you might want to take a lot of pictures and publish on social media. This might not be as relevant if you are selling a service.
- Performance– this is how well your product/service is doing in the marketplace. How consistent are the sales and how much profit it makes.
- People – The people are your customers. You must know your target audience well and discover the right approach.
There are just some points to take in mind when thinking about your marketing strategy.
On the next post we’ll talk about some crucial Marketing terms that every Marketeer should know.
See you next time.