It might be time to rethink this "P"

I think we can all agree we are in a rather weird time right now.

Not just in business, but as a planet, to be honest. 

Something of a global reset. With change on every front simultaneously.

And that's a lot for our brains to process.

It's a lot for our customers too.

Which is why customer behaviour is changing rapidly - especially online (but offline as well), as people adapt to manage the change and look after themselves and their loved ones as best they can. 

And I know that for people running a business this can have flow on ramifications. 

Conversations I'm having with peers, clients and connections all over the globe indicate it's a global phenomenon.

In both business and life generally. 

So if you're feeling like what you're going through overall this year has been tough - you're not alone. 

Businesses that have been rock solid with steady revenue for years are finding things simply aren't working quite like they used to. 

Customers are tightening their belts in a pretty major way, as they cut costs they feel aren't "essential" and become more frugal, scrutinising even the smallest of expenses.

Taking longer to make decisions. Holding off while they juggle their pressing priorities. 

Not to mention opting-out of many traditional marketing approaches. 

I'm writing on this today as I had this conversation with a few people today who were feeling like it was "them" but were comforted when they heared from others they aren't the only ones.

And the reality is, right now there's a lot we can't control around what's happening around us. 

So let's look at what we CAN influence. 

And in particular, one "lesser talked about but hugely important" area, we can focus on in this time and see results really quickly. 

In Marketing there are the 4 "Ps." 

I learned about these 25+ years ago in my early years of marketing and they are the foundation of modern marketing strategy. 

The 4 "Ps" are PRODUCT, PRICE, PLACE and PROMOTION.

But before you tune out - don't worry, I'm not going to bore you with education and theory you don't need.....

Instead, I'm going to share a powerful principle about one of them you can apply to your business RIGHT NOW.

So often people mistake "marketing" for "promotion" - because in the last 10 years there has been an obsession with social media and spreading one's message.

Promotion is important, but it's not the only thing - I would submit that there is another P where there may well be more LEVERAGE for you right now.....

"PRODUCT"

At it's core this involves considering how you might evolve what it is that you offer, to better meet the current and future needs of your audience.

Too many people are stuck and hung up on how they "Promote" their thing,  so they keep trying different promotional approaches. 

When there may be a fundamental challenge with what it is they are promoting.

If you are pushing a product (which can be a "service") that people don't want, it's wasted energy, money and resources. 

So right now is a great time to go back to the drawing board and think of what it is you do/sell/deliver/offer and look for ways to optimise that product, and experience.

(Of course that will ultimately impact another "P" which is PRICE - but rushing to lower or increase a price without having the context of product and value is moot as well.)

Right now is a really great time to listen to your customers, do some research, surveys, even discussions to explore questions like.

- What do my customers need less of, what do they more of?

- Do I deliver my product this way because that's the way we've always done it, and is there a better way?

- How could I adapt my product to people's changing needs?

- How can I accommodate different customer preferences?

- Is there room to improve the way the product is structured, so it makes it more accessible or desirable to my current or future customers?

- How could the overall experience be improved (because the experience IS the product)

- How can you help people get the desired outcome quicker, and with less effort?

For the record, I'm not suggesting you do anything I don't actively do myself.

In fact, I spent the last three months exploring all of these questions, evolving the customer experience inside my own programs.

I'm going into the fourth year of my signature program that helps people market themselves and create outstanding thought leadership marketing content and attract more of the "right" people. 

The curriculum, training and structure is world class and gets results for everyone who follows it.

But this year I felt the need to revisit several aspects of it, in the light of people's mental capacity post-covid.

For me this meant pare it back, and simplify some aspects, because the headspace people are at right now is different to what it was even 12 months ago.

So right now I am doing lots of things to evolve my own "product" including.....

- Less content, more support
- Simpler, more fun communication
- More accountability for those that are motivated by it (it's not for everyone!)
- Breaking things down into baby steps, so people know the one thing they need to be focusing on at any time 
-  A more "useful" progress tracking system 
- Introducing new and tangible ways for people to feel honoured, valued and special
- Creating social events and ways to collaborate with each others
- Less lineal pathway, more curated and bespoke to each person

And what I have noticed is an uptick in the engagement, and progress of people (not to mention renewal rate!)  at a time when most people are experiencing a decline.

What I "felt" that people in my community needed was lots of love, nurture and support in this season.

So I made a very conscious decision to act on this. 

So rather than focusing on bringing in lots more people, I chose to direct my efforts to up-levelling the experience INSIDE my experience. 

And that felt really good to me. 

Being a hands-on mum of five young kids I have very finite working hours in the week and so allocate them carefully.

I did not want to dilute my focus, so this was a very strategic decision on my behalf to focus on one over the other. 

Product over Promotion.

I wanted to try out a few things that I felt would make their experience even better, and experiment with how I could cater to different learning and implementation styles, rather than expecting everyone to fit into the same format.

I also felt that people needed greater connection with each other during this time - and my community is a great place to create space for this, as they are all amazing people.

That's just my example - to show you how I applied the principle of focusing on PRODUCT at this time - and positive impact it had. 

The opportunities for you will be different and unique to your business.

But the big takeaway that will be common to us both is this. 

"Product evolution" like this doesn't just "happen"

It takes a lot of intentionality, focus, then follow through. 

But I believe it's important, which is why I invested into that. 

Focusing on "product evolution"  right now, way more heavily than promotion in this season.

(I can cover off on what I'm doing the other 2 P's another time - don't want to make this too intense lol!) 

I just want you to remember the big takeaway.

It's not all about promotion and spreading your message.

That's important, but don't forget about the product. 

It 's essential to adapt it and evolve, as people do.

As their needs change, as the demand ebbs and flows, as technology changes. 

As Zoom fatigue takes over.

Feeling like they are running from pillar to post to "keep up with life". 

Info-saturated, heavily-committed and over-whelmed at every turn.

Balancing work, health, family, society - and just keeping on going every day.

Think about how you can serve them better.

As I mentioned in my email last week, I love the idea that "caring is the best marketing strategy".

Not more shouting on social media.

Caring what your customers need right now. 

It's what your audience (who will one day be your customers) need too.

And it's what the world needs.

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ABOUT THE AUTHOR

Nina Christian is a Marketing Futurist & Global Marketing Mentor who helps people do their marketing in a more human way. 

She is a Certified Practicing Marketer (CPM), Life Member and Fellow of the Australian Marketing Institute & AMI State Chair (Vic) and for 20 years was director of Braveda (Winner, Best Marketing Agency, Australian Marketing Excellence Awards).

Several years ago Nina saw the world of marketing shifting – this time as people became their own brands.  With this, she created a new business as a thought leader, combining her expertise in brand building with personal positioning, resulting in a breakthrough praxis known as Marketing Me™.

She has a knack for simplifying the complex which comes from being a hands-on mum to five children, and uses this to turn time-sucking activities into easy-to-follow systems and processes that make a lot of sense and get outcomes fast.

There are different ways to work with Nina based on your situation and organisation size - with all of them you'll see rapid transformation and tangible outcomes fast. Book a chat with Nina here.