The traditional marketing mix is Price, Place, Promotion, Product
In traditional marketing models, business schools and textbooks, the marketing mix is the 4 Ps shown above. If you look up “marketing mix” online, you might find:
When marketing their products firms need to create a successful mix of:
- the right product
- sold at the right price
- in the right place
- using the most suitable promotion.
To create the right marketing mix, businesses have to meet the following conditions:
- The product has to have the right features – for example, it must look good and work well.
- The price must be right. Consumer will need to buy in large numbers to produce a healthy profit.
- The goods must be in the right place at the right time. Making sure that the goods arrive when and where they are wanted is an important operation.
- The target group needs to be made aware of the existence and availability of the product through promotion. Successful promotion helps a firm to spread costs over a larger output.
All well and good. Definitely a
foundation for success.
Yet in today’s frantic, technology-driven world, where customers have more choices than ever and more resources than ever to help them make their choices, this marketing mix seems rather limiting, doesn’t it?
With the advent of 3D printing, practically free websites, social media and personalized products … new ideas and products can be filtered, reviewed and approved quickly … short run products produced and tested … products floated to a crowdsourced platform like KickStart … all creating a more fluid, flexible and changeable opportunity to create a successful new product or service.
I have a suggestion … perhaps a way to narrow the focus. The traditional 4 Ps are very “we” focused. We’ll make this new thing, test out pricing to price it right, then create promotions that will get people to buy our stuff. “We” being the manufacturer of the product. Where’s the “you” in that?
I also found this statement when I searched “marketing mix” …
Definition: The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4 Ps make up a typical marketing mix – Price, Product, Promotion and Place. However, today the marketing mix increasingly includes several other Ps like Packaging, Positioning, People and even Politics as vital mix elements.
Let’s redefine the marketing mix
for today’s markets
Always start with your audiences. Who is the right customer for your idea, product or service? Why should they care? What benefit (that’s personal, it’s not a feature of what the product does) do you provide with your new thingamajig? You could even create a product based on what people have been looking for or asking for. (I just read about this interesting company who scans Amazon reviews for comments like “I wish it did x” … then they go create that product.)
How or where does your product fit compared to others in your category, or compared to the choices your audiences have? Is the positioning clear and audience-driven (what’s in it for me?) Does the positioning, the “reason for being” resonate with the audiences? Does it capture a place in their mind? Is it focused?
Point of choice
Now, where do those people look for what you have to offer? How and where do they choose to take action or buy? By narrowing your focus on the point of choice, you work from the audience’s point of view, how they choose. That’s far more effective than just throwing more promotion out there.
With today’s technology, it’s possible to personalize marketing, mailings, products and so much more. It’s important to make the message as personal as possible … and what can be done to create a personalized experience, customer focused buying, and a customized product? How personalized can you make the whole process–from package, to communication to website to email to the product itself?
Tune up your marketing mix. Try out the new 4 Ps we propose. Use the links to learn more about our approach … audiences first; strong and clear positioning; focus your resources on the point of choice; and make it personable and engaging. Remember … “what’s in it for me?” … not you, the audience you need to reach! Use our worksheet to find the critical points of choice for your audiences.