The evolution of the Marketing Mix
The marketing mix traditionally is executed through the 4 P’s. Product, Price, Place and Promotion. Over the years a fifth P has been added, namely Personnel.
I’d like to add another one: the P for “Passion for the Customer” and I put this in first place!
- Passion for the Customer
- Place, location and distribution
- Promotion and the message
If organizations have a passion for their customer, pay attention to their needs and deliver value, the customer’s price sensitivity drops. Therefore to me Price ranks at the bottom of the marketing mix.
Organizations need to put a lot of effort in understanding the customer so that their personnel can make well-informed decisions and is able to put the right product through the right channels, at the right time, to the right customer, at the right price.
There are many tools to collect customer feedback. However deep dive customer interviews are still the most valuable of all for understanding the reasons behind customer’s behaviour.
Customer interviews provide early warning signals for organizations and enable them to react quickly and effective to changing customer requirements and market sentiment. It also unlocks new revenue opportunities by providing ideas for new and improved products, services and new markets.
A face-to-face dialogue with the customer gives organizations insights in a customer’s emotional motivators; 95 percent of purchasing decisions are informed by people’s unconscious minds. Also in B2B context decisions are made by people and emotions are important decision drivers.
Interviews also provide organization an overview of the specific solutions customers are considering and what customers really need, instead of relying on (false) assumptions about their customers.
Marinellity has extensive experience with customer interviews.
Call for more an appointment +31(0)615175432 or read further on our website www.marinellity.com
Posted on 2020 jan 14.
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