A Solid Business Footing: The 7Ps – That’s Right, Seven! (Part VI of IX)
Last week Marka wrapped up discussion of the third P, Place. Today, she teaches the gang about the fourth P, Promotion.
Now, on to part six of this nine-part series. Remember, fire = print.
The Fourth P: Promotion
“Our research shows that people no longer care that we invented the fire category,” Marka explained. “Our average customers’ mindset is: ‘What have you done for me lately?’ We need to out-promote Pyro, Flintstone and our other competitors. Our brand is stronger than theirs, so a well-planned and executed promotional strategy should provide sales growth opportunities. I can’t overstate the importance of ‘promotion’ in any marketing plan.”
“When we’re planning our marketing campaigns, it’s very important to remember the 40/40/20 rule,” Marka continued.
“What’s that?” Numo was surprised to hear an unfamiliar numbers rule-of-thumb.
“Since our relationship-style product, fire, is so dependent on arrow marketing, 40 percent of our marketing effort, resources and activities should be devoted to development of our list,” Marka said authoritatively. “40 percent should be concentrated on the ‘offer,’ which includes action-inducing incentives. Only the remaining 20 percent should be invested in the creative.”
“That’s not how it’s usually done,” Org said. “Before you got here, Marka, it seemed like we spent months developing these beautiful brochures. Then, at the last minute, someone says, "We're about ready to go to print. What's the offer and who are we going to send it to?"
“How’d that approach work for ya?” Marka asked in her best Northern Olympian accent.
“Not well,” Org said icily.
“Promotional activities have helped create market awareness for businesses since the days of Prometheus, but the average Olympian is becoming less receptive to advertising,” Marka continued. “Consumer cynicism is everywhere. Fortunately, there are ways to promote FEI outside of traditional marketing.”