David Rose’s 10 P’s of Marketing Help Build Revenue Engines
The “Famous 5 P’s of Marketing,” also known as the marketing mix, missed half the essential criteria. These 5 P’s are considered the basics for beginner and advanced marketers. Marketing students are taught them. PhDs candidates of marketing sometimes write their thesis on them. Business and Marketing Plans are supposed to include them. Startups are told to heed them. CEO’s are expected to know them. The list of usage goes on and on. Too bad the 5 P’s are only half of the foundation for marketing.
Today’s technological advanced business world evolved much further than the addition of the 5th P that was added years later. Originally it was the 4 P’s of Marketing, which was coined by Jerome McCarthy in 1960 as; Product, Price, Promotion and Place. People was added as the 5th P in lieu of the Internet changing the game and making People more prevalent than Place since the Internet can reach the world without a brick and mortar storefront. Even with the 5th P, this is inadequate as a foundation for marketing. The framework of such a vital business component, like marketing, must contain the entirety of essentials. The 10 P’s of Marketing helps build Revenue Engines that produce more qualified leads, build stronger brands with greater awareness, lower client acquisition costs (CAC), and substantially grow sales. I developed the 10 P’s of Marketing over several years of consulting multiple businesses in numerous industries around the world.
David Rose’s 10 P’s of Marketing For Building Revenue Engines
Plan refers to your Marketing Plan. Before leaders run onto the battlefield with their People, they need a well-designed Plan. Just jumping into the “P’s of Marketing” without a Plan is ridiculous. The specific elements of the Marketing Plan should layout and align the resources, budget, tools, People, and Processes. The Marketing Plan is a component of the Revenue Engine. All the other 9 P’s of the 10 P’s of Marketing are considered in building the Plan. The plan is an evolving document of strategy and tactics and should be updated quarterly. The key is aligning the Plan with the business strategy, market characteristics, current trends, operational capacity, sales effectiveness, and available resources.
People are the core of success in business. People refers to the (external) target market and the (internal) employees. Mostly, People are all about the prospects and customers for the offering. Employees should not be overlooked though since they deliver to the market. Customer service should be a major driver for strategy and tactics. Leaders love to say, “Our People are our greatest asset,” however, they make contrary decisions regularly. Leaders also like to say, “Our customers come first,” yet, they often overlook the voice of the customer. The key is to focus marketing efforts using demographics and psychographics aligned with a well-developed Customer Journey Map that employees and customers help construct.
Participation refers to the actual quantity of People who have been identified that fit the People criteria. Where People are more on the demographics and psychographics, Participation is the number of buyers discovered and placed in the contact record management system (CRM). Participation focuses on the TAM or Total Available Market, the SAM or Serviceable Available Market of the TAM that is within geographic reach, and SOM or Serviceable Obtainable Market, which is the portion of the SAM that you capture. Participation focuses on all the strategies and tactics for attaining the TAM, SAM, and SOM. The key is to focus on these metrics, broadcast, evaluate each marketing and sales staff member on how they help increase these metrics each week.
Product or Service offering to the market can be anything that a person or businesses will pay/barter/trade for. A business is essentially the Products and services it offers. Help the market understand the features, benefits, and advantages of your Product or service. Differentiate them from competitors as much as possible and distinguish how they fulfill wants and needs. Especially, clarify how they solve pain points. Product and service purchase decision-making include function, packaging, appearance, warranty, quality, etc. The key is to focus on a solution for pain points or desire traits because the market pays to have problems solved and desires satisfied.
Price refers to pricing strategies for your offering and how it will affect the market. Cost is important but the lowest dollar amount does not always win. Therefore, Price should be based around the offerings market value and balanced with the target audience’s needs and wants. The law of supply and demand dictates Price to a large degree but so can other factors that impact customers; like perceptions on quality and brand. Consider if you are a low-cost mass provider or small boutique provider, or somewhere in between. The key is to position your offering’s Price to your business model, and marketing strategy so you have a congruent go-to-market approach that backs up your brand image.
