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Marketers, why you need to rethink the 4Ps

Marketers, why you need to rethink the 4Ps

Published March 14, 2013 by Gillian Hunter

For decades marketing students have been taught the 4P's and the 7Ps of Marketing. You know them: Product, Price, Place, Promotion, People, Process, and Physical evidence. There are even more Ps if you are really interested. Not that they aren't important - but they are simply elements in the execution of the bigger marketing picture.

The point is - we got our priorities badly wrong ... Many companies get tied up launching a new product or service - and then desperately try to find a market for the product. 

STOP!! You are going to get into a real knot - and spend oodles of money on loads of stuff you shouldn't be spending your company's money on.

You've missed out the crucial element... the Customer! Businesses that succeed are those that are focussed on a particular market segment and make it their own. 

Highly successful businesses get to know their customers better than they know themselves. They are obsessed about how they can make life easier and better for their customers. They only develop products and services that serve their market.

A statement of the obvious: It is easier and much more profitable to serve one market than ten ... Highly successful businesses find a market they want to address first. Then they work out what products and services that market really needs. 

Highly successful businesses are driven to serve that market obsessively. They offer their customers more than anybody else can - and make sure that everyone knows that. Their customers, suppliers, competitors, investors ... everyone!

The benefits of focussing on a specific market ... 1. Become known as an expert in that market 2. Become the supplier of choice in your chosen market 3. Sell more products and services 4. Expand your offering 5. Edge out the competition 6. Enhance your brand focus 7. Reduce marketing costs 8. Improve profitability 9. Secure your viability 10. Build a stronger future ...

It is never too late to put your customer first.