The original marketing mix introduced many decades ago included four P’s (price, product, promotion and place), a list of ingredients that marketing professionals needed to pay attention to in order to ensure that their product succeeded.
Now that customers have infinite choices in a connected economy and they get to control the conversation, branding strategist Bernadette Jiwa insists that we need to consider four different P’s in a new marketing mix:
- Purpose: Not what you do, but why you do it. What’s the reason your company exists? Bringing a product to market isn’t enough.
- People: Who you serve not what you sell. Crafting your intention around the difference your product or service will make in the lives and stories of your customers.
- Personal: Becoming more relevant and significant to those people. How you make them feel about themselves in the presence of your brand is what matters, more than how they feel about your product.
- Perception: Being believed and believed in, not just noticed. What your customers believe about you far outweighs anything you tell them to think. Don’t just seek to find holes in the market or to gain mindshare. Set out to fill a void in people’s lives.
Concludes Jiwa: “Sixty five years ago the focus was dominance. More was the shortcut to becoming an unbeatable Goliath in the marketplace. Today the shortcut tomore is to matter.”
Jiwa, author of the recently published Fortune Cookie Principle: The 20 keys to a great brand story and why your business needs one, is a protégé of marketing guru Seth Godin. Her blog and Amazon bestsellers focus largely on the need for companies to tell engaging stories and project meaningful visions that resonate with buyers.
The Dollar Shave Club is a great example of what Jiwa is evangelizing. Check out the video on the company’s homepage. Its tone is humorous and unserious, but the meaning and value of the company’s product comes through loud and clear while entertaining the viewer.