I recently spoke to a group of small business owners on marketing strategies for success in their early stages of growth. Of course, I talked about the 4Ps- Product, Pricing, Placement and Promotion, along with its importance in shaping the go-to-market plans.
I felt that it was important for these early-stage companies to move beyond the 4Ps paradigm and focus on the 3Rs – Revenue, References and Retention. This does not mean that the 4Ps are not important, they are extremely important; but it is not what early stage companies need to focus on internally. In fact, the 4Ps and the 3Rs are forever intertwined in a co-dependent relationship; however, top of mind issues should be Sustainable Revenue, that is driven by delivering value that is fine–tuned around their target consumer’s unique needs, behavior and attributes.
In addition, References should be driven by an consistent excellent customer experience at all stages of the buying cycle and Retention by ensuring the consumer is achieving acceptable ROI on your product or service.
Let me know your thoughts!