How many businesses operate this way? For sure, it’s a balancing act. More than likely, it’s a waste of time. Let’s look at how some business cultures evolved based (loosely) on the evolution of eating utensils. At one point Europeans ate with their hands and a knife they carried with them. Although forks existed, they were rather large and only used to lift large cuts of meat out of pans or the fire or to hold it down while it was being carved. When forks did show up in Venice, they were condemned by the Church who believed that their use was contradictory since God provided fingers for us.
So then, the use of forks was practically sacrilegious. By the time the Pilgrims landed at Plymouth Rock, forks were not as common as in Europe. Spoons were more so and oddly used as forks to hold meat while it was cut. The meat was held down with the spoon in the left hand while cutting the meat with the knife in the right hand. Then they would switch the knife to the left hand and eat with the spoon in their right hand. In fact because of this odd behavior, Americans today continue to hold their meat with their fork in their left hand and cut with their right and switch before taking a fork full. Whereas, in Europe diners continue to hold their meat with their fork in their left hand, cut with their right and do not switch hands.
The use of a fork was still not common in America even by the time of the Revolution. How does this fit in to how businesses are operated? Simply put, some businesses are refusing to grasp (the pun is quit intended) the new technology. Or, worse yet, trying to use the old forms in a manner in which they were not intended. Take the new and still emerging digital media that was created by the internet. Many businesses are still holding on to the traditional and very much offline print, radio and television based media.
Sure, they mention or place their website address in their advertising as part of the call to action but it’s as ineffective as switching from a cutting posture to an eating posture. It is no more efficient than trying to eat peas by balancing them on a knife. At this point, I’m going to substitute peas with P’s; more precisely the basic elements (Product, Price, Place and Promotion) of the tried and true marketing mix.
Yes, if you’ve read this column faithfully (thank you by the way) this is not the first time I’ve gone on about the Four P’s and it won’t be the last! And, yes, a review is necessary. And, yes, I use 5 P’s in my Marketing Engineering Assessment. The first P – the product(s) or service(s) you sell along with their benefits, advantages and features may or may not be common knowledge. Not every one of your current or potential customers knows or easily understands everything you do or offer.
The Second P – price. Are the product(s) or service(s) you offer defining you in the marketplace as low-ball, expensive or, as a great value? Price is all about dollars and cents whereas value is all about an exchange of the consumer’s time, expectation and yes, money for what you are offering. In other words, is it worth it? The Third P – place. Where you do business can be anywhere today.
You can operate a “bricks and mortar” location with or without internet sales support or, you can do all of your business on the internet. Regardless of where it is actually conducted, the value of quality, selection and speed of acquisition must still apply. The Fourth P – promotion. How you promote your business is what this month’s column is all about. It’s time to assess whether the traditional offline advertising methods are of any value to you and to carefully determine if the new and emerging digital media such as social media, web banner advertising and video will serve your needs better.
The Fifth P – people, is an important aspect of digital media. Although advertising print space and radio/TV time costs can be dramatically reduced, there is a need to increase the time devoted to maintaining and managing your social media such as Facebook and Twitter. Digital media results, however, are far more apparent and measurable. You can continue using your advertising spoon and knife or switch to something more practical.
