OK..now let me start with a famous quote from Kron Gracie:
"Everything in life goes back to the basics"
With total respect i want to alter this famous quote from the marketing perspective,
"Everything in Marketing goes back to the basics"
Yup. It's true. And i not only agree with this but also follow this principle when i start working with my clients. Often people, use to ditch the idea of basics and focuses more on advanced and complex things.
They're not digesting this fact that things cannot be simpler anymore...old fundas are no longer working in marketing...for getting success you need to make complex system.
Luckily, i'm not one of them. I feel sorry for them because if you're making things complex for you, you're making things complex for your customers as well. Same the case with marketing.
Do you remember, the 4P's of marketing i.e Product, Pricing, Place, Promotion? They're pretty basics. And still valid. In any industry.
Yet, a few marketers are working so hard to prove them DEAD. Hold on...I don't want to get into an online fight with anyone as anyone out there on internet has equal right to spread his/her ideas on any topic.
So, what i think that four P's is the foundation of every new business and marketer. Honestly, it's super obvious and simple that keeps any business on track of marketing. This is how:
Product: That's the first P. Currently, one of my client is having a great product to offer. And that's a plus point for me. Because your marketing should match your product not other way round. The product should solve people's real problem, rather than making an average product for mere selling.
Pricing- The second P. What's should be the best price of your product. Is it be too high or too low! or it should be fairly priced according to the audience. Hanging a price tag that you like will not do the trick. Keeping your price by understanding your audience standard eventually allow them to buy it.
Place: This is third one. Let's say you have opened a public speaking training center in a city where people don't care about this skill. Even if you're an TEDx speaker with a good reputation, you'll end up with a few or no customers. So, You've got to drill down to where you want to sell your product, which channel to use where people will like to engage with me.
And the last one, Promotion: Making a great product at engaging place with affordable pricing is one thing. But if you don't know how to reach people who are interested in buying your product/service then you're leaving money on the table. Promotion does that same thing. It helps you find prospects interested in your product through advertisement, direct marketing etc.
So, these were the four P's and i bet you agree with me that it works for every business.
However, I want to extend this further by adding 5 more P's. Yes, these are the extension of four p's. Marketing has changed in a lot way because of internet. In the internet era, where there's a lot of competition, a lot of noise, these 5P's is helping brands with digital products like Software-as-a-service, online course program to do marketing in more effective way.
It's a new modern approach to marketing. Let's discover them in brief.
Purpose- That's correct. As web expands, number of brand expands that leads to hundred's of thousands of product.And it's not stopping. When I'm writing this post, anyone from one corner of the world is planning to launch his/her product. Yet, majority products remains unsold.
Because of lack of strong purpose. or "Why" behind it. Most brands use to neglect this fact and they end up on the loosing site. Nowadays, customer want to see themselves behind the brand. They want to see their core values perfectly aligned with the brand.
That leads us to sixth P i.e Pride- When you buy a modern smartphone for yourself, let's say Apple and when you hold that white apple with the metallic logo shining from the back, you feel like king. You feel proud. Isn't it.
I don't about you but in my case i would be proudly showing it to my friends and neighbours. After all, i'm a human :)
The point i'm telling you this is your feel proud and inspired to use your products and services.
Partnership- Let me ask you a question. If you want to watch a movie and one of your best friends tells you why that same movie is a waste of time. Will you ever watch that?
Might not. Because your bestie...who is with you from past 5 years...you trust him/her more than yourself. Similarly, relationship matters in the marketing as well. Your Customers should feel a relationship with your brand not just a company-customer one but a friend-friend one.
If a brand is able to establish this partnership then the customer trusts increases make them feel Protected and secure to buy your product. Protection is the eight P.
People don't want to get spammed and scammed. Yeah a lot of scams are happening, where brands are leaking customers sensitive information and selling it to unauthorized parties. Really sad to see how it's now been a trend in Delhi-Ncr.
You don't have to worry. because once you have established the partnership with your audience...they believe in you. And they are sure that your brand will never let them down by performing such cheap tricks.
And here comes the last one. The ninth P. The DAD of all P's. Personalization.
Ahah! you got it. Who don't want personalized content on the internet. Who don't want their name on Starbucks coffee mugs. Who don't want their names to be printed on SWAG T-shirts.
I believe personalization has changed the game for some popular brands. It's all about giving relevant, tailored content to relevant people through their relevant medium. In the future posts, i'll will surely talk about personalization in more depth.
So, I hope my message was clear to you. By aligning these 5P's with those basics 4P's in a right way will make your marketing aggressive and efficient
In starting it may become hectic for you this is something outside your comfort zone. But i know you're a visionary persona and knows how to make things works for you well.
With that, let's recap all the nine P's we have discussed:
1. Product- What you have to offer to the market, with features and benefits that solves a real problem of customers.
2. Price- Pricing your product such that, your audience can afford it to buy your product.
3. Place- Finding the relevant location / demographic to sell your product increases the total conversion rates.
4. Promotion- Influencing and persuading your prospects to buy your product. Often done via content, advertisement, direct marketing etc.
5. Purpose- Your customer should feel the connection with your brand story behind the product.
6. Pride- Your customer should feel proud and inspired to use your products and services.
7. Partnership- Relationship matters. Also in business. Your customer should feel a sense of partnership with your brand.
8. Protection- Your customer should feel secure before and after busing your product/service.
9. Personalization- Your Customers should feel that your brand is continuously tailored to their needs and priorities.
That's it from my side.
If you liked this post then tell me in comments about the one new thing you've learned about marketing. it can be a small lesson or a big one, doesn't matter but somehow you must have gained a new knowledge on marketing or business. So tell me in comments!