Once upon a time, all good marketing plans included what was hoped to be the ideal marketing mix or the 4 P’s of marketing (Product, Price, Promotion and Place). It was assumed that the success of any company was dependent on have the perfect marketing mix. Considering how the internet has transformed the way consumers make marketing decisions, is the 1960’s concept of the marketing mix obsolete? The concept itself is still just as valid; however, to make the best use of the marketing mix, we must encompass this concept with today’s consumers.
It’s not enough for a company to have the best products or services available at the lowest prices. If consumers don’t know you exist or if they can’t find you, it’s impossible for them to purchase from you. Does this mean that product and price becomes obsolete? Absolutely not! Let’s take a look at how the modern day consumer makes a purchase today.
First, the consumer has a need or want. Even when this need or want is a result of radio, TV or print advertising, the second step is to research this product further. Instead of physically visiting many stores to compare prices as well as similar products offered by your competitors, consumers will trust the World Wide Web as a viable place to do their research. This research includes everything from the actual company website to product reviews to articles to blogs and even online ads.
Potential customers rely on information found over the internet to make informed purchasing decisions. Since the consumer has readily available access to information, product and price become even more significant. However, other considerations need to be taken into account.
To ensure your potential customers can find you, there are new marketing P’s that must be included in marketing strategies (Personality, Publishing, and Physics).
Personality – Marketers must learn how to interpret buyer behaviors. They need to understand the personalities of the people to whom they are trying to reach.
Publishing – In addition to developing content and advertising that engages their target audience, today’s marketers need to ensure that their enticing content marketing is easy to find.
Physics – Executives expect greater transparency and predictable contributions to revenue from marketing. Organizations depend on disciplines like nurturing and scoring leads, tracking conversions and developing formulas for how buyer actions lead to closed deals.
These new P’s of marketing can easily be integrated into 2012 marketing strategies by including display advertising, video advertising, search advertising, social media advertising, and of course ensuring your website is optimized for search engines. Companies that choose to embrace the new P’s of marketing and encompass them with the original 4 P’s of marketing will increase their web presences, giving them an advantage over their competition.