The 5 P's of Marketing and a New Marketing Taxonomy
June 26, 2008
Seth Godin offers an interesting alternative taxonomy to the 4 P's of marketing. He proposes that the tradition "P's" which are product, price, place and promotion be replaced with products/services (what you are selling), data (who is buying and when), stories (myth around your product), interaction (the way you interact with the customer) and connection (the ultimate goal).
I would say that Seth left out an important part of the puzzle. Simply it's the why. Why did the consumer purchase and act the way they did. Why did the myth make sense. Are you just optimizing observed behavior or are you developing hypothesis prior to implementing a marketing program as to why it will work?
To answer all of these questions I think you need to add one more step to the "Godin" model. That step would be "problem". What problem are you trying to solve for the consumer? Why does that problem exist? How much "heat" or tension is around that problem. What is the predisposition of the target audience (what is in their background or upbrining that makes them a good candidate to purchase your product?). How much propensity does the target have to purchase - have they every heard of you?, are you iin the consideration set? etc. No one should even launch a product without a full formed understanding the problem.
If you start by understanding where the consumer pain exists, the opposing forces or beliefs that are causing that pain (eg; I want to live forever, but I don't eat well or exercise), and the degree of tension around the problem, the consumer will be compelled to buy vs. needing to be convinced.