MARKETING
The Eighth ‘ P ’ Of Marketing
By Poppy Lydia Sello
When I studied marketing , we were taught about the Marketing Mix , which originally comprised of the four Ps - Product , Price , Promotion , and Place . As marketing evolved , these four Ps also changed . Physical evidence , People , and Process were the last 3 components , totaling 7 in the marketing mix .
All of these components are essential to the development of a company and the accomplishment of marketing objectives . As was previously noted , marketing should adapt as people , consumer trends , and global markets do .
If a brand created amazing brand experiences and delivered excellent customer service , it undoubtedly had consumer loyalty locked down 10 years ago . However , it is no longer enough . We have witnessed a big increase in consumers seeking to engage with businesses beyond their pricing , promotion , or product , which has pushed brands away from '' selling '' type of marketing .
The pricing of a product / service may be reasonable , the product itself may be functional , and the promotion may be innovative , but there is one ‘ P ’ that matters that I believe should be included to the marketing mix - PURPOSE .
A cultural shift is on the horizon , and businesses are increasingly expected to assess , control , and leverage the influence they have on the globe . It is no longer enough to be lucrative ; it is also necessary to contribute to a more sustainable earth and a more equitable society ; and it is critical to have a purpose . A purpose is a framework that serves as a guide for business decisions and thought processes . It ' s all about harnessing the power of your WHY to build competitive differentiation and emotional engagement .
Why PURPOSE should be part of the Marketing Mix
Ideally , the purpose should be present from the start . It is not recommended to glue a purpose angle on top of an already created product to make it meet a specific set of criteria . Customers will see right through you . So , if it is established from the start , or if it is something that the brand has evolved to stand for over time , it lends more authenticity and credibility to the brand .
Nonetheless , the following are reasons why Purpose should be part of the marketing mix : purpose-driven businesses benefit the community and the lives of their customers ; it sets brands apart from the competitors ; employees are more empowered and motivated , fostering a strong company culture ; and it improves brand ' s reputation , hence creating brand equity - consumers will value a brand more when they know that they are more than just their products or services .
Being Purpose-led businesses means being concerned with more than simply profits ; it means directing your company decisions towards the greater good and they judge their performance differently . This results in an increase in consumer support because , as previously stated , consumers are more inclined to support organizations that are indifferent about profit . It also enables organizations to generate better results and position themselves as leaders to be reckoned with . Everyone wants to make money yes , but everyone also wants to make a difference . Which they can do if they have a noble Purpose .
Mascom Wireless , Botswana ' s leading telecommunications company , announced their purpose statement - Powering Connections That Inspire Change in February to commemorate their 25th anniversary . This has nothing to do with what businesses offer , but with how their existence is intended towards inspiring communities , individuals , employees , and the like .
This is an example of an organization that is purposeful in the way they engage their customers . Which is what all organizations should be striving towards - creating purposeful relationships based on value FOR customers beyond their needs .
The brand purpose must be relevant to what the brand sells or provides , which means a brand mission should be inextricably linked to the brand ' s reason for being ; it should not only be the purpose behind the product a company sells , but it should also be a part of everything the organization does .
Bottom line : People will select brands that enable them to make a difference versus brands that are exclusively driven by profit . Therefore , including Purpose in the marketing mix will ensure that future generations of businesses remember that consumers align with a purpose-driven brand and that they should strive to build purpose driven businesses .
Poppy Lydia Sello is is a Botswana based strategic-thinking Communications and Marketing professional adept at written and oral communications to meet specific needs , enhance perception and drive change . You can commune with her via email at : Poppylsello @ gmail . com .
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