by Santosh Kumar
on 29-08-2021

10Ps of Marketing Success , WHAT ARE THE 10 PS OF MARKETING?

It’s called the Ten Ps of marketing – and here’s how it can be applied to everything in your marketing mix.

Back in the 1960s, when marketing men smoked at their desks, ladies tapped away in their typing pools, and sliced bread was the yardstick of whether a product was any good, a marketing notion was hatched that was so perfect, sixty years later it is still considered an integral part of any marketing strategy.

In my view its time to redefine the outdated 4P or 7P of Marketing Miz with what's now called the ten Ps of marketing and includes product, price, promotion, place, people, process, physical evidence, partners, presentation and Plan

When it comes to creating a solid and strategic marketing mix, it’s important to understand how the 10 Ps of marketing fit into the whole picture.

Here’s how the 10 Ps of marketing can be applied to everything in your marketing mix:

1. PRODUCT

How can you develop your products or services?

It goes without saying that the service or product you’re selling should be at the centre of every element of the marketing mix.

Fundamentally, it allows you to address the questions key to sales conversion: what problem or issue does the product solve for customers? Why is your product the best one to solve it?

The digital marketing mix is perfect for showcasing your products, through SEO, blogs or articles, paid advertising, influencer marketing, and viral video campaigns, for example.

4. PLACE

What new distribution options are there for customers to experience our product, e.g. online, in-store, mobile etc.

Where and how your product is displayed and sold should be directly informed by your customers.

A deep understanding of their purchasing patterns – and targeting them at the right stage in their buying cycle – will make it clear where you should promote and sell your products and how that fits into your online and real-world marketing mix.

5. PEOPLE

Who are our people and are there skills gaps?

Excellent customer service not only converts to sales, but can increase your customer base by referrals. Acquiring these referrals by people who love your brand can also be a great example of how your marketing efforts can support your sales process.

It’s important that everyone who represents your brand or deals with customers – including the non-human chat bot variety! – are fully trained sales professionals with an intimate knowledge of your product and how it will improve the lives or solve the problems of your customers.

6. PROCESS

Are there internal process barriers in the way to delivering the best customer value?

The process of delivering your product to the consumer should be designed for maximum efficiency and reliability, but may also include features that are in line with your brand, such as being environmentally or sustainably focused.

With the rise in online shopping, digital partnerships and logistics have become an essential part of the marketing mix.

7. PHYSICAL EVIDENCE

How we reassure our customers, e.g. impressive buildings, well-trained staff, great website?

Your marketing mix must take into consideration all the things your customer sees, hears – sometimes even smells – in relation to your product.

This, of course, includes packaging and branding, but should also bring in the ways products are displayed in stores, where they are placed, and the context in which they sit, as well as digital placement, including on your website and social media.

8. Partners

Are we seeking new partners and managing existing partners well?.

It helps you reach people interested in your products and who have proven loyalty. Marketing partnerships with products and services in the same genre provides a base that fits your brand. Partnering helps each company get an audience that wants their products and services

Partnership marketing is a collaboration with another business to create a marketing campaign that benefits both parties.

Partnership campaigns are mutually beneficial and help both parties reach their objectives.
Marketing tactics and techniques are always evolving. And as technology advances, so do the ways how businesses advertise their products and services.

Partnership marketing is one of the fastest-growing marketing strategies.

If you’re ready to increase brand awareness and drive sales, partnership marketing cannot be ignored.

9. Presentation

In marketing, the importance of presentation can't be denied. It means the difference between getting attention or languishing without an audience. Effective, successful presentation in marketing is the goal of every marketing dollar spent and every marketing concept and campaign.

Behind every effective marketing presentation is a great message. A powerful marketing message makes the presentation easy, whereas a muddled, unclear or incorrect message makes developing the presentation difficult. In the modern, super-competitive advertising environment cluttered with paper, audio and electronic media, the message is the foundation of the presentation that is required to grab attention, build brands and capture sales.

Marketing presentations must be memorable to be the most effective. The goal is to create a marketing presentation that is memorable without being offensive or controversial. Modern marketing has to compete for attention from people who have short attention spans, little time and overloaded schedules, making a memorable presentation key to any marketing effort.

