Marketing has come a long way over the last couple of years. With technology constantly expanding, it’s difficult to keep up. Digital marketing services are superseding traditional marketing services – even the simple four Ps model has changed. Any marketer worth his or her salt is familiar with the four Ps: Product, Price, Place, and Promotion. It's clear how each of these elements affects our marketing efforts, all the way from research and implementation to building customer trust. Everything has changed since then, and inbound marketing is a driving force behind that change. With the digital age, the four Ps had to evolve to stay relevant. In fact, as you may already know, there are now 7 Ps.
Here's a quick refresher on what the seven Ps entail:
Product – This is the actual product or service that is offered to the customer. You should ensure that the product that’s in demand for your market will meet the needs of your customers.
Price – The amount that a customer pays to obtain the product. Your product should be good value for money, even if it’s not the cheapest.
Place – Where the customer can obtain the product. You have to position and distribute the product in a place that is easiest for potential buyers to access.
Promotion – Promotion can boost brand recognition and sales. This includes advertising, selling, branding, PR and any other ways to get a message and product out.
People – Having the right team is just as essential to your business as the products/services you are offering.
Process – This is the way in which a service is delivered to the customer, as well as systems and processes that affect the execution of the service.
Physical evidence – Services are intangible, that’s why you need evidence that the service was delivered.
How does inbound fit into the mix?
Back in the day, it was easy to create a product, send it out into the world, and sit back as the money rolls in. Marketing wasn’t even a necessity. Times have changed since then and the customer has evolved—they now expect more and have a wider range of options. In the digital world, customers can easily interact with brands, product is no longer the only differentiator. Inbound not only focuses on the product, but it’s also about the customer experience. Inbound marketing goes beyond selling a product; it’s about building trust, getting more customers, growing your online community, and promoting long-term growth. In the digital age, there is a higher close rate for inbound markeing efforts.
At the end of the day, the evolution of the 4 Ps and inbound marketing are working towards the same thing: improving the overall marketing experience. And to effectively do this, make sure you satisfy the end user's motivations throughout any of the 7 Ps.
Want to more about how inbound marketing can improve your marketing efforts? To learn how you can benefit from the ROI-generating power of inbound, download our inbound guide.
