In the digital age, it's necessary to constantly reinvent yourself and adapt to market innovations. marketing is constantly evolving, and brands must keep up with these changes. Until recently, the Marketing Mix consisted of 4 Ps. The concept expresses the basic pillars for developing marketing strategies. digital marketing industry. Recently, the concept was updated, and now the pillar is based not on 4, but on 8 Ps. Therefore, we prepared this article to explain what each of these pillars are and what they mean.
Product
The first P is your product. It's the foundation for all the others. It doesn't necessarily have to be a physical product; it can be a service. A product defines 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, differences in relation to competitors and life cycle.
With all these points defined, you can now move on to defining the next P's.
Price
The price you charge for the product is also part of the strategy. And it doesn't just refer to the figures for the end consumer, but rather to the overall value added to the product.
To achieve this, you need to consider the costs of production, distribution, and sales. It's also important to consider how much potential consumers are willing to pay for the product or service. Research competitors or companies that sell similar products, if yours is unique. Consider the purchasing power of your target audience and the strength of your brand. Combining all these factors will help you price your product.
Square
The third P concerns the marketing of the product or service. Placement is a term derived from the English "Placement," which loosely translates to "placement in the market." It represents the way your customer reaches you.
To determine where to sell your product, consider your target audience's purchasing habits. Research whether they typically shop online or in-store, the best neighborhood(s) for your operations, and anything else you deem relevant. Also, consider having multiple sales channels, such as e-commerce and distribution through a retail chain, for example.
Promotion
Promotion, according to the 8 Ps concept, isn't synonymous with discounts or commercial conditions. In the marketing context, promotion is the way a product is promoted. To achieve this, you need 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 your brand (flyers, radio, online, etc.) and what actions can be taken to make your name known and respected by consumers.
In the digital age, it's hard to imagine brand promotion without the internet. It's the easiest, most accurate, and cheapest way to reach your target audience.
Personalisation
By this point in our article, you've probably already understood the need to communicate and offer your product to the right audience. Personalization means speaking to the right audience in the right way. In other words, using the right language for your product and audience, delivering not just a product, but a solution to a problem. Remember, you're talking to people, and to win them over, there's nothing better than creating empathy and showing yourself to be useful and needed.
Go beyond your product. Deliver engaging and useful content to your audience. This way, you bring people closer to your brand, build a strong relationship, and ultimately win loyal customers.
Production
The work processes, all methodologies, and procedures used at every stage. Internal processes ensure product standardization and the smooth running of the company's activities. The processes established for product sales and distribution are essential to providing a positive customer experience.
Posicionamento
Yes, brand positioning within society is one of the pillars of marketing. Also called palpability or physical evidence, positioning refers to how a 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 addresses the company's success and performance indicators. The indicators to be monitored should be defined according to the company's objectives and the cycles established to calculate results, depending on the product and the company's life cycle.
This indicator builds on all the other Ps on the list. When productivity is below expectations, it's necessary to analyze which item(s) above is not meeting 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. Success requires planning, and that's where these basic pillars come in. Everything planned must be executed and measured. Anything that doesn't meet expectations must be analyzed and modified to achieve your brand's goals.
Need help leveraging your business and positioning your brand correctly? Contact us. Kaizen Agency right now and receive an evaluation from one of our specialized consultants.