10. PLAN

The purpose of a plan is to decide how you will sell your products or services to consumers. Rather than assuming your product is perfect for everyone, the plan focuses on key people who are most likely to buy the product.

The plan identifies the marketing objectives and explains how marketing activities will help the organization achieve its broader goals and objectives. The plan describes how the company will use the marketing mix—product, promotion, place, and price—to achieve its objectives effectively within the competitive market environment. The plan also focuses the company’s resources on reaching target customers and driving them to act.

Every business needs a marketing plan. It doesn't matter if you are a one-man service provider or a major corporation with 1,000 employees across multiple states. Marketing is what drives sales; without sales, you don't make the money required to stay in business long-term. As important as marketing plans are, many business leaders don't devote enough time and resources to them. Great leaders take the time to regularly develop marketing strategies and plan to build a company with a purpose.

The purpose of a marketing plan is to decide how you will sell your products or services to consumers. Rather than assuming your product is perfect for everyone, the plan focuses on key people who are most likely to buy the product. For some small companies or professionals, the marketing plan might be completely referral-based, which means the strategy is to provide the best possible results so existing customers tell everyone they know about you.

While this is one type of strategy often utilized, it rarely is enough to sustain a new business over years of growth and development and ultimately, it doesn't help a large business that may still need to capture a bigger market to be profitable. Business leaders should ask two key questions when starting to develop a marketing plan: What problem do I solve for my customers? What makes me different than everyone else on the market?

Summary

Although it's sometimes viewed as dated, we believe the 4Ps are an essential strategy tool to select their scope and is particularly useful for small businesses. For startups reviewing price and revenue models today, using the 10P Model for marketing strategy is a great alternative since it gives you a good structure to follow.

Companies can also use the 7Ps model to set objectives, conduct a SWOT analysis and undertake competitive analysis. Take a look at HubSpot as an example, which was founded in 2006; Hubspot now boasts over 86,000 total customers in more than 120 countries. Comprised of Marketing Hub, Sales Hub, Service Hub, CMS Hub, and a powerful free CRM, HubSpot adds value for customers in every aspect of the 7Ps. It's a practical framework to evaluate an existing business and work through appropriate approaches whilst evaluating the mix element as shown below and ask yourself the following questions:

As an owner, operator, supervisor, marketing executive, manager or employee, can your customers, clients or users tell the difference between your product or service and
your competition?

A strategic and significant difference? Every brand should have a story to tell.

But are you telling the right story? Is your brand and story reaching the right people, potential purchasers?

The Ten P’s/10P’s can be used successfully by product companies, service firms, “for profits” entities and nonprofits “selling” directly or indirectly to consumers (B2C), to marketing intermediaries (such as industrial, consumer, retail, wholesale and professional channels of distribution), and to other businesses (B2B).

What is interesting to us at Find Us On Web is that professionals use “marketing” or the term “marketing” to mean advertising or promotion. It is much more. Marketing and Advertising are not interchangeable words. We don’t like people who use buzzwords, but they don’t know the background. Marketing is a process and has many elements. We need “marketing” is a poorly formed request. “We have Marketing” is equally lame. Sharpen the vocabulary or concepts and insist that others do the same. If you know what you need, Marketing can build revenue and save on costs. Ultimately, improve your bottom line.

The right Marketing belief or practice is not merely an idea the mind possesses; it is an idea that possesses the minds of each individual employee in trying to satisfy the consumer. Marketers must work in a group dynamic, while having clear focus on objectives, strategies, tactics and overall goals of the business.

With the Ten P’s/10P’s of Marketing you can start managing your Marketing efforts right now with both a telescope and a microscope.

About Author

Santosh Kumar

Relationship Manager , B2B Growth Hub Limited

I am a postitive, tenacious, highly motivated and self driven person and have a consistant and proven track record of success and over achievements in sales, marketing and business consultancy. I have a wealth of experience working across all business sectors and worked for large corporates extensiv...

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10Ps of Marketing Success , WHAT ARE THE 10 PS OF MARKETING?

1. PRODUCT

4. PLACE

5. PEOPLE

6. PROCESS

7. PHYSICAL EVIDENCE

8. Partners

9. Presentation

10. PLAN

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