MARKETING THE 4 P’S AREN’T ENOUGH ANYMORE!

— BY GREG BONSIB —

EVERYONE KNOWS the four P’s of marketing… Product, Promotion, Price and Place.

But Gino Biondi, vice president of sales & marketing at Zenith Products, has suggested that the four P’s of marketing aren’t enough anymore. Instead, he believes it takes a baker’s dozen of P’s to represent the many facets of product, channel and brand marketing.

P #1: Performance

No marketing plan is worth its weight without specific and measurable metrics and goals.

• Profit

• Sales

• Share

Performance should be the first P. It lets you know how the brand is performing and allows you to set performance goals.

P #2: Positioning

This P establishes the brand road map.

• Relevant and meaningful consumer insights

• Attributes

• Functional benefits

• Reasons-to-believe

• Emotional benefits

• Brand essence

• Brand character

• Brand tone

• Iconology

P #3: People

The idea that there are multiple targets to consider is the basis of this P.

• Primary bull’s-eye consumer — demographic, psychographic, attitudinal, & behavioral

• Secondary target purchasers or influencers — moms, kids, teachers, doctors, etc.

• Stakeholder customers/retailers/resellers — If they don’t carry it, you can’t sell it.

• Sales professionals, installers, service people — salespeople like to sell it, the installer prefers to hook it up, and customer service likes to take the calls.

• Internal employees — passion and word of mouth gets generated internally first.

P #4: Product

Product is the foundation of the brand.

• Tied to the Positioning (P #2) key attributes

• Differentiated key benefits

• Innovation

• Cost base versus your competitor

• Volume

• Meeting/exceeding quality expectations

P #5: Packaging

Packaging can be the most impactful marketing tool.

• Form is a key communicator and provides key benefits—an upside-down bottle of ketchup changed the industry and mustard, mayo, shampoo…

• “Green” packaging or wasteful materials impacts attitudes.

• Quality has an emotional response—sloppy fit and finish or crooked labels say a lot about the brand

• Graphics need to be compelling — authentic, modern, innovative, nostalgic, youthful, serious, fun

• Services, too — trucks, vehicles, uniforms. Think Molly Maid, Geek Squad, UPS, even nametags on a store clerk.

P #6: Proliferation

How far should the brand extend?

(Continued on page 36) º Flavors, varieties, colors, fragrances º Promotions, seasonal º It creates operational complexity and increase the risk of underperforming SKU’s. º What is the supply chain tolerance level in your company? º Non-value added features add cost that may not be recovered.

• Product proliferation can be key to distribution, shelf expansion or consumer needs.

• Proliferation can be bad!

• Customer exclusivity may require SKU proliferation as well.

P #7: Promotion

This famous P should get a narrower view.

• All brands need promotion strategies for both consumers and customers.

• Relatively short-term or loyalty building vehicles º To prevent switching to another competitor º To induce switching from a competitor º Halloween, spring cleaning, back-to-school, tax time

• Promotion can be used to create excitement around seasonal opportunities.

• Create brand excitement and pull-through º Sweepstakes, contests, themed events

P

#8: Projection

Brand communications is the theme of this P.

• Translating positioning into compelling creative/copy º Mass media º TV, print, radio º Digital (social media, blog posts, internet, website, viral, e-commerce, direct, outdoor, mobile, event, sports marketing, sponsorships, entertainment)

• Integrated marketing is at the core of Projection.

• Every medium is different and how you use it should be treated uniquely.

• Consider ethnic audiences as well

P #9: Public Relations

PR is the cherry on top of the cake. When fundamentals are in place, PR creates a genre for the brand.

• Cause-related marketing (charities) — Breast Cancer, Victory Junction Gang, Habitat for Humanity

• Major relevant events — hurricanes, storms, earthquakes, anniversaries, milestones

• Word-of-mouth

• More realistic and relevant with real user or third-party endorsements.

• Spokespersons

P #10: Programming º TV º Digital º Print º Radio º Outdoor º Direct º Non-traditional

This P tackles media choice.

• How much should be spent on media?

• How much should be allocated to different mediums?

Be sure to measure the effectiveness of each medium.

P #11: Price

Price has multiple components and needs unique strategies and plans for each.

• List pricing

• Everyday Low Price (EDLP)

• High/Low pricing

• Hybrid EDLP with opportunistic promotions

Critical to the decision is your channel and customer strategy, competitive situation, portfolio mix, and consumer pricing sensitivity.

P #12: Place

With this P you need to think broadly… from global, to region, to channel. Global: International challenges require putting the previous P’s together to determine the merits and overall strategy of succeeding on a global basis. Region: Regional differences do exist.

• Economic, climate, culture, population, etc.

Channel: Requires deep analysis to determine tradeoffs and if presence is needed.

• Club, mass, home improvement, grocery, convenience, sporting, industrial, electronics, specialty, hardware, dollar, drug, distributors, office, etc..

P #13: Placement º Quality º Brand block º Size º Variety

Gino considers this to be a bonus P that considers the ideal place in the store where products and services should be located.

• How do you get it there?

• Front or back?

• Which direction from the aisle?

• On the counter or checkout?

• Near adjacent categories?

• Near complimentary purchase categories?

• Which position on the shelf?

By thinking through Gino Biondi’s 13 P’s of marketing, you’ll thoughtfully consider your brands range of options and maximizing your marketing effectiveness.

Greg Bonsib has extensive experience working in senior marketing roles at Owens Corning and Newell Brands, and is currently head of marketing & operations at Worthington Industries. Learn more at www. channelinstincts.com.