A New Look at the 4 P’s of Marketing

If you have ever read a marketing text book or taken a course on marketing, you may be familiar with the 4 P’s of marketing, also referred to as “the marketing mix”. Introduced in the 1960’s by marketing professor and author E. Jerome McCarthy, the 4 P’s concept has traditionally been one of the most widely enduring frameworks in marketing.

The Traditional 4 P’s of Marketing

The marketing mix has been described as the marketing tools used to pursue target marketing objectives and includes four levels of marketing decision:

• Product – Goods or services that satisfy consumer needs or wants
• Price – What the customer is willing to pay for the product
• Promotion – Advertising, PR, and sales promotion of the product
• Place – Providing customers with access to the product

Marketing concepts and strategies have continued to evolve since the original 4 P’s were first introduced. Numerous adaptations and modifications of the marketing mix idea have emerged through the years. The changes in communication technology and evolving social trends have continued to reshape the way we look at marketing.

4 New P’s for Customer-Focused Content Marketing

Today, growth in the digital marketplace and personal communication technology have created a consumer desire for readily available answers and information on the buying journey. This points to the need for a more customer-focused approach to marketing. With that in mind, we can take a fresh look at the 4 P’s of marketing and consider some new concepts.

Personas

In order to create customer-focused content, you need to know your customer. A great exercise for getting to know your buyer is through persona development. Buyer personas are based on market research as well as on insights you gather from your actual customer base (through surveys, interviews, etc.). By creating personas you can better understand who you are communicating with and how to craft content that will attract them.

Pain Points

Once you have developed your buyer personas, you can then consider what pain points they have. Look for issues that they find upsetting, pressing, anxiety-producing, or frustrating. An in-depth understanding of these pain points is the first step in determining what you can so to take away that pain. Through this process, you will be able to predict what types of content your buyers will be looking for in their online searches.

Problem

Based on the pain points you identify, develop some problem scenarios that your prospective buyers may encounter. These should be relatable situations in which your buyers will be able to easily see themselves. Apply your products and services as effective solutions for these problems. Writing content that is focused on problem solving rather than sales will do more to establish a rapport with your customers and help you to earn their trust.

Provide

The most well-crafted customer focused content will only be effective if it moves the prospect further along in the buyer journey. You can encourage that movement when you provide next step or call to action. This may be an eBook offer, link to additional information, quote request or any other invitation to in effect “continue the conversation” with you.

Need some assistance in applying these ideas in your online marketing strategy? We are always here to help you make the most of your internet marketing! Give us a call!