In today’s increasingly competitive world, it is crucial that all businesses learn how to market themselves effectively. There are plenty of marketing strategies and tactics that can be used to reach your target audience, but in this blog post, I’m going to focus on the five new Ps of Marketing: Personality, Purpose, Passion, Platform, and People.
You likely already know the 5 original “Ps” of marketing – product, placement, packaging, promotion, and price. However, in today’s business environment there are 5 new marketing “Ps” to consider to transform your business.
People want to see the personality behind the brand and they want that personality to be honest, and congruent with how people are “off-stage” too. For example, Sir Richard Branson shows his fun-loving side of himself on stage at events while Virgin brands also have a sense of adventure about them; even if employees are embodying these personalities in their work environments.
It is important for a business to have a purpose. One way in which our company does this, while also fulfilling that original goal of making money, is by helping businesses reinvent themselves and their lives through a transformation so they may help the world at large do the same.
Every business has an underlying motive: To make money–but there are purposes nobler than just profit or product performance alone. For example, we’re here to show how your life can be transformed too if you invest wisely in yourself with us as your guide; then you’ll really see what it means when we say “We will change people’s lives.”
What is the purpose of your business and/or brands? Are you sharing your purpose with your customers, employees, prospects and supporters?
Businesses, brands, and consumer-facing organizations that are passionate about what they do are more successful than those that are not.
What problem is your business passionate about solving? There are likely quite a few — problems for society, problems for the environment, and of course, problems that your customers are facing.
Of course, passion isn’t the same as love, and more than a few organizations are passionate about what they do. But passion without purpose leads to frustration. That’s because the passion for an activity, product, or service requires an audience to share that passion. And purpose provides that audience.
The audience creates a purpose that is greater than the passion that drives you. It is when passion meets purpose that your organization is successful.
Your platform is what you are known for. My platform is reinvention. My friend Sohail Khan’s platform is joint ventures. My friend Karen’s platform is the mind/body connection.
Ideally, you want your name/brand to become synonymous with your platform – think of shoes and you think of Zappos. Think about books and you think of Amazon. Think about a magical vacation with small children and you likely think of Disney.
By becoming clear and focused you will be able to hang out your “platform shingle” which helps you expand your reach through strategic partnerships and your marketing.
What is your platform? What do you stand for? What are you known for?
Your people make or break your business. People * Power * Profit so how do you ensure you are marketing to the right people so they become your employees, your customers, your vendors, and your strategic partners etc?
You do it by being very clear about what your mission, vision, purpose, passion and ideal customers are. You take a stand. You invite those who you want in your circle, your tribe and your community to join you.
You ensure that those who you do not want to associate with don’t are kept on the other side of the “red velvet rope”.
Are you attracting the right people to your business?
How Will You Incorporate These 5Ps in your Marketing to differentiation your business?