When I was still in university, I remember learning about the Marketing Mix and the 4 P’s of marketing. We learned that taking into account Product, Place, Promotion and Price is the way to go to creating marketing strategies that worked.
Fast forward a years and with a few more years of experience under my belt, I still find myself referring to the 4 P’s when I am working on marketing strategies for my clients. Especially with integrated marketing campaigns, the 4 P’s were a great reminder for covering all your bases. Except now, I use these 4 P’s as a starting point – because I no longer find they create the comprehensive and cohesive approach that is required in today’s business landscape.
Granted, the landscapes today are much more complicated than they were 50 years ago, when McCarthy first came up with this idea. And like all things in marketing, trends come and go and even the best concepts must evolve to keep up with consumer needs.
So, in addition to the original 4 P’s, here are a few more P’s I think are relevant in today’s world:
Presence – traditional or digital, Twitter, Facebook or Pinterest; today’s marketing must span across mediums and go where the consumers are. Where do your consumers hang out and what is your strategy for each medium?
Parley – marketing today is about conversation. There is push and their is pull. Succeeding in today’s markets mean an ongoing exchange of ideas between the consumer and the brand.
Personality – whether it is B2B or B2C, marketing is about human connection and relationships. Giving your brand personality will make it more likable and relatable – and people buy from brands that they like and can connect to.
Personalization – with the marketing channels that are available to us today, marketing messages can quickly and quite easily become “one to many”. We talked about making brands more relatable, so speak to your consumers in terms that they can relate to. Create “one to one” messaging… that be be dispersed to many.
Progression – doing everything, being everywhere and taking part in everything is not always beneficial. Pick and choose your battles. Know your brand, know your destination – and make sure you progress and evolve with your consumers.
What other P’s would you add to the list?