Is 'P' the Most Powerful Letter in Marketing?

Is 'P' the most powerful letter in marketing?

It just might be.?

But even if it's not, the letter 'P' has to be the most fundamental.

And, if there’s one thing I’ve learned, it’s this.? You have to master the fundamentals if you want to succeed in the long run.? They’re the foundation everything else is built on.

Which reminds me of a fundamental everyone has learned.?

We all know our ABCs – literally.?

When my daughter was very young, we’d sing this fun little song. It helped her learn the alphabet.? Of course, it was called the ABC song.? We'd recite and sing each letter in order. Then we'd always end with,

“Now I know my ABCs… won’t you sing along with me?”?

Think about this.?

This ABC song is probably one of the only songs everyone knows.? Really.? And, just by mentioning it, you're probably humming along right now. ?

Talk about foundational.? And, powerful.? Once a child knows her letters, she goes on…to words, then phrases, sentences and so on.??

Well, just as the ABCs are foundational to any child, knowing your marketing ‘P’s early on is critical. They're your building blocks. You'll have to master them if you want to have any chance to effectively market in the long term.??In fact, just by my mentioning it, you should be humming them right now.

Yet, so many marketers don't hum them. In fact, so many don't even consider them at all. So, let's go back to them now. Think of it like the ABC song. One we should all recite and sing, in order.

Let's call our song 'The 4 Ps'....originally written by E. Jerome McCarthy. It goes....

Product, Price, Place and Promotion.....

Now won’t you sing along with me??

The 4 Ps.?

Product (or service)??

There’s a reason why Product is the first P. ?Your brand is nothing without a product that fulfills either a real need, a valued want or a felt desire.?

We all know, it's a cluttered, crowded world out there.? You better offer something different.? You better stand out.? And, if you’re new to the market, your product better be at least 10x better than established competition.??

“You can’t just put lipstick on a pig.”??

Talk about a corny-folky phrase.? But it has a point.?

An old boss told me this.? It made me smile. We were standing together looking at what seemed like hundreds and hundreds of leather boots at a western wear convention in Denver.

My boss was holding in is hands probably his 100th pair of boots that morning.? He was carefully looking at them.? Studying them. ?Evaluating them.? Sizing them up.?

His goal?? To determine if the new boot was just an attempt to put lipstick on a pig, or if there was something of real value there. He had to answer:

Why would our company carry these boots?? What would our customers gain?? Would they really care?? Should we get the brown or black boots?? Maybe both of them? How about the steel boots option?? Or, should we go with the boots that has a Kevlar bottom?? On and on, the questions went.? ?

In short, he taught me that with any product you must have a clear answer to this one question:?

“When is a boot not just another boot?”???

Price???

Once you’ve got your product, you need to lock in on its Price.? And, your reasoning better be solid.?

You’ll need to firmly validate:?

What’s its value?? And, why???

How much will people be willing to pay?? Are you sure???

How will you shape people’s perception of your value? How will you show and not simply tell??

Even more importantly, your price must match where in the market you want to be.?

Ask yourself.?

Are you a commodity?? Will you need scale?? Then, be the lowest price.?

Do you have high utility or value?? ?Charge a premium. Then take that margin to continuously reinvest.

Or, maybe you are this...?

Your product is shrouded in an amazing, indescribable feeling that either fulfills a fantasy or creates something of personal cosmic proportions. ?Wow.? Your product must be a luxury.? Price yourself sky-high.? That way the vast majority will never be able to afford you and those who can will value you even more.

?

Place???

Think of Place as your distribution – how and where people get your product.? ?

It’s often how they will see you too.?

Yet, it's so surprising how often Place is overlooked.? Or, it’s usually taken for granted by marketers. ??

But remember, if you don’t have a place the right people can really experience and easily get your product when and how they want it, well… you’ll create a lot of foxes. ?

Don’t know what I mean???

Let’s recall the timeless Aesop’s tale about The Fox and the Grapes.? ?

In the story, there’s this fox.? He sees a bunch of grapes nearby.? They look delicious.? So, he walks over and tries to grab them off a vine.? Yet, he quickly finds out that the grapes are way too high up for him to reach.?

No matter how hard the Fox tries, he simply can’t reach the grapes.?

Boy, this angers him.? So, out of frustration, he stomps away.?

But here's the key.

As he leaves, rather than admit defeat, the fox convinces himself that those grapes are really awful.? He actually didn't want them anyway.

He tells himself that those grapes are really sour and taste horrible.? He then tells this to anyone who will listen.? In fact, anytime someone just mentions grapes, he can't help himself, he just rambles on and on aloud how bad those grapes were. He does this even days, weeks and months afterwards.

So, don't create foxes with your marketing.

Have a solid plan on how you will facilitate and capture demand.? Keep reevaluating your distribution. Look for opportunities to expand or even contract. And, for heaven’s sake, don’t do a bunch of costly promotion until Place is, well, in place.? The last thing you want is a bunch of foxes out there calling your product sour grapes.?

On the other hand...? ?

