Known – Mark Schafer: https://amzn.to/2J4TpAM
Enjoy the Episode – Happy Marketing!
As we round up our look at the Extended Marketing Mix (7P’s), it seems fitting that this week we talk to a Marketing Consultant and Professor.
Let’s meet Krista Fabrick. Krista teaches Marketing and Social Networking through both the theoretical side and the more practical elements, utlising the many social platforms in what she teaches. This also transfers onto startups and small businesses, who simply haven’t the time to sit down, learn, develop and implement a marketing strategy.
Not only that, but Krista is also pursuing a Doctorate in Business Admin and Marketing with a specific view on social media. More on that later.
– As we heard last week with our chat with Mark Shaw, you need to understand the platforms to use them successfully. Krista takes this one step further with the premise that you need to understand the history, the principals, strategies, frameworks and foundations of each platform to early gain a competitive advantage when using them. Without this knowledge you are starting right at the bottom with a long way to go!
– Consistency, consistency, consistency. Showing up regularly and getting into the habit of this being part of your daily life. Yes there are other comms channels we need to consider, but they are just they same. We all need consistency in what we do, which leads onto the final takeaway.
– Learn the theory and practice this in the real world. It what good marketing is all about. Many don’t want to do the theory and go straight to the practical, which can work, but in my opinion, it takes twice as long and not documenting your progress can start to make you make decisions based on intuition alone. Not a good long term strategy.
Top Tip – The 7P’s round up
I just want to wrap up our look at the 7 P’s, the extended marketing mix and why it’s important that you always consider every element. They are all linked together. If you change one element it will have an effect on others. Lets take a look at an example of how this would work.
Let’s start with Price – And you increase the price of a service dramatically.
This will have an effect on the People as your customer will expect a higher level of service for a higher price.
Your Physical Evidence will probably have to be updated to highlight the additional quality you now include.
And your Promotional material will need to mirror the change in both physical evidence and pricing structure.
That is the complexity of the Marketing Mix and why it should never be placed in the background. It should be front and center in your tactical Marketing approach.
Music Featured on this Podcast:
Sleepy in the Garden
Lobo Loco www.musikbrause.de
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