The 5th P in Business — What It Is And Why It Should Be Your #1 P
If you’re a marketing maven like me, you’re very familiar with the four P’s of Marketing: Product, Price, Promotion and Place.
And as a business person, you may have heard of the four P’s of Business: People, Products, Processes and Profits.
In both cases, the P’s provide the framework necessary to define your company and brand goals, objectives and directives.
And while the P’s of Marketing and the P’s of business have some overlap, particularly at the Product level, for the most part they speak to different aspects of your organization and the work you do.
There is, however, a fifth P that transcends and encompasses all aspects of your business, from financial and administrative through to marketing, promotion and sales.
When you can put a face on the people that your company helps with the products and services you provide — not just individuals, but also families and even entire communities — then you can wrap your arms around the emotional connection between what you do and why it matters.
For example, we recently had a non profit client that supported a ballot measure to reauthorize a tax assessment that would keep critical funding in place for an under-served population. My company, Creative Why, has a “people first” mentality, so not only was it easy for us to get behind our client pursuing a measure that would positively impact so many individuals and families, it was also clear that the campaign had to tell the real stories of those who would be impacted by the success (or not) of the ballot measure.
Hearing the stories of the people on the front line of the campaign — from our clients to the people they serve and even our own team, many of whom live in and around the affected community — clarified our intent and our purpose.
When you know what you do and why, that fifth P aligns your marketing and business objectives in profound, prosperous and persistent ways.
See how things work when you mind your P’s?