The 8 P’s of Marketing Digital and Online Products
The 8 P’s of Marketing are variables a company must control to successfully implement a marketing strategy for each target market. Marketing is about understanding what your customers want, and then providing you with the value they are looking for. Marketing aims at a group of specific consumers, who have a problem, need or desire to solve by using your product or service.
There are many ways to build a marketing strategy. Many focus on the tools used to launch digital strategy, such as Facebook Ads, Google Ads. But those focus on implementing a strategy, rather than the process used to develop the strategy to implement.
“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.. The aim of marketing is to make sell superfluous.” — Peter Drucker
How Can The 8 P’s of Marketing Help My Business Grow?
The 8 P’s of marketing digital and online products are the variables a company must control to be successful. In this article, you will learn how to assess the 8 P’s of your product, from a marketing mix approach, to improve your business’ bottom line.
The 8 P’s of marketing are often called the marketing mix, and are one of the most well known theories in marketing. The theory was proposed by marketer and academic E. Jerome McCarthy. The mix is designed according to the goals of the organization to remain competitive in the chosen market. It also consists of the set of actions required to achieve those goals.
8 P’s of digital marketing began as the 4 P’s of marketing. But in digital marketing, products (or services) are no longer things which a customer can hold in their hands. As a result, it’s far more challenging to pursued a customer based on benefits they may not be able to experience. And the traditional 4 P’s evolved to reflect this change.
Inspire and Engage
At Pretty-Impressive, each client is unique. Which is why we create strategies tailored to the needs of each company. Reach out and we’ll help you get your brand exactly where it needs to be — ahead of the rest.
What Are The 8 P’s of Digital Marketing?
1.Product
A product is an item that offered to a market to satisfy a want or need. Products combine physical and non-physical characteristics.
The physical characteristics include the appearance, packaging, delivery format, durability for use, and disposal of products. The non-physical characteristics represent the content or services within the product.
2. Price
The price of a product is set by the interaction between a producer and a consumer. To find the right price for a product it’s important to realize that there are two different ways of pricing
One way is to charge what the customer is prepared to pay. The other is to base it off what it costs to manufacture.
But price should always be interpreted as the sacrifice of a consumer is prepared to make to acquire a product. In one sense, this is the time value of money. How long did a person need to work before being able to afford the item. Additionally, it should include the distance willing to travel, or wait (shipping time, cooking time, etc) before it is acquired.
3. Place
Accessibility and convenience can improve a products success rate significantly. Convenience is the promise of efficiency. Even the illusion of access can be a powerful differentiator. Convenience helps consumers overcome the inertia of indecision.
4. Promotion
Promotion can encompass a lot of the tools and methods used to market. Promotion is a multi-faceted activity encompassing many different disciplines, including creative. Advertising, PR, direct marketing and sales promotion.
Promotion is the process to generate awareness about a brand, organization or product and influence a person’s attitude towards it. As well as the continuous process of generating interest in a product, service or business through repeated marketing messages and activities.
5. People
These are the human elements involved in the customer experience. In a customer-facing business, the staff are the company, and how they act is an extension of the brand. The ‘human factor’ in your business’s performance is often the difference between success and failure.
But in the digital world, “human” can encompass the person replying to comments on Facebook, the emails sent on a regular basis, or even the chatbot support on your website.
Often, the only real human representing your brand may be the Amazon delivery person, or the UberEats deliver person. If that experience is poor, the second human a person may interact with is the the customer complaint department.
6. Process
The materials or mechanisms needed to complete the transaction from the inputs to the delivery. Every part of the process designed to meet the needs and expectations of those being served.
Often, process is categorized as your customers’ experience. But in reality, it is the chain of processes involved in your company’s service delivery. Starting from the moment a customer decides to buy, to the time they hand over money at the register.
7. Physical Evidences
Physical evidence is the your product exists within. The environment in which you service your customers or clients. This would include the outside of the building, inside hallways and entrances. It also includes the appearance of the space such as desks, chairs, lighting, heating and air conditioning.
Customer interactions are often defined by what they see or don’t see. What the touch like brochures, business cards, and posters on the walls. The physical environment brings them into a tangible presence of a company.
8. Performance
This is the perceived quality as defined by the customer, beyond that of the product itself. Your company philosophy is the core of your culture, identity and promise to customers. In marketing services, an understanding of who you are and why you do what you do serves as a foundation for a brand promise or message that is authentic and credible.
The more people who understand and embrace your company’s “why” and the better known it is, the easier it is to sell your services. This is why companies work so hard at branding. A good brand helps potential customers understand what you’re about and lets them know that you’re different.
Inspire and Engage
At Pretty-Impressive, each client is unique. Which is why we create strategies tailored to the needs of each company. Reach out and we’ll help you get your brand exactly where it needs to be — ahead of the rest.
How Do You Use the 8 P’s to Improve Your Sales?
Understanding the interactions of the 8 P’s of marketing online are a great starting point. Scoring yourself on each category versus your competitors.
Some may choose to prioritize maximizing certain categories over the others. These could be considered the unique selling propositions.
Some may choose to slowly improve all elements compared to a competitor, making a product irresistible!
Who is the Best Marketing Agencies Using the 8 P’s of Marketing? Pretty-Impressive.com
The 8 P’s of marketing are just a starting point. Pretty-Impressive can help you with these and the next steps. We help you build a growth marketing foundation, with a strategic vision to increase product sales through holistic, user-centered strategies. By taking a data-driven approach to your business, we are able to increase ROAS by improving inbound targeting/retargeting accuracy, cost per acquisition, average order value, and lifetime value through exhaustive split & A/B testing. All of these come together with the top level objectives to help widen the funnel of your sales process while adding more revenue to your bottom line.
We help local small businesses grow into national brands…. taken small Ecommerce stores on Shopify to where they were picked up by major retail big box stores… evolved an consumer energy startup into a well-known industry juggernaut. And we brought so many qualified customers to a local companies location they opened a 2nd, 3rd, and 4th location just to handle the influx.
The idea of helping businesses grow is exciting to me. I love seeing businesses do well, and I love the satisfaction that comes with helping a business grow. Growth marketing is a way of life for us at Pretty Impressive. We’re genuinely excited about the possibilities of help you grow your business
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