It’s an interesting time to be a marketer, there’s so much to do and so little time and the technology is changing so fast – it’s difficult to keep up!
Traditional marketing services are being superseded by digital services – online marketing, inbound marketing, content marketing, video, mobile. There is a time and place for each but you need to understand where and when.
When I was studying marketing, many moons ago, the simple model that was used to develop an understanding of how to position your market offering was the 4Ps, namely:
Get the right product, in the right place, at the right price at the right time. Simple, get it right and then go home and watch the revenue flow in. But of course it was much more complex than this and no amount of great marketing could rescue an inferior product or service. Marketers had to identify the need or want and market research had to be carried out to answer questions such as:
- Would it satisfy the customer need?
- Do we actually have the capability to build it?
- Can we build it and sell it at a profit?
- Is there a competitive product?
- What price will the market stand?
- Is our sales force capable of selling it?
- How do we get it in front of our prospects?
- How do we promote it?
If the market research looked favourable, a business case was required and initial development work carried out prior to project acceptance. Marketing set a price for the product or service based on several criteria such as the competitive landscape and what they thought the market would stand. The product or service was then launched and promoted.
Then as customer satisfaction became the mantra for differentiating your offer against your competitors the 4Ps became the 4Ps + S for service.
The evolution of the marketing mix model continued and become the extended marketing mix of the 7Ps which included people, processes and physical evidence.
These marketing mix models were/are useful tools for marketers to model and position their offerings to minimise risk when taking their product or service to market. But it’s not only the marketing mix model that has evolved, traditional marketing methods now have to contend with the internet and social media and in turn marketers need to evolve to ensure success for their companies and stakeholders alike.
But how do you keep on top of your game when everything is in a state of constant flux?
Over the next few weeks I’ll be looking at how the internet has influenced the 4Ps and where we have seen the biggest changes taking place.
In the meantime if you want to have a chat about how Rame Marketing can help improve your current marketing strategy, give me a call on 01803 413481
PS: Download the latest Rame Marketing ebook, 16 reasons to invest in content marketing