A new employee who knows I like to churn through books recently offered me a copy of what he describe as his “best textbook” during quest for a marketing degree. The book is titled: Strategic Marketing Problems: Cases and Comments by Kerin & Peterson.
In light of our current economic situation I would love to offer a few cases and comments for their next edition! Reading the text reminded me of the four P’s of marketing that were drilled into my brain 30 years ago in college. You remember:
- Product
- Price
- Placement
- Promote
Done correctly your business was a success. Ah, it used to be so simple. Reading the case studies I noted how many things had changed and while the P’s still play a part there are many other factors that determine success, especially in an enthusiasts market like action sports or coastal communities.
Think about it, in the past it was an idea that became a product, that you priced accordingly, placed in the rights stores and ran a few ads in the right magazines, easy.
Try that today and you won’t get past idea or pricing. With all the changes that have spawned through the internet and how we all gain access to information there are new elements that I think go along side the four P’s of the past.
Let’s take a look:
- Product – Content (Deliver on product knowledge -- it is now required that the customer is educated)
- Price – Connection (How does the product connect to customer needs, fill a gap, or make life easier? It's not just about price any longer.)
- Placement – Affiliation (Innovative product is not placed for highest sales potential, but for cool factor -- and group acceptance and affiliation)
- Promote – Community (In an online world community is essential and interaction required and in a tangible world anytime you can bring all of this together you have the best chance to create new customers and re-enforce relationships for existing ones and gain insight into what the community is abuzz about).
The reason one would read a book entitled “Marketing Problems: Cases and Comments” in the first place is to try and find solutions for current market problems. In today’s business environment, we're all looking for answers. While opinions are a dime a dozen here comes my ten cents worth.
Trade Shows in general still offer the ability to test the four P’s that many of us were raised on, while providing a stage to deliver content, connect with the customer, gain market acceptance with core market segments. And as for community, well, duh…
Tradeshows have been about community since day one. While we believe in our Web site, content, blogs, Facebook and twitter pages, we also believe that it's the face-to-face interaction, the ability to see and touch fabrics, feel the weight of a board, or just simply smell success that makes our trade show even more important today.
If your business isn't where you want it and you're thinking about last week as opposed to looking to the future, maybe one of the answers is right in front of you.
Just like it has been for more than 30 years.
Hope to see you in Florida.