Back in school we thought we learned everything about marketing. It doesn't take long in the real world to learn that even the 4 P's could use some updating.
But one thing hasn't changed. It's still about the right product, the right place and the right time.
We don’t dispute this wisdom – it does a pretty good job of explaining what we all do day in, day out, in a few words. But each element has changed, thanks to the digital revolution, here’s what we think it means now.
Thanks to tracking and reporting tools, product marketing is no guessing game. You can actually see what products and services buyers are interested in, as well as gauge how they feel about the products they've already purchased. Armed with that information, you can adjust your product marketing strategy and messaging.
Additionally, it's important to identify how the length of the sales cycle differ from product to product. This way you can adapt your marketing, appealing around different pain points for each product. The more you understand why your customers buy, the better equipped you are to sell.
It's not just what you say; it's where you say it. Understanding a lead's interests and preferences is just half the battle. You need to know how customers prefer to be reached. You'll want to track how leads are responding to your emails, carry out searches online for your brand or products, and what social media channels they use to debate the merits of various products and services. (For an example of the "right place" in action, check out this case study.)
You can have the best message in the world, but if you're in the wrong place it falls on deaf ears.
The right time is more like a constant "now." You want to reach leads when they're thinking about you.
Today, all kinds of real-time information is available to marketers. You can call someone as they're clicking on your site or tweeting about your product. Emails can be targeted, connecting leads with the kind of content that moves them closer to signing a deal. And with lead nurturing the process can be automated, ensuring certain actions taken by leads trigger right-time content based on what stage of the buying cycle they've reached.
Of course, this is just the start. If you want more on getting the product, place and timing right, explore our modern marketing cosmos.