October 2006

Question

I am in the middle of developing a marketing plan so that I can begin consulting in 2007. I have read about the 4Ps of marketing. What are they?

Answer

Marketing is reaching the right people with the right message at the right time in the right place. It usually begins with the traditional 4Ps of marketing

1. Product – developing the right product/service for your target market.
2. Place – getting the right product/service to where your target market is located.     
3. Promotion – communicating with the marketplace about your products/services. 
4. Price – developing the right pricing strategy.

I often include a 5th P of marketing – People. The People concept has two components: who do you want to reach and what you do when you reach them. Much of marketing is about relationships with your customers and how your customers view you and your products and services. The difference between satisfied customers and loyal customers can determine the success of your organization.

Marketing in today’s competitive environment requires going beyond traditional marketing. It requires more marketing Ps.

• Packaging – using packaging to tell your story or differentiate your product. Target is now using different color rings for different family member prescriptions.
• Partnership – working with customers and supplier and viewing "competitors" as potential partners.
• Passion – demonstrating passion for your work, your customers, your employees; using the power of passion to differentiate yourself.
• Pay-it-forward – asking for and using referrals to generate business, getting people to help you create "buzz".
• Performance – getting results from your people and your marketing efforts
• Permission – focusing on "opt in" versus "opt out" marketing.
• Perceptive – knowing your customer, anticipating customer needs and creating innovative products/services.
• Personal – developing 1:1 relationships with customers and maintaining high touch in a high tech world.
• Pertinent – meeting customer needs, not yours.
• Positioning – standing out in your market by using your unique selling proposition as part of your brand … be remarkable and memorable.
• Purpose – giving back to the community in which you operate and generating good PR.
• Psychographics – knowing why your customer buys from you and understanding the emotions of your customers.
• Pursuit – going after the right customers with the right message at the right time.

Editor’s Note: Marketing Your Consulting Services is chockfull of ideas for marketing.

Question

I want to do a better job of building my consulting practice in 2007. What do you suggest?

Answer

Labor Day has passed. The fourth quarter is upon us. It is a good time to get marketing aligned. It is not too late to make more of your marketing mix in 2006 or too early to plan for marketing heaven for 2007. Here are some questions and suggestions for reflection and direction.

• Have you planned your holiday mailing to customers? Have you considered a custom holiday mailing? There is still time to develop a custom card with a message and design that truly represents your organization. Think how much more personal and effective a custom/branded card can be than an off-the-shelf or imprinted card.
• What are you doing to stay in touch with your customers? When was your last customer touch point? In our "high-tech" world, people still want "high-touch" business relationships. But you need to ensure your message is received and you stand out in the crowd.
• Have you started planning for 2007? Have you started to plan your marketing mix for 2007? It is not too early to be thinking about 2007 marketing. If you start planning now, you will be ready implement at the beginning of the year. Effective marketing does not need to be expensive, but it does need to be planned.
• Are you chasing business or attracting business? Is your marketing approach helping your business thrive? If you are out of breath from chasing business, it may time to start developing strategies for attracting business. It may be time to revisit your marketing message and revitalize your unique selling proposition.
• Are you getting referrals? Are you asking for referrals? Referrals from satisfied customers are the best way to generate new business and shorten the sales cycle. But you need to ask. You need a referral strategy as part of your marketing strategy.
• Have you revisited your 2006 marketing plan? How did you do? Did you meet all your goals and implement all your plans? If so, how did it go? What are you going to repeat in 2007? If not, why not? What did you learn that you can do better in 2007?
• Are you overwhelmed? Find a professional to help you review your 2006 results, develop your 2007 strategy, implement end-of-year activities or create a one-of-a-kind holiday message.

Editor’s Note: From time to time, we invite guest experts to respond to questions in their area of expertise. Audrey Ellison is an expert in marketing. We thank Ms. Ellison for responding to this month's questions.

Audrey Ellison
Mosaic Marketing on the Bay
Big Company Ideas on a Small Company Budget
2 Adalia Avenue, Suite 402
Tampa, FL 33606
813-250-0278
ae@mosaicmktgbay.com
http://www.mosaicmktgbay.com/