Place is usually the #1 reason why high growth companies become high growth.? It's also how brand leaders often hold their position. They get their 10X product, priced just right, in a bunch of easy to reach places.? It’s called product-market fit.? And, we all want it!?

Promotion??

This is the last P.?

Once you’re confident that you have all of the above, then lean really hard into Promotion.? Done well, this is what can establish you and make you enduring.?

But remember. Promotion isn’t just clever, creative ads…though you’ll need those! It's also isn't just identifying your core audience and how you'll communicate your tagline. Though you better have those clearly defined. It also isn't just all those nuances wrapped up in your brand identity, though those count!

Simply, Promotion is great storytelling. And, to create a great story that resonates with people you better connect the dots in a way that builds cohesion around your 4 Ps.

This means weaving everything together into a Brand—so powerful that customers choose you almost without realizing it.?

Think P&G.? Think Unilever.?

Think Coke.? Think Pepsi, though I prefer Dr. Pepper.?

Think Amazon or Walmart.?

These companies promotions magically match the people they want to attract.? People see or hear one of their campaigns...Then sometime later, when the need tickles their thoughts they just gravitate to them.

In fact, most of these people make their decision to buy these brands almost without noticing that they actually made a decision.? They just do it.? ?

For example, people typically don't have this type of conversation right before they buy a Starbucks coffee:

"Starbucks does pick me up. It's a bit pricey, but they're so good and worth it. It's something small I can treat myself with. I work hard. I deserve it. And, their stores do seem to always be close-by when I want one. Let me just stop by this one on the corner. I think I heard they just came out with the seasonal pumpkin spice latte. I love those. And, didn't I just pre-load money to their app last week? It will feel like getting a drink right now for free."

No. People don't have the above, drawn out conversation. Instead, they just find themselves buying Starbucks. Sometimes, often.

Let's say it again. When it comes to the brands we buy, we often make the decision to purchase them without even noticing our decision. It's sort of done on autopilot. Almost automatic. And, that's the secret.?

That’s how holistic P-driven marketing often works best.? You simply don’t notice it. It just works.?

So, when it comes to promotion make sure you weave together your product, price and place in such an interesting or impactful way that when you promote your story to people, they will find themselves easily 'just' buying your brand because...how could they not?

Crescendo

Master these 4 P’s like you’ve mastered the ABCs…and success will surely follow. In fact, your longterm success will be built on it.

But, even better.? Get the rest of your organization to sing along with you and you’ll get another P

….PROFIT.?

And, I don't know about you, but this is something more marketers need to be striving towards. It's mandatory for a marketer to impact the bottom line to advance in their career.

The 7P’s

Want an extended version of our song??

Let’s add three more Ps:

People, Process and Packaging.?

These three are also often overlooked and can be game-changers in marketing. ?All three blend into how your brand is experienced.

Add these to your core four and you’ll stay in perfect harmony with your customers…and your long term profit.

People

People are really your secret weapon.? It’s what makes your company human.

Remember, people inherently want something more than a transaction.? They want to feel like they are dealing with other people, who care about them.? In a sense, they want connection.? In fact, they often subconsciously crave it.?

So, think how your marketing sparks, nurtures and amplifies a culture that simply enjoys connecting with other people.? ?It doesn’t have to go overboard.? Just the right amount connection at the right time, that is unique to your brand experience.

Process

This is all the different touch points in your customers' journey.? It’s all the little stuff that adds up. ?

Ask yourself what are all the different touch points people have with your brand:

Pre-purchase??

During purchase??

Post-purchase??

What do each of these feel like??

Can you make the current flow a better experience?? Can you make one of the touch points even better? Or, maybe a touchpoint is unnecessary or burdensome. So, just remove it.?

Or, maybe you can create an entirely new touch point?? One that will be more aesthetically pleasing....One that will enrich the experience.

Even little changes here can have huge results. In fact, they compound.?

Packaging (or Physical Evidence)

This is everything from the box your ship your product in to the service uniforms your team wears to your hangtags. ?

It’s just about anything that people physically see when they interact with you.? In a way, it’s how you wrap up everything you do.?

In fact, it doesn’t have to be physical per se.? It can also be auditory or a scent.?

For example, think about how your retail stores smell, sound and even how the lighting enhance people's experience.? ??

Hat Tip

There are so many great sources and discussions on the 4 Ps. These two recently stood out to me:

1) I highly recommend this On Strategy Showcase podcast where host Fergus O'Carroll has a conversation with Les Binet and Sarah Carter who talk the 4Ps, especially Price.?

Listen here .

2) Also, there’s a great opinion piece in Marketing Week called ‘Marketers, give the 4Ps a Chance ’ by Gareth Turner .?

Love the John Lennon and Mark Ritson references.?

3) Also, listen to the breakdown of this article thanks to Google's Deep Dive Podcast...listen here.

Final Thought

Whilst 'P' is a terrific and powerful letter for marketers...I actually believe for a marketer there is another letter that might be even more powerful.

But, more on that later...

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