Hello and welcome to a new lesson of Kirby's Coaching!
I hope you are well rested and ready to fight the new week!
Today we will be talking about the Famous 6Ps of marketing!
What are the 6ps?
The 6Ps are the most common way to audit your marketing strategy. You can simply check against each of these Ps to see if you have satisfied its requirements.
Let's talk about People!
People play a key part in our marketing strategy.
They are what marketing is all about-- Showing the right product with the right prices to the right PEOPLE at the right time!
Ask yourself these questions.
Do you know who your customers are?
It's crucial for businesses to segment your customers into different audiences.
This way, you can show find the right angles, buying cycles and objections which are crucial to developing a precise marketing plan!
Who are your best customers?
How do these customers interact with your product?
What relationship do they have with it -- what problem does it solve or what pleasure does it bring?
Find out all these answers to ensure that you have addressed the first P, people.
People buy into benefits, not into features.
By knowing how your customers interact with your product, you can then know the true benefits or problems that your product can solve!
Did you know? Listerine used to be a floor cleaner before being a mouthwash. 😩
They simply marketed the shame of having "Bad breath". Bad breath wasn't a real problem during their time but a marketing ploy to sell Listerine as a mouthwash and it turned out to be a huge success!
Are there any hidden benefits your product can solve? Are your customers using your products wrongly?
Bad user guidance or manuals can also result in customer difficulties with achieving success with your product!
Do a research and observation on how your customers are using your products and you will be surprised!
Place can refer to digital or physical locations. How easy is it for your customers to access your business to purchase your products?
Physical businesses are dependant on Place for foot-traffic.
Similarly, digital businesses are reliant on digital rankings for web-traffic.
Bad location can result in empty places 😭
Or rather, if you have not found a place, which Place can you sell your products where your best customers are at?
Choose your place wisely.
Promotions are all about the channels, messages and offer that you are telling your customers about! What and where will your customers know about your business?
There are so many channels popping up every year due to the fast-pace of technology, is your business doing multi-channel marketing?
If you have checked off People, Product, Place, you will already be able to tailor the right message for the right customers. But do you have the right channel?
How many of the 6Ps have you used?
Each channel has its advantages as well as skillsets required to excel. Some channels are gradually being phased out due to dropping conversion rates and loss of audiences.
Television used to be the only way to consume video content. Today, people are spending more time on NetFlix and Youtube.
Marketers can even launch video advertisements on Facebook as there is where the audience is going!
🔥Hot tip: We support multi-channel marketing at Foxfire, click here to see what channels!
What about the offers that will attract your customers?
Even Smartphone giant OPPO is borrowing Xiao Mi's Flash sale promotion strategy which builds up immense anticipation to sell thousands of smartphones is mere seconds.
Create a promotional strategy after addressing all of your Ps.
"Everyone has a price, the important thing is to find out what it is" is a famous quote by Mexican Druglord Pablo Escobar.
While we do not condone the selling of drugs, it's true that most customers already have a mental note of what's cheap and what's ridiculously expensive.
New and novel products may command a premium pricing while some companies create loss-leaders just to entice customers for future upsells
Here are some questions to ask:
Does your business have a pricing strategy catered for growth?
Have you found the sweet spot that converts that brings you the most profit?
Do you perhaps need to offer different pricing methods?
Are you pricing too cheaply if your customers are not price-sensitive?
The last of Foxfire Marketing's 6Ps. Process helps keeps the sanity of employing all 5Ps that we have talked about above.
Processes are the supporting operations behind each Ps. Process can apply to both direct and indirect activities of customer purchase.
Process can start from Manufacturing your product with the right suppliers to your Customer service process when a customer demands a refund.
Is your delivery process efficient enough to cater for island-wide promotions? With immense hype and anticipation from fans in Singapore, even a giant like Amazon failed to deliver their promise within weeks of launching.
Creating great process is in the details. Writing down and visualizing processes can help your organization stay on a single page and respond to situations congruently to uphold your brand's reputation.
Bad processes can lead to bad marketing
Bad training or customer service processes may have led to the incident where a passenger was dragged out of the United Airlines plane due to overbooking.
What ironic about this? Even the CEO did not have an adequate PR process to handle such mishaps, stating that the passenger was ‘disruptive and belligerent’ in a separate article which led to a huge backlash from the public -- Inadequate processes can damage your brand.
That's all I have for you today! I will see you again soon!😁
⭐Bonus - What great processes do you have in place? Let me know here, we are collating a list of best processes from business owners in a separate article.
Your answer will be featured in our upcoming article and shared with our students if we think it's helpful for our readers!