In thinking out loud last week, I tweeted that the rise, impact and influence of social media was changing the marketing mix as we knew it. I suggested that instead of just focusing on Product, Price, Place and Promotion, the marketing mix now had a 5th P, as in People.
To me it seemed logical that since social media is all about interacting with people and taking part in ongoing conversations, that the marketing mix had evolved to incorporate this new (ok, not really!) concept. But since it’s a woman’s prerogative to change her I mind, I’m now on a different train of thought. And I’m sure this time you’ll agree.
People aren’t actually the 5th P of the marketing mix. They’re way more important than that. They’re the foundation for everything that a marketer does. Without an audience for your product or service, none of the other four P’s matter. Social media is simply an element of Promotion and an increasingly more effective way to reach people.
~ Jodi Echakowitz (Twitter: JodiEchakowitz)