Over the last 25 years or so, many new methods of marketing have been introduced, competition has grown fiercer, consumers' needs and expectations have changed, and we’ve become much savvier about the buyer’s journey.
No marketing initiative should be kicked off without a solid strategy. The best way to inform your strategy is through an understanding of the 12 Ps of marketing.
These can then be used to identify and flesh out your marketing tactics.
1. Product: What Are You Selling?
Are you going after the B2B or B2C market? You’ll want to approach the business market and the consumer market differently.
Think about the lifecycle of the product as well.
2. Price: What Is Your Sale Price?
Pricing is a balancing act. Go too high and you can lose sales. Go too low and you can lose revenue. Often, marketers think of pricing as the cost of goods sold (COGS) plus a markup that will yield an acceptable profit margin. While that strategy is certainly an option, to determine pricing there are many other types of pricing strategies to consider.
3. Promotion: How Will You Promote Your Product or Service?
This OG marketing mix 4P takes a lot of thought, as there are a lot of options! Which will be most effective, engaging, or elicit the most emotional reaction? Today, many marketers look for the right mix of traditional media (print, television, radio, outdoor, and direct mail) and digital media (email marketing, content marketing, PPC advertising, and so on), along with what type of “martech” (marketing technology) platforms can support and streamline initiatives. Of course, budget is always going to factor into the equation, with the latter generally being more cost-effective, especially for smaller businesses.
4. Place: Where Are You Selling?
You know what they say: Location, location, location! Determining where to sell your product or service used to mean simply identifying the right brick and mortar stores for your product and those that fit within your brand strategy (e.g., Walmart or Macy’s for a clothing brand).
5. Packaging: How Will You Package Your Product?
Sometimes, it’s what’s on the outside that counts. While packaging was probably the first add-on to the 4 Ps of marketing, it should never have been left out of the marketing mix. Why? Because in a way, packaging impacts all the previous 4 Ps of marketing.
6. Positioning: What Makes You Different?
This is an important addition to the 12 Ps of marketing. In this step, you must identify what makes your product or service unique and different from the competition. While part of this will be determined by your pricing, there are many other ways to position yourself.
7. Personality: Who Are You?
The best brands have a well-defined personality. Think about some of the most popular brands and an adjective is sure to spring to mind. Nike is athletic. GEICO is quirky. Apple is smart. Hallmark is sincere. Harley-Davison is rugged. Red Bull is exciting. Tiffany is elegant. Disney is fun.
So, what is your brand’s personality? While some may consider this marketing P part of positioning, I think it’s too important not to stand alone.
8. People: Who Are You Targeting?
People will mostly be informed by the other Ps. Sure, it’s great to target “everyone” (and indeed, some commodity products are meant for everyone), but you can narrow it down to those most likely to purchase by delving into geographic (where they live), demographic (who they are), psychographic (what they think), and behavioral (how they act) aspects of your audience.
9. Process: What Is the Buyer’s Journey?
In the past, marketers put out a product, advertised it, and hoped for the best. Today, however, it’s essential to map out the buyer’s journey. After all, most people don’t wake up and buy something on a whim. They go through a process, hence this addition to the many Ps of marketing.
10. Policy: What Do You Believe?
Many company policies remain hidden in internal corporate documents, as they should. But, in today’s world where transparency is the key to creating consumer trust, you’ll want to share some of your policies. No, not the company dress code or PTO policy, but what you as a company value — what you believe in.
Are you committed to creating a sustainable product? Do you actively hire with diversity, equity, and inclusion in mind? Do you donate to local or national causes? Are you committed to product safety? All of this can be communicated within your marketing messages, on your website, through social media, and so on, to build trust and create a connection with consumers.
11. Performance: How Will You Measure Success?
At the end of the day, you have to answer to somebody about the performance of your marketing efforts. How will you measure it? Through website or social media analytics? Customer reviews or referrals? Positive media coverage? ROI or bottom-line sales?
Understand from the get-go what you hope to achieve and how you will measure it, and then be prepared to report on it.
12. Perseverance: How Will You Continue to Grow?
How will you persevere, or continue to grow, in today’s rapidly changing marketplace? It’s always important to look to the future.
So, in this final step, think about ways to evolve (whether it is your product or service, or your promotional efforts) in order to survive and thrive years down the road.
Inform Your Marketing Strategy With the 12 P’s of Marketing
According to CoSchedule, 40 percent of marketers have no marketing strategy. This, in the face of data that shows top marketers are 414 percent more likely to report success when they document their marketing strategy.
Why do some marketers fail to come up with a strategy? It may be because they don’t know where to begin. So start here. By following these 12 marketing mix elements, you can craft a good marketing strategy
1. Product: What Are You Selling?
Are you going after the B2B or B2C market? You’ll want to approach the business market and the consumer market differently.
Think about the lifecycle of the product as well.
2. Price: What Is Your Sale Price?
Pricing is a balancing act. Go too high and you can lose sales. Go too low and you can lose revenue. Often, marketers think of pricing as the cost of goods sold (COGS) plus a markup that will yield an acceptable profit margin. While that strategy is certainly an option, to determine pricing there are many other types of pricing strategies to consider.
3. Promotion: How Will You Promote Your Product or Service?
This OG marketing mix 4P takes a lot of thought, as there are a lot of options! Which will be most effective, engaging, or elicit the most emotional reaction? Today, many marketers look for the right mix of traditional media (print, television, radio, outdoor, and direct mail) and digital media (email marketing, content marketing, PPC advertising, and so on), along with what type of “martech” (marketing technology) platforms can support and streamline initiatives. Of course, budget is always going to factor into the equation, with the latter generally being more cost-effective, especially for smaller businesses.
4. Place: Where Are You Selling?
You know what they say: Location, location, location! Determining where to sell your product or service used to mean simply identifying the right brick and mortar stores for your product and those that fit within your brand strategy (e.g., Walmart or Macy’s for a clothing brand).
5. Packaging: How Will You Package Your Product?
Sometimes, it’s what’s on the outside that counts. While packaging was probably the first add-on to the 4 Ps of marketing, it should never have been left out of the marketing mix. Why? Because in a way, packaging impacts all the previous 4 Ps of marketing.
6. Positioning: What Makes You Different?
This is an important addition to the 12 Ps of marketing. In this step, you must identify what makes your product or service unique and different from the competition. While part of this will be determined by your pricing, there are many other ways to position yourself.
7. Personality: Who Are You?
The best brands have a well-defined personality. Think about some of the most popular brands and an adjective is sure to spring to mind. Nike is athletic. GEICO is quirky. Apple is smart. Hallmark is sincere. Harley-Davison is rugged. Red Bull is exciting. Tiffany is elegant. Disney is fun.
So, what is your brand’s personality? While some may consider this marketing P part of positioning, I think it’s too important not to stand alone.
8. People: Who Are You Targeting?
People will mostly be informed by the other Ps. Sure, it’s great to target “everyone” (and indeed, some commodity products are meant for everyone), but you can narrow it down to those most likely to purchase by delving into geographic (where they live), demographic (who they are), psychographic (what they think), and behavioral (how they act) aspects of your audience.
9. Process: What Is the Buyer’s Journey?
In the past, marketers put out a product, advertised it, and hoped for the best. Today, however, it’s essential to map out the buyer’s journey. After all, most people don’t wake up and buy something on a whim. They go through a process, hence this addition to the many Ps of marketing.
10. Policy: What Do You Believe?
Many company policies remain hidden in internal corporate documents, as they should. But, in today’s world where transparency is the key to creating consumer trust, you’ll want to share some of your policies. No, not the company dress code or PTO policy, but what you as a company value — what you believe in.
Are you committed to creating a sustainable product? Do you actively hire with diversity, equity, and inclusion in mind? Do you donate to local or national causes? Are you committed to product safety? All of this can be communicated within your marketing messages, on your website, through social media, and so on, to build trust and create a connection with consumers.
11. Performance: How Will You Measure Success?
At the end of the day, you have to answer to somebody about the performance of your marketing efforts. How will you measure it? Through website or social media analytics? Customer reviews or referrals? Positive media coverage? ROI or bottom-line sales?
Understand from the get-go what you hope to achieve and how you will measure it, and then be prepared to report on it.
12. Perseverance: How Will You Continue to Grow?
How will you persevere, or continue to grow, in today’s rapidly changing marketplace? It’s always important to look to the future.
So, in this final step, think about ways to evolve (whether it is your product or service, or your promotional efforts) in order to survive and thrive years down the road.
Inform Your Marketing Strategy With the 12 P’s of Marketing
According to CoSchedule, 40 percent of marketers have no marketing strategy. This, in the face of data that shows top marketers are 414 percent more likely to report success when they document their marketing strategy.
Why do some marketers fail to come up with a strategy? It may be because they don’t know where to begin. So start here. By following these 12 marketing mix elements, you can craft a good marketing strategy .
Check out the original article here