The 6 Ps of Marketing Are Still As Relevant As Ever
Updated: Jun 5, 2020
Do you use the 6 P’s of marketing when planning your marketing strategy or digital marketing strategy? Chances are you probably don’t.
The 6 P’s of marketing have been around since the 1960’s when a man called E.J. McCarthy started with the 4 P’s; Product, Price, Place and Promotion. However over time, People and Process were added to give us the process we use today.
So why are they so important and why should we still be using them today? We’ll take a look at each element individually and explain why we think it’s still relevant today!
Your product or service is the most important thing to your business. If you don’t really know what your product is or what its benefits are to your customers, it’s very difficult to have a single message to tell your customers. This is also reflected in you USP.
In order to have a good marketing strategy you need to really understand your product and what makes it unique.
Price for your product or service can be difficult to get right. Many businesses tend to undervalue their products or services starting out, losing out on vital revenue in the early days.
This is why it’s so important to have a correct pricing strategy for your brand. You need to consider are you a low price brand looking for volume or more higher priced with a more premium offering. Margins and profit need to be considered for obvious reasons to ensure that you have costed your products or services corrected as to make a profit.
People should be at the core of your brand, without them you won’t have consumers. In a traditional sense you would have segmented target markets, however in the digital age this has moved to personas. Personas help company’s know how to target their consumers, for example do they use Facebook or Instagram or both. Knowing how to reach your customers really helps hone in the marketing strategy.
Your employees also fall into this element of marketing. It’s important that your employees buy into your brand since they will also act as your brand ambassadors and tell your brand story.
When it comes to place, it extends far beyond the physical location where customers can get your product or service. You must look at availability, distribution, instore and online. If a customer does not have easy access to your product or service, it is pointless spending a lot of time and money on promotion. The basics must be covered first and revisited from time to time to ensure they are meeting the required standard. For example is your distribution strategy meeting your customers demand?
Promotion is what people think of when they think of marketing. However looking at a deeper level all of the elements covered above have an influence on how your promote your business and develop your overall marketing plan.
Having a good process in place to bring a marketing plan together is very important. Starting out by planning how you will achieve a successful campaign, going through the 6 P’s, setting a budget and timeline, your brand insights, knowing what your brand says and does.
Then you will need to implement the activity, making it happen – your events, PR etc.
Being able to measure if your campaign was a success is so important. This can be achieved by setting clear goals and objectives at the start, such as sales targets, awareness target, online activity and interaction, etc.
The 6 P’s process is far from dead. For any marketeer it is still necessary to achieve a successful marketing plan and created a successful brand identity, giving brand consistency across all branding elements.