In the digital age, it is necessary to constantly reinvent oneself and adapt to market innovations. Marketing is in constant evolution, and brands must keep up with the changes. Until recently, the Marketing Mix consisted of 4 Ps. The concept expresses the basic pillars for developing digital marketing strategies. Recently, the concept has been updated and now the pillar is based not on 4, but on 8 Ps. Therefore, we have prepared this article to explain what they are and what each of these pillars means.
Product
The first P is your product. It is the foundation for all the others. It does not necessarily have to be a physical product; it can be a service. Product is the definition of what will be delivered to the customer.
To determine what the product is, one must consider the product's characteristics, its concept, name, brand, functions, possible uses of the product, differentiators in relation to competitors, and its life cycle.
With all these points defined, you can move on to defining the next Ps.
Price
The price you will charge for the product is also part of the strategy. And it does not refer only to the figures for the end consumer, but to all the value added to the product.
For this, it is necessary to consider the cost of production, distribution, and sale. It is also important to consider how much potential consumers are willing to pay for the product or service. Research among competitors or companies that sell similar products if your product is exclusive. Take into account the purchasing power of your target audience and the strength of your brand. By combining all these factors, it will be possible to price your product.
Place
The third P refers to the commercialization of the product or service. Place is a term derived from the English "Placement," which can be understood as 'market placement.' It represents how your customer reaches you.
To determine where to sell your product, consider the buying habits of your target audience. Research whether they usually buy in online or physical stores, what the best neighborhoods are to set up your operations, and anything else you find relevant. Also, consider having more than one sales channel, such as an e-commerce site and distribution in a retail network, for example.
Promotion
Promotion, in the context of the 8 Ps, is not synonymous with discounts or commercial conditions. In the context of marketing, promotion is how the product will be promoted. For this, it is necessary to understand your audience and know how to communicate with them. Only then will you be able to get the product to the consumer. Define the best means to promote the brand (flyers, radio, internet, etc.) and what actions can be taken to make your name known and respected by consumers.
In the digital age, it is hard to think of a brand promotion that does not involve the internet. It is the easiest, most effective, and cheapest way to reach your target audience.
Personalization
By this point in our article, you should have understood the need to offer the product to the right audience. Personalization means speaking to the right audience in the right way. In other words, using the appropriate language for your product and audience, delivering not just a simple product, but a solution to a problem. Remember that you are talking to people, and to win them over, nothing is better than creating empathy and showing yourself to be useful and necessary.
Go beyond your product. Deliver content that engages and is useful to your audience. This way, you bring people closer to your brand, create a solid relationship, and thus gain a loyal customer.
Process
The work processes, all the methodologies and procedures used at all stages. Internal processes ensure the standardization of products and the smooth operation of the company's activities. The processes determined for the sale and distribution of products are essential to provide a positive buying experience for the customer.
Positioning
Yes, the positioning of the brand in society is one of the pillars of marketing. Also known as palpability or physical evidence, positioning refers to how the company interacts with the community and its strategic positioning.
Productivity
The last P on the list is also known as performance and quality. This pillar deals with the success of the company and performance indicators. The indicators to be observed must be defined according to the company's objectives and the cycles determined to calculate results, depending on the product and the company's life cycle.
This indicator is based on all the other Ps on the list. When productivity is below expectations, it is necessary to analyze which (or which) item above is not aligned with the objectives and modify it to succeed in the market.
Conclusion
The 8 Ps of marketing are the foundation for any company to sustain its product or service. To achieve success, planning is essential, and this is where these basic pillars come in. Everything that is planned needs to be executed and measured. What does not meet expectations should be analyzed and modified to achieve your brand's goals.
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