Essential marketing strategies and tactics need to go beyond current marketing models for businesses to increase sales for better bottom line results. Many are familiar with the traditional marketing models of the P’s and Q’s. As change has increased information, so must these models be increased to reflect the trends within the 21st-century market place.
One of the most frequently used marketing models are the four P’s:
However in today’s business world, three new P’s have emerged:
Position – From your strategic plan, your position in the marketplace is critical. Some call this niche marketing. Where is your position relative to your competition?
Preference – With more and more prospects, understanding their preferences helps to create greater marketing focus. By researching specific preferences, may allow you to create your own unique marketing place or what is called the Blue Ocean by authors Kim and Mauborgne
Prospects – Have you directed your efforts to the correct prospects (think sales leads)? As a business coach, I am continually amazed at many businesses who cannot define their ideal customers. If you do not begin with the correct identification, then you are probably wasting your marketing resources of time, energy and dollars.
For many marketing experts, the Q’s of marketing included only quality and quantity. Yet in today’s complicated business world, another Q has emerged that being Qualify.
Your marketing efforts should further qualify your prospects by showcasing your expertise as well as the results from your products or services. The use of testimonials is one such qualifying strategy.
TAKE ACTION to incorporate these seven P’s and three Q’s. Your business will secure the big R or results. (For some marketing experts, this is called the fifth P of Performance.) These results should ultimately increase sales. Failure to measure the results of your marketing strategies and tactics will cost you regarding lost sales, lost market presence and potentially a lost business.