As we well know, marketing is always progressing. As the world changes, marketing changes right along with. Often the seismic shifts in marketing are rooted in new technologies like the invention of radio and TV or more recently the advent of social media platforms. Now with the introduction of Artificial intelligence (AI) into our lives, marketing will never be the same. Our approach to marketing must evolve if we want any hope of keeping up with a rapidly changing industry.
7P's Marketing Mix Model Must Continue to Evolve
The marketing industry's foundations are rooted in the principles of the 7 Ps. Introduced by Dr. E. Jerome McCarthy in 1960, the initial four Ps—product, place, price, and promotion—served as a guide through the uncharted waters of the television era. TV was a transformative technology that forever changed the way people consumed media and the first 4 Ps helped marketers adapt to a market that looked completely different. As technology evolved, three more Ps—participants, process, and packaging—were added to address changes in communication, information access, and media consumption driven by revolutionary technologies like cellphones, Macintosh computers, and cable TV. Now a total of 7 Ps continue to act as a guideline amid ongoing technological advancements; however, as we enter a new technological age, they must once again evolve. An additional P must be added if marketers wish to hold fast to effective marketing practices.
New P is Platforms Added to the 7P's Marketing Mix Model
In today’s AI era, I unveil a new, pivotal element to the foundational marketing strategy of the 7P’s model. Introducing the new P as “Platforms”. This strategic component recognizes the need to embrace the myriad of changes and emerging technologies within the industry. Platforms stand as a cornerstone in modern marketing strategies not only due to their pivotal role in navigating dynamic digital landscapes but for their profound impact on every other P of the 7P’s marketing mix strategy model.
What is the P for Platforms as the new marketing mix model addition
Simply Platforms are the tools, platforms, and software that marketers use to plan, execute, manage and measure marketing campaigns and activities. Platforms encompass a wide range of technologies, including customer relationship management (CRM) systems, email marketing software, social media management tools, analytics platforms, content management systems (CMS), and more. Platforms are crucial as a marketing fundamental because they enable marketers to adapt to the rapidly evolving digital landscape and effectively reach and engage with their target audience.
7 Areas of Platforms - the new marketing mix model element
Navigating the array of platforms is simplified by categorizing them into 7 key areas under the formula - C.O.M.M.A.N.D:
C - Content creation
O - Operations and management
M - Metrics and Reporting
M - Messaging & communication
A - Advertising & Sales
N - relationship Nurturing
D - Data and Analytics & AI
From platforms like Adobe Analytics and PowerBI, Tealium CDP for insights into consumer behaviour, preferences, and trends. To platforms such as SalesForce and ChannelSight to drive higher levels of customer satisfaction and loyalty. These 7 categories and their platforms form the backbone of modern marketing strategies.
Going beyond the 7 Ps of marketing
Communication, content creation, advertising, and operation are already the foundations of proper marketing practice. Recognizing their importance through the use of platforms and using platforms to properly engage in these fundamentals is imperative to marketing success. There will always be a need to remain relevant in the constantly evolving digital landscape. Just as marketing fundamentals evolve, so must our strategies and approaches. Going beyond the 7 Ps of marketing and recognizing a new P, Platforms, is critical for crafting optimal marketing strategies and tactics in our contemporary digital milieu. In order to keep up, we must adapt, with rising technologies, with our changing world, and with our “Platforms”.