Promotion is about how you market your Products and services. They are all the actions that make the market aware of the business and the offering. Knowing your audience, the People, dictates how Promotions should be decided and deployed. For example, if the target audience is a teen to twenty-something demographic then social media can be effective. Whereas, targeting C-Suite might require more direct marketing efforts. The key is it is expensive to promote your offering so conduct break-even analysis for deciding on which methods to use and beta test multiple methods to compare and contrast results.
Personality refers to your company’s brand image and brand identity. Brand identity is how you want to be perceived. It encompasses the strategy and tactics for distinguishing your company and offering. Brand image is the reality of how the market perceives you currently. It encompasses perceptions from past, present, and expectations for the future. Personality is all about your brand whereas Promotion is how you market your brand. The more unique and attractive to the target audience your brand is, the more you can increase margin through higher Price, customer retention, and referral business. The key is to personally connect your messaging with the People in ways they relate or aspire to so your company stands for something as opposed to just offers something.
Place is the location the business is targeting its offering to buyers. It is where the offering is found, made, sold or distributed. This involves the distribution channels and modes to get the offering to customers. Prior to the Internet, Place was seen strictly as the physical location. Brick and mortar storefront locations were at one time the dominant channel to succeed in business, but this evolved. Today, businesses must decide to focus on marketing their offering locally, regionally, or globally, and then choose what methods to promote with. The key is as it has always been, but the methods have increased; ensure that the market can easily find your Products and services at the right time, Place, and quantity.
Processes refer to the protocols and procedures your internal People execute to market the business and its offering and achieve the goals and objectives set forth in the Plan. The entire marketing Plan’s success is based on the execution. Therefore, Process is the most vital of C-Level Global’s 10 P’s of Marketing. Dedicating a Process leader to marketing is seldom done, but is a secret weapon to getting more leads and increasing win rate. Maintaining mission-critical metrics on all activities guides the development of best practices for Processes. The key is to build Consistent-Repeatable-Processes (C-R-P) using Multiple Modes-to-Market to sustain marketing execution because People follow brands that pop up in their everyday world at different times and in different Places.
Police refers to the accountability of marketing People, actions, and results. It is the glue that holds the Processes together. For too long, leaders have operated under the premise that measuring marketing as a whole, is not possible. Sure, measuring web traffic and clicks on search pages are possible. Just as measuring open rates and funnel progression is possible. The fact is, all marketing tasks and results are measurable. The Plan must layout these metric expectations to start and evolve them quarterly. Policing of these metrics should be on the CEO’s dashboard. The Theory of Accelerance should be applied to each internal marketing staff and any outsourced marketing People or agencies. The key is this requires five to ten mission-critical metrics to be assigned to each individual and then five to ten assigned to teams also.
How well is your organization performing with these 10 P’s of Marketing?
Provide a grade for each of the 10 P’s using a 1 to 10 scale, with 10 being the best;
- Plan __________
- People __________
- Participation __________
- Product __________
- Price __________
- Promotion __________
- Personality __________
- Place __________
- Processes __________
- Police __________
Total Score __________
- The best total score possible is 100.
- Scoring method; use standard scoring, with 69 and below being failing, 70 to 79 being a C grade and passable, 80 to 89 being a B grade and pretty good, and 90 to 100 being A grade and excellent.
- How did you score?
Begin a renaissance in your marketing strategy and tactics. Bring Renaissance Methodology in your business to build a powerful customized Revenue Engine. Raise your total marketing score into an A+ range. Synergize marketing and sales efforts to accomplish these four objectives;
- Identify more qualified buyers and get them into your CRM
- Touch more buyers with Multiple Modes-to-Market so they listen
- Present to buyers in language that impacts their needs and wants
- Follow-up timely and win more loyal customers
David Rose’s 10-P’s of Marketing are an intricate component to the custom Revenue Engines designed and implemented using Renaissance Methodology in various industries across several countries.
Contact C-Level Global and talk to David Rose and his team to discuss making your brand significant and your sales substantial.