Remember the 4 P’s of Marketing? Think Again
Anyone who has taken a basic Marketing course or read on the subject of Marketing will share the 4 P’s of Marketing, c’mon we can all recite them:
o Product – What problem does your product resolve?
o Price – what is the value provided by the product? Is that competitive in the market?
o Place – where do buyers look for your product or service?
o Promotion – where and when can you get your marketing message across?
The 4 P’s were the basis of historical marketing efforts and the foundation for a generation of Marketing Professionals. If you are a small business owner, you’ve no doubt come across countless iterations of salesmen and women who quoted from the Marketing playbook.
I believe the 4 P’s are inseparable from a management perspective, you will always have to consider them when making marketing decisions. The rapid growth of digital marketing, incorporating websites, SEO, SEM, Social, and content marketing have necessitated a shift.
Consider the tactics contained in your existing marketing efforts, which may include:
• Sales – cold calls, networking, referrals
• Print – brochures, sell sheets, signage, business cards
• Digital – website, ppc, content marketing, seo, social advertising
• Event – booth space, sponsorship, premiums
Do you have other ways you are successfully marketing your small and medium sized business, share them on the JRS Mar/Com facebook page.
It’s important to remember that we don’t neglect any of the efforts in your marketing mix at the expense of others. “We decide, measure, analyze, and amend every marketing dollar spent on development of rabid customer advocates.” If any component of the marketing mix doesn’t ‘move the needle’ after a period, we reallocate to another.
JRS Mar/Com is an advocate of the opportunity created through the rise of digital marketing. There is a new Marketing edict, The 4 C’s:
Create – developing unique evergreen content that distinguishes your business from your competition is a great way to generate affinity and awareness.
Curate – You know your business better than anyone, hopefully you have personal relationships with your customers. Provide them with relevant, informative, entertaining content and they will increase engagement.
Connect – The old push model in media is extinct, you have to engage with your clients and share their pain points, exaltations, and queries. Digital Media allows for development of ‘closer’ monitoring, dialogue, and relationships
Culture – Does your culture embrace digital marketing strategy or are you stuck in ‘phone book’ culture. If you aren’t sharing your culture with your community, then it’s unlikely that you will develop the rabid brand advocacy that can become a referral source.
Developing strategies for your marketing mix is an annual opportunity to plan, something that businesses can begin to shift towards increased measurement as well as adjustments to the mix of traditional versus digital marketing strategies. If your business is ready to start shifting your spend towards more digital marketing strategy, we can begin to answer the following questions:
-How many monthly visits click thru to my website?
-Where do those visits come from?
-Where do they go once they arrive?
-How many visits do I need to receive a phone call or contact form submission?
-Am I getting a return on my marketing spend?