Inbound Marketing Creates The 4 "NEW" P's of Marketing;
What About The "Old" 4 P's?
I still remember learning the four P's in Advertising class with Mr. Ellis back in the early 90's. Product, Price, Place and Promotion have been the tried and true focus of marketing for over 50 years.
Are the 4 P's still relevant today in an online world? While they may still be relevant in some regards, I think there is a valid argument for a new set of 4 p's...one that better represents the how you must approach marketing your business online.
What do you think?
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 2012, Jimmy Hovey proposes a "New" Four P classification.
The "NEW" 4 P's?
Here is how I see the 4 P's today.....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.
1st "P" - (P)lanning
Every business owner should have Internet marketing and a social media strategy. Success in Internet marketing does not happen by accident or instantly. Quite honestly, it IS A TON OF WORK, but good things come from hard work and thinking (check out some of my articles on Critical Thinking....very applicable here).
There must be a comprehensive plan that includes:
Content Creation Strategy
Content Promotion 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?
2nd "P" - (P)ublishing Content
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 those who are profitable.
Ready to get Pen and Paper?
3rd "P" - (P)articipating
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.
Purpose: Build excitement around a product without pushing directly onto consumers, but gaining momentum for when the time is right.
Are You Participating?
4th "P" - (P)atience
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?
The Shift To The Internet
The Internet is really been the backbone in the change of the way we market products and services. Have you noticed that nearly every commercial has a Facebook symbol, Twitter and more often now Pinterest.
Marketing on the Internet isn't all that complicated, it just involves a lot of variables that you must understand to really take advantage of in order to get your website found. Here is a e book to give you a short overview of how to approach Content Marketing for your business.
This is the same process I used to take my family electrical firm from 0 visits a little over a year ago to over 3,000 visitors this past month. Check it out.....just click on the cover below.
Plan, Publish, Participate, Patience, the "NEW" 4 P's? What do you think? Please make a comment below.