Post #2: The Marketing Mix

Hello again,

I hope you enjoyed the week. The marketing concept that I want to give a self-oriented twist this time is the marketing mix, which most marketers know as "The 4 P's". The P's are Product, Promotion, Place and Price. Companies use this mix of tools to produce the response it wants in the target market. So, before I explain the 4 P's, my first question is, "What response do you want in the target market?" Personally, I want my research (a product in some sense) to be found interesting in the academic community. After that, I want graduate admissions offices to respond by admitting me - but the academic community is my first target market, and my first priority (patience, Tim, patience). At any rate, I hope you have a target market in mind before reading the next section.

Product

The goods and services combination the company offers to the target market.

What are you trying to sell? What do you have to offer?

You really need to know what you have to offer - maybe even before you know what your target market is. You need to know it from front to back, side to side, from every angle or perspective you can think of. For the people that you talk to about your product (or service, or idea, or talent), you will be remembered by what you say - so get it right the first time!

Promotion

The activities that communicate the merits of the product and persuade target customers to buy it.

How can you best promote your product, service, or self? 

This is a very essential step because no one wants to waste time. Particularly in promoting yourself, I think of steps like using social media, dressing well, and being prepared for small talk (elevator pitch). I employed all three of those last week. I posted links to this blog on Facebook and LinkedIn, I dressed professionally (I think I wore a tie three times), and I shared my research project during small talk with around half a dozen people. These are small steps, but they add up. Through my interactions, I've been asked to present my research at Board of Trustees meeting! What approach do you think is best for you?

Place

The activities that make the product available to target consumers.

Where do you want to be known? What groups and audiences do you think need you? How can you best make yourself available to put your promotion strategies in place?

Social media is an answer for this, but I don't think it is a very good one. If you have something that a certain community, field, or company needs, you must make yourself available in person, too. Attend meetings, join groups, subscribe to newsletters, do research - something that will show your interest to your target consumers (potential employers, graduate schools, etc.). For instance, if I want to go to a particular graduate school, I can't just take a tour. I need to research it, contact potential faculty mentors, and ideally make some connections before I apply. This is perhaps the most difficult step because you must have confidence in what you offer in order to feel confident in making yourself available to promote it.

Price

The amount of money customers must pay to obtain the product.

I think the question here is, "What compensation do you deserve for your product, service, or what you have to offer?"

I almost left price out because it isn't a top concern at this point for me, but it is one of the 4 P's, so I kept it in. The compensation could be monetary, it could be recognition, it could even be financial aid. Focus on the first three P's and then we'll worry about it later.

I think that applying the marketing mix to personal branding is a good way to approach the way you market yourself. I hope that you will think about what you have to offer, where you can promote it, who you can promote it to, and how you can promote it. I'll be back in a week.

Truly,

Tim