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How Inbound Marketing Strategy Creates "NEW" Four P's of Marketing

Posted by Jimmy Hovey on Tue, Feb 22, 2011 @ 07:00 AM

Inbound Marketing Creates 4 "NEW" P's of Marketing;

What About The "Old" Four P's

I still remember learning the four P's in Advertising class with Mr. Ellis back in the early 90's.  This has been the tried and true focus of marketing for over 50 years. Are the 4 P's still relevant today in an online world?  I say no, there is a new set of 4 P's.....

History of the Four P's of Marketing

According to Wikipedia,

  • In 1948, James Culliton was credited with the concept of a marketing manager as a "mixer of ingredients". 

  • In 1953, Neil Borden coined the phrase "marketing mix".  Although the term he used was new.

  • In 1960, E. Jerome McCarthy proposed the Four P classification. 

Maybe 50 years from now, there will be an entry such as:

  • In 2011, Jimmy Hovey proposes a "New" Four P classification.   

The "NEW" 4 P's?

I propose the following Four P's, as they are much more relevant than the original Four P's.  After all, the concept has been around for over 50 years, so I think it is time for an update. 

PlanThe "NEW" 4 P&squot;s of Marketing...

Every business owner should have Internet marketing and a social media strategy.  Success in Internet marketing does not happen by accident or instantly. 

There must be a comprehensive plan that includes:

  1. Market Research Strategy

  2. Keyword Strategy

  3. Social Media Strategy

  4. On Page and Off Page SEO Strategy

  5. Content Marketing Strategy

  6. Blogging Strategy

  7. Measurement of Analytics Strategy  

Synchronizing the strategies listed above would be nearly impossible without advanced planning.  It doesn't matter what type of product or service you have, without a plan your website will be a fancy brochure.

Do you have your plan?

 

Publish

The ability to publish will be more important then what price you are charging.  The business that has a relationship with the customer will win. 

Publishing great information, not direct sales pitches will build the relationship and create a indirect sale when the time is right. 

The business who spends time developing content with be much further ahead than those who spend their time developing fancy advertisements that don't work. 

Traditional outbound marketing is dieing. Those that publish will tbe those who are profitable.  

Ready to get Pen and Paper? 

 

Participate

Participation is critical with Social Media.  Still thinking that Social media is a fad?  You had better wake up, because it is growing everyday.  Here are 2 examples. 

Ford breaks tradition and releases the new 2011 Ford Explorer on Facebook after creating anticipation through participation. 

Purpose: Build excitement around a product without pushing directly onto consumers, but gaining momentum for when the time is right.  

NFL teams are usually very quiet when hiring a new coach.  That changed when John Elway became VP of Football operations and sent out Tweets on hiring new coach.

Purpose: Engage fans by providing information allowing for the team to engage and likely sell many more tickets next year.

Creating participation is important to your Social Media strategy, and the two examples above illustrate how large companies are participating with their customers. 

When will you start to participate?

 

Patience

Likely the most important of the "NEW" 4 P's. 

I find it interesting how business owners expect that the website they put up 30 days ago is not producing leads or sales.  

Ironically, they don't ask the same questions to the newspaper rep or the yellow pages.   

They don't have patience and lack the understanding of what it really takes to be successful online.   

Building a website that consistently genrates leads takes time to develop, 6 to 12 months at least. 

It takes a plan, lots of content through publishing, participation in social media, and most of all patience.

Do you have the patience?

Plan, Publish, Participate, Patience, the "NEW" 4 P's?  What do you think? Please make a comment below.

Want to see how the 4 "NEW" P's relate to your business?

Topics: Inbound Marketing Strategy, Inbound Marketing Plan

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