A lot can change in a decade . . . as evidenced by Blockbuster video stores, Netflix DVD mailings, Blackberry and iPhone. And Marketing has undergone significant changes, too. The dynamics in the marketplace and in the marketing organization have shifted dramatically. What was needed for success in days gone by — the 4 Ps of product, price, place, and promotion — has now transformed into 4 new Ps required for success today:
These observations and recommendations were shared in a keynote presentation by Kent Huffman and Eric Fletcher, CMOs at Servergy and Liskow & Lewis, respectively, at the recent Marketing Operations & Technology Summit. Their advice continues:
CMOs are counting on Marketing Operations professionals to master the new 4 Ps in the work we do, and in leading the whole marketing organization’s work to excel through the new 4 Ps.
Problem-solving is valued by CMOs because of the fast pace, 24/7 business operations of today’s world. What CMOs seek in the problem-solving team are collaborators, communicators, and self-starters. There are 4 ways leaders solve problems:
- Build a solid foundation
- Break down silos
- Communication with transparency
- Hire open-minded individuals
A proven creative thinker and hands-on problem solver with demonstrated success in creating and executing consumer marketing strategies. — part of a typical job description
Perspective-shifting is a game-changer for CMOs because the complexity of issues and opportunities have multiple angles, stakeholder interests and end-games. Keys to a winning perspective:
- Help tear down silos
- Cultivate organizational integration
- Understand finance/business
Don’t be afraid to speak up and own your voice. Share your ideas. A good idea can come from anywhere — why not you? — Leontyne Green Sykes, CMO at IKEA North America
CMOs value passion in people’s work, ideas, and attitudes, as marketing organizations face increasing needs to be proactive and resilient. Cultivate your passion by remembering:
- Why did you become a marketer?
- Why are you in MO?
- Where do you want to be 5 years from today
- How do you share your passion?
Alongside commitment to a universal brand idea and authentic storytelling, the new competitive advantage is to build a company . . . with something to say. This starts with passion . . . — Jim Stengel, former Global CMO at Procter & Gamble
Continuity of purpose is valued by CMOs in this vast sea of ongoing change. Stability amid the growth ramps and complexity is central to the Marketing organization’s credibility and sanity. Keys to maintaining your purpose:
- Engage and collaborate in industry events
- Expand your professional horizons
- Learn the language of managers/leaders
My take on the new 4 Ps:
Problem-solving, perspective-shifting, passion and purpose represent the importance of people and process aspects of marketing operations. While the traditional 4 Ps are certainly still relevant, the marketing organization’s efficiency and effectiveness relies on elevated insights and collaboration levels. It’s about working smarter. And making a bigger impact internally as well as externally. These 4 Ps are essential for keeping things organized and freeing-up resources for greater creativity and strategic value. That’s the outlook for marketing operations today and in the future.