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Marketing For The 21St Century: Time To Expand On The Timeless “four Ps”

If you’ve ever sat through a Marketing 101 tutorial, the phrase “four Ps” should ring a bell. Every traditional marketing textbook identifies product, price, promotion, and placement as the four major components of an effective marketing strategy.

But in today’s high-tech, high-touch world, do the same rules still apply? In a word, yes. Every home-run campaign still uses classic marketing principles as its foundation. Trust us, you’re going nowhere without a product or service that fills a demonstrated need, a well-thought-out pricing structure, a benefit-rich promotional strategy, and visibility/ availability wherever your prospects hang out, shop, or research their purchases.

However, a solid foundation is just the start. Today, you need a much more sophisticated marketing strategy to break through the clutter, overcome objections, and unleash the buyer within. To the four classic Ps, we suggest adding the following:

Personalization

Sure, no sound is sweeter than that of your own name. But thanks to technology, the concept of personalization can be taken leaps and bounds beyond a mere “Your Name Here” on a direct mail piece. Use variable data and imaging to swap out text and photos and create one-of-a-kind mailers that speak directly to your recipients’ individual circumstances. Then, because recent studies show that 42%  of interested direct mail recipients prefer to respond online, send your prospect to a personalized URL (PURL) to continue the conversation.

For email marketing, calling the reader by name goes without saying. Take personalization one step further by letting your recipients customize the type and volume of communications they receive from you.

Run an e-commerce site? Take a lesson from Amazon.com and invest in the technology that lets you suggest new purchases based on prior buying behavior.

Personality

By definition, marketing means standing out from the pack. So why are too many companies afraid to do exactly that? Last week, a potential client remarked that their branding colors had to stick to shades of blue, because that’s what everyone “in their space” was doing. Think everyone in the supplemental insurance “space” was doing a funny mascot before AFLAC? Can you even name any other supplemental insurance companies? We thought not.

Big or small, many marketers hide behind a brand facade that’s completely devoid of personality. But unique quirks are what make us memorable, especially those of us without six-figure marketing budgets. The next time you go to a networking event at which everyone gives a 30-second intro, consider who remains memorable when you’re driving home. Chances are, it’s the person who broke the mold — weaving a story into their pitch, focusing on a benefit, revealing a personal fact, even something as simple as saying their name at the end of their spiel rather than the start.

Sure, there’s a fine line between personality and telling the Twitter-verse what you had for breakfast. But much of what makes a brand memorable is making it human.

Participation

This seventh P goes hand it hand with personality. Like the lottery ads say, “Ya gotta be in it to win it.” Marketers who discount the brand-building value of blogs, forums, and social networking sites do so at their peril. Participation can have tremendous strategic benefits, from boosting your search rankings to positioning your organization as a thought leader.

Think Twitter’s a waste of time? Think again. Instead of wondering who might possibly follow your musings, try using Twitter as a PR tool, suggests Fern Dickey of NJ-based Backburner Projects (backburnerprojects.com). For clients like Casio America, Dickey searches out Twitter-savvy media who often tweet out requests for the sources needed for upcoming stories. “Whether it’s natural disasters, political developments or breaking tech topics, the news is often heard first on Twitter,” she explains. “Currently, 90% of journalists and people in the media use social networks. Fifty-one percent of them use Twitter and that number is growing.”

It’s no surprise that entire industries are springing up around Facebook, LinkedIn, and the like, with companies offering to optimize your profile, ghost-tweet, or “digg” your latest blog posting. It’s because these tactics work, and you need to participate on at least a minimalist level to stay relevant. But they can also become an enormous time suck, so choose a few wisely and don’t spread yourself too thin trying to stay abreast of the latest and greatest.

Marketing strategies may be growing in scope, but they’re becoming more streamlined at the same time with the help of the web technology that supports many of the new strategy components. By paying attention to these important advancements you can keep your focus and planning ahead of the curve.

About the Author

As a copywriter and creative director for more than two decades, Lisa Fahoury helps companies crystalize and deliver their marketing message for maximum sales results.

Fahoury is the editor of Creative Compost: Where Great Marketing Ideas Grow, a quarterly print newsletter filled with offbeat marketing tips. She is also the creator of the Think Like a Fish seminar series on creative thinking.

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