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HOW TO USE THE 8 P'S OF MARKETING TO GROW YOUR BUSINESS

Thought Leadership
08.19.2020

Good marketing is essential to the success of your business. You can’t blast your message out there and expect people to buy.  

And you can have the “if we build it they will come” mindset either. 

You have to be more strategic, which is why we advise our clients to follow the 8 P’s of Marketing.

  1. Product
    This is the really cool widget you are selling, or the outstanding service you are providing. Think about what makes you unique – about how what you offer is different from your competitors, and how it solves a problem your customer has.

  2. Positioning
    How are you presenting your product or service to the world? Define your message and communicate how it helps your customers. Position your offering to be value-add to your target customers. 

  3. Process
    Planning and good decision-making are crucial to good marketing. Develop sound processes for your marketing efforts that guide your activities and programs. 

  4. Price
    Finding the right price is not easy, but incredibly important. Price determines your profit margin, but if you price it too high, your customers won’t buy. Ask yourself, “What are my customers willing to pay for what I am offering?” 

  5. Placement
    How are you going to put your product or service in front of the people who will buy it?  Think about how and where your products will be displayed as well as your distribution channels.

     
  6. Promotion
    This is how you are going to get the word out about your business. Consider activities such as social media, direct mail, blogging, public relations and advertising. 

  7. Physical experience
    People love the convenience of digital and the quickness of automation, but most still crave the human element of in-person experiences. The personal consumer connection cannot be ignored. Testimonies of your satisfied customers can serve as a powerful marketing tool for your business.

  8. People
    So much of the customer experience depends on how your team delivers it. Be sure you hire to your core values, and that everyone—including your leadership team, employees, customer service and management—understands and lives your vision.

Interested in learning more about how to formulate your marketing plan, price your product, position your brand and define your message? Join the Emerging Entrepreneur Experience October Forum! Register on their website