“The 5th P” of Marketing and What It Means for Distributed Marketing
Most people with a marketing background have knowledge of the traditional definition of “marketing mix” or the 4 P’s of Marketing. It’s the basic principle that marketing creates or influences the product components of product, price, place, and promotion.
These four principles have been the established doctrine of marketing science for decades. In case you need a refresher:
- Product – Whether tangible or not, this is the good or service you sell.
- Price – The charge of a product based on the product’s cost and customers’ perceived value.
- Place – Where your product is going to be distributed for sale and how it’s getting there.
- Promotion – How you’re telling your customers or end users about your product. in a compelling and actionable way.
With the revolution of big data, CRM systems , sales tracking and digital marketing, a 5th P has emerged and should be added to this mix — People. Now, hyper-relevant messaging can be created and delivered to speak directly to those prospects, increasing their likelihood to act.
How Distributed Marketing Organizations Can Capitalize on “The 5th P”
Brands looking for an edge to win at local marketing should consider how to support their local distribution or channel partners to target their local audiences, or People. After all, that’s how local marketing can be so successful: The people in the area have the best idea of what will grab the local market’s attention.
For the Brand, this means offering messaging in a variety of media, like direct mail and online advertising, so that local businesses can have options of how to pursue their market. Every local market is different, and all local business owners will have their own preferences, so its best to provide integrated and varied options. A good example of this is to provide language-specific assets for those local partners that might have non-english speaking clientele.
Not Sure Where to Start?
One of the best ways for brands to find out how their local businesses want to target their audience is to just ask. Questioning how a marketing asset is being used and requesting feedback can open up communication and lead to better marketing in the future. Plus, it brings the marketing back to people and encourages the brand to see the local businesses owners as the individuals they are.
So when in doubt, don’t be afraid to ask.