10 Ps of Marketing

Throughout my career, I’ve used the original four (4) Ps (Product, Price, Place (Distribution), Promotion) with great success and the formula works quite well to this day.

However, over the last 10 years, I’ve added a few more Ps to my list.  These additional Ps have helped me provide a more thorough Marketing Audit and effective marketing mix. The 10 Ps have uncovered additional sales building opportunities and cost savings for our brands.

Here is my entire list of 10 Ps and a few related questions (certainly not an exhaustive list) to ask of your brand. Good luck with your answers!

10 Ps of Marketing

  1. Product – Discuss and review needs and opportunities pertaining to design, technology, usefulness, convenience, value, quality, packaging, branding, sizing etc.
  2. Price – Discuss price strategies such as cost-plus, loss leader and more. See ‘How to Get Your Pricing Right.’ And, discuss potential cost increases (cost of goods, labor, insurance, taxes) and sales impact.
  3. Place – Discuss and review needs and opportunities with regard to retail operations, wholesale, mail order, internet, direct sales, multi-channel, USA vs. Europe, headquarters etc.
  4. Promotion – Review special offers, BOGOs, advertising, endorsements, direct marketing, free gifts, Groupon etc. See ‘Think and Plan for Christmas in July.’
  5. Promise – Discuss and review whether or not you’re truly delivering on a unique brand promise.  And, if you don’t even have one – get one.
  6. Positioning – Discuss and review ways in which your customers position you (it’s all about them and their beliefs not yours), where you want to be positioned (e.g., low cost provider) and plans to get there.
  7. People – Review needs and opportunities regarding culture, employees, interns, management, customer service etc.
  8. Performance (Proof) – Discuss and review ways you can prove your brand promise. Are you using testimonials, have you won meaningful awards. Success begs Trust – how to you prove your trustworthiness?
  9. Process – Discuss and review checklists and critical paths of making things, delivering things, hiring people.  Look for ways to speed up processes and decrease error rates.
  10. POW – Discuss and review unique ways to surprise and delight customers that make you special in their eyes. Work to bulletproof your dramatic difference.

I hope you find this exercise helpful in building your brand and helping you to uncover sales building and cost savings opportunities!

Good luck!

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Slay Giants with Brand Building Exercises

In marketing circles today, all the rage is about being ‘authentic’ and ‘transparent.’

It’s sad that we even have to discusstopics such as ‘being real’  because we should all be operating from our core.

A big reason why open and honest relationships for people and brands are tough to engage in, is because so many of us – people and brands – are dishonestly living a fake image of ourselves.

Being someone you’re not – trying to be all things to all people and living anyone else’s ‘ideal’ image of yourself never works – it’s impossible, not profitable and you’re doomed to fail.

However, what is possible, doable, enjoyable and profitable is living your life from your core being – your true north – because when you do, the right kinds of people will be attracted to you.

When Michelangelo was asked how he created David, he supposedly said, “The Angel was already in the marble, I simply chipped away the excess.” 

Begin today to chip away your excess/es of what’s covering up your angelic being and slay giants!

Here’s a little five question brand building exercise to help you in your endeavors.

Ask yourself and/or your team these questions:

  1. Who are you?
  2. What’s your story?
  3. Why should someone care?
  4. What’s your dramatic difference?
  5. How can you passionately demonstrate and clearly convey your dramatic difference?

Think long and hard about your answers. Work to refine your story – expand and enhance it. Make sure you have a clear and meaningful dramatic difference that can attract a large enough audience to make you profitable.

Effectively communicate your unique difference and you’ll be on the road to success.

The Harvard Business Review reports that, “up to 90% of spending goes to advertising and retail promotions. Yet the single most powerful impetus to buy is often someone else’s advocacy.”

Create and communicate stories worth reading, sharing and participating in and you’ll gain customer advocacy, patronage and slay a few giants along the way!

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