Developing the Extended Ps

Marketing Mix

With the growing proliferation of marketing channels, techniques and technologies being deployed, the 4P’s suggested by Jerome McCarthy have been added with four more P’s which should be considered by marketers while creating their mix plans and strategies.

Below, we would go through them in detail:

1. People:

Involves developing online teams with a mix of digital marketing expertise, technology know-how, multi-channel experience, knowledge of automation tools, and most of all, target customer insights.

It also involves how to look at customer with all their human impulses and desires to know what would entice them most towards marketing efforts both on the content and creative side.

2. Processes:

Involves developing a rigorous process-driven marketing organization which lays down clear steps to understand and identify target customer clusters.

Develop thought through and tightly integrated supplier-customer processes and manage campaigns as a series of processes with clearly aligned goals parallel to consumer funnel activities, with ways and means to refine them as needed.

3. Program:

It is defined as the entire set of consumer-driven programs which are run in a holistic manner online and offline to meet a firm’s marketing objective.

It also includes all the multi-channel initiatives which are taken across traditional and new platforms to make sure that customers at all stages, be it targets, prospects, or leads are touched upon and impacted in 360-degree manner.

4. Performance:

The final P relates to setting up systems and ways to measure performance and desired output at each stage of the marketing activity, through well-defined metrics and KPI’s.

Performance evaluation should touch all of the other Ps to continually refine the offering mix, related pricing offered, performance of various channels of purchase, and the extent of impact brought about by various promotional set-ups.

With knowledge of these extended P’s, we are now in a position to understand how the strategy for a Digital Marketing Program can be developed, how firms can plan their journey and successfully conduct Digital Marketing Programs.

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