Marketing is a complex process that involves a lot of factors. To avoid critical mistakes during the process, you need to know the 8 Ps of marketing. The 8Ps are marketing mix variables that determine how your product or brand will be perceived by the target audience and how it will perform in the industry.
Marketing plans are essential for small businesses to develop and communicate their value proposition, devise tactics for gaining market share, and measure the effectiveness of their marketing strategies.
The 8 Ps Of Marketing
Marketing is about more than just getting people to like you on Facebook, it’s about providing value to your customers. This is why you must measure the engagement of your content and be equipped with an updated version of best marketing strategy.
For example, if you’re using social media to promote your brand, you want to know which types of posts are more likely to get more likes and shares. You can then use this to focus on creating content that caters to your audience’s interests and gets them engaged with your page.
A marketing plan is a detailed strategy that includes 8Ps of marketing mix defined and is formulated by every organization. These 8Ps of marketing are:
1. Product Or Service: What You Sell
Every company has something to sell. But do you have a product which can sell itself? Dropbox, for example, and Gmail both did this famously by building in viral sharing aspects to the product to get more users. A few other solutions you could include are product placement or additional services that help products to get more eyeballs.
2. Price: The Value Exchange
Pricing is an essential part of any business marketing strategy. It's a crucial part of the value exchange between the company and the marketplace. For instance, one large upfront fee is completely different from a small monthly subscription. All this can dramatically change how your company approaches the market. You can consider “Free” options in the form of free demos for SaaS products.
3. Promotion: How Products Are Placed
Marketing is not just like your Facebook ad spend. There are countless ways to promote a product that is more efficient and cost-effective than advertising. But you need to brainstorm the marketing plan and include things that can ultimately promote your business better. Few of the promotion options include Word of mouth, events, referrals, influencer marketing, partnerships, product placement, special offers or time-limited discounts, etc.
4. Place: Where A Product Is Sold
Product distribution is important in any market, but it's really important to consider based on your business goals and your customers. Your product launch strategy must be related to how you sell, whether in retail or direct sales channels. You also need to consider different types of marketing channels, including white-glove account reps or self-service check-out.
5. Positioning: How A Product Is Presented
Salespeople often ask, “what’s unique about your business?” This is a significant question when it comes to marketing your products. Everything counts in marketing, and the way you position your product is equally essential. Yes, the presentation or display of your products has a lot to do with your business's success. Ensure to display things attractively possible, either in retail or eCommerce businesses.
6. People: Who Participate In The Launch Or Campaign
This is the favorite P of most entrepreneurs. People are what makes your product or service acquire potential growth. This category includes key developers of personalities inside the company, like Michael Jordan's “Be Like Mike” campaign. You can also incorporate case studies or user-generated content in your marketing efforts. The personality of a brand is highly reflected in the product itself.
7. Partnerships: Others Who Help To Market Your Product
Partnerships are a popular way of launching or promoting products on the market. But often this P is considered complex among all other strategies. Partnerships can be complex, but it's the key element of product success in the market. Every partner in a partnership program will have their own goals and expectations, consider their thoughts to achieve your vision.
8. Packaging: How Products Appear
The companies such as Apple made their packaging very attractive and gave a great unboxing “experience” for customers. Packaging is not limited to physical objects, but it has a lot to do with your product or service. The best digital example is the software installation process that delivers the right product upgrades or files and lessons along with the products. These can be implemented in your marketing investment to gain more new opportunities and customers.
Unlock Your Marketing Efforts With The 8Ps of marketing
You should be able to see that if you implement all the 8Ps of marketing, your business will have a much higher chance of success. If you want any help implementing these strategies or learning more about them, please feel free to visit our Facebook page to discuss what we can do for you. Every marketer should know the 8Ps of marketing. These are all important elements to consider when creating a marketing plan for your company.
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