Expert Copywriting and Marketing Consulting in Medical Technology
The Pathway to Marketing Success
Replacing the 4 P’s with the 4 M’s
– by Lynn M. Little
Sandy Franks, Senior Copy Chief for American Writers and Artists, Inc. (AWAI) and founder of the Women’s Financial Alliance, recently wrote an article titled, A New Way to Think About a 56-Year-Old Marketing Principle.
In her article, Franks relates the 4 P’s© of copywriting, formulated by the late E. Jerome McCarthy, professor of marketing at Michigan State University and the University of Notre Dame, and discussed in his book, Basic Marketing: A Global Managerial Approach.
