Marketing is the lifeblood of any business, so understanding the basic principles is crucial to long-term eComm growth and success.
Unfortunately, the fundamental concepts of marketing have been somewhat overlooked in the digital space. And I get it. Certainly not the most sexy topics to talk about.
There are 7 basic marketing principles that have always been (and will always be) the framework for explosive eComm Growth.
I constantly come across eComm business owners (not just in my digital marketing agency) who are so excited about their products, giddy about their growth potential, and hyper-motivated by their YouTube™ trainings.
BUT their profit needle doesn’t move much because they don’t understand the basic elements of marketing and how to incorporate them into their enthusiastic plans.
As much as I love to see that fiery eComm spunk and grit in determined entrepreneurs, that spark of hope will never flame with success unless it’s fueled with a sound strategic marketing plan that includes seven basic principles.
These marketing principles aren’t a new digital trend, nor are they unique to me and my agency. In fact, one might even classify them as “old school thinking”… but they work! And I’m here to tell you, “If it ain’t broke, don’t fix it!”
Sure, over time, the labels and description of each principle has been tweaked a bit here and there, but fundamentally speaking, the theory of each one has remained the same… and most importantly, they get the job done!
So, let’s review, shall we?
7 Basic Marketing Principles to Explode eComm Growth
The Product Principle revolves around both creating and delivering a product that meets the needs and wants of your target audience.
If you’re having difficulty selling your product, it’s time to take a step back and reassess. What could you be doing differently or better?
When you stop looking at your products through your customers’ eyes, you lose sight of what they want. Your product is the heart of your business, so it needs to be something that resonates with your target audience.
Understand your customers’ preferences, conduct thorough market research, and develop high-quality products that solve your ideal customers’ problems and outshine your competition.
The Pricing Principle is a delicate balancing act between making a profit and ensuring your customers are satisfied; requiring careful consideration and frequent assessment.
Pricing your products too high can deter customers, while pricing them too low can hurt your bottom line.
You need to know your margins and how much it costs to make and promote your product (cost of goods sold – COGS) before determining a price. Failure to include these two factors in your pricing formula will put a debilitating chokehold on profitability. I can’t stress the importance of this enough.
Your challenge with determining a price is finding the balance between profitability and affordability.
The Promotion Principle is where we all get really excited. So much so, we’re often tempted to skip or skim over the first two. (Please don’t do that.)
Promotion is all about how you communicate with your customers – serving them in the right way, at the right time, and in the right place.
I counsel my clients to never put all of their eggs in one basket. Having a presence on multiple platforms is essential for an effective marketing strategy.
Consistently review your promotional strategy to evaluate its effectiveness and to ensure they align with your overall marketing strategy.
Digitally speaking, the Place Principle refers to the method or channel by which you sell your products. Do you have a consistent online presence? Is your website’s user experience optimized? Is your purchasing process seamless?
Knowing your place in the market and understanding your target audience is critical to your overall marketing strategy.
Know where your customers are, understand what they want, and recognize how you can reach them… and then show up BIG.
The Physical Evidence principle is the “marketing mix” of how you build trust with your customers and alleviate the barriers that might keep them from purchasing from you.
You can build that trust factor through branding, professionalism of your team, the look and feel of your products and website, social proof, trust badges for a guarantee or a secure checkout, phone number to access a real person, etc.
These elements can help you build trust and establish a strong brand identity.
And we all know what that means… cha-ching.
The People Principle is the way humans (whether it’s just you or your team) consistently represent your brand.
Having a genuine, dedicated team to back you up can be a competitive advantage. It’s about more than just having people sell your product. It’s about having a team who believes in you, your product, and your brand.
I have a team that works for me and I feel extremely confident in their ability to represent my brand because they know my core values. They know the experience I want my clients to have and that I want to make sure they’re taken care of.
Excellent service and a positive experience will make your customers feel like family – and who doesn’t want to feel that?
When a health and beauty eCommerce brand becomes a Digital Dawn client, we welcome them with open arms. They quickly realize that we’re not just another marketing agency churning and burning for our personal gain. Together, we are a team of marketing partners committed to helping them succeed. And it shows.
The Process Principle refers to the procedures and systems you have in place to ensure your business runs smoothly.
Unfortunately, most businesses fail to spend the time creating and optimizing their standard operating procedures (SOPs). And it significantly impacts their ability to deliver quality products and services in a way that makes their customers feel important.
As an eComm store owner, there are many processes to consider, but the holy eComm trinity would be marketing, customer service, and order-shipping-return process.
Sure, the number of processes a business needs to run efficiently can be overwhelming. So pick one broken element in a particular process that is keeping your customers from having an amazing experience and fix that thing.
That will give you the biggest return on your investment.
These 7 basic marketing principles are an “oldy, but goody” comprehensive guide to understanding and implementing effective marketing strategies that will explode your eComm growth.
But please keep in mind it isn’t a smorgasbord of “options”. It’s a cycle of interdependent variables that can produce a profitable “masterpiece” when appropriately applied.
By focusing on each marketing principle, you can create a robust marketing plan that drives long-term success for your business. So, take a step back, reflect on your own business and products, and see how you can apply each one to achieve your business goals.
If you enjoyed this article, check out this podcast for a more in-depth look at these basic marketing principles.
Dawn Sinkule, the Founder of Digital Dawn, is an MBA graduate, Strategy and Business Growth Consultant as well as a Certified Online Business Manager with more than 16 years of corporate experience working for a Fortune 50 company. Dawn and her team work with passionate six figure business owners who want to grow, expand, and explode their businesses. Dawn and the DD team provide your choice of self-implementation or fully done for you solutions, and both include detailed business strategies, automation, systems, and most importantly the satisfaction of knowing your business is heading the right direction. Her clients get not only the experience of a Fortune 50 leader, but also a personalized and customized strategy as well as an implementation team: AKA your secret weapon for success.