May 12 2015
The original 4 P’s of marketing – Price, product, place and promotion – devised back in the early 1960′s by the American Marketing Association – have been extended and tweaked over the years. They still represent the basics of how to shape your strategic marketing thinking but times have changed – even the definition of marketing itself has changed dramatically over the last 60 years. Duct Tape Marketing’s John Jantsch has come up with an interesting take on what the 4 P’s might stand for in today’s ever-changing marketing landscape. Today’s marketing is all about building trust, according to John, and today’s 4 P’s are all about how a customer experiences dealing with your company.
P stands for Passion – when a business owner has a real passion for what they do, good things can happen. Leading with passion and connecting to others within your company and your customers will bring about a desire to commit.
P stands for Purpose – why you do what you do. A clear definition of your purpose builds trust – amongst your employees and your customers – because it enables them to see their own values in action.
P stands for Positioning – with a clear understanding of purpose it’s easier for companies to then position themselves within their market.
P stands for Personality – letting all those who come into contact with the business understand its personality and actually experience its purpose.
Whilst you might not agree with John’s suggested new P’s, it’s an interesting slant on a tried and tested way of looking at the basic marketing building bricks of your company. To read his blog in full, click here.