What Is Marketing? Marketing refers to activities a company undertakes to promote the buying or selling of a product or service. Marketing includes advertising, selling, and delivering products to consumers or other businesses.
This is what multiples sources on the web, textbooks and articles would define marketing as. However, we have a different definition for marketing. “It refers to understanding the consumers needs and converting them into value through products and services to drive customer delight”
The new word for customer satisfaction has gone beyond just “satisfaction” it is now “delight”. In order to drive this delight for your consumers its essential a marketer understands the structure of the his/her marketing strategy.
In the intricate dance of marketing strategies, we’ve long been familiar with the classic quartet of the 4 Ps – Product, Price, Place, and Promotion. However, let’s peel back the layers and reveal a more nuanced canvas, introducing the three hidden P’s that add depth to this marketing masterpiece: Productivity, Personalization, and Partnership.
In an era where time is of the essence, Productivity takes centre stage. Efficient processes, streamlined workflows, and optimal resource utilization amplify marketing efforts, ensuring that every action contributes to the overall strategy. Consider companies like Apple, where innovation and productivity are seamlessly intertwined, leading to a continuous evolution of products and consumer engagement.
Moving on to Personalization, we find that tailoring marketing strategies to individual consumer needs is the secret sauce. Consumers are not uniform; their preferences, behaviours, and expectations differ. Brands that embrace personalization, such as Amazon with its targeted recommendations, create a more intimate connection with their audience, fostering loyalty.
Lastly, Partnership introduces a collaborative note to the symphony of marketing. Forming strategic alliances can significantly enhance a brand’s reach and impact.
Think of the Starbucks and Spotify partnership – a harmonious collaboration that not only expands the consumer experience but also introduces the brand to new audiences. The fusion of these additional P’s is evident in the success stories of the greats like Amazon, Apple, and Starbucks, each wielding Productivity, Personalization, and Partnership as key elements of their marketing strategy.
As the greats say “Good marketing makes the company look smart. Great marketing makes the customer feel smart” Incorporating the expanded set of P’s into the marketing lexicon provides a more holistic and nuanced approach, ensuring that businesses can navigate the share of heart, the share of mind and the share of wallet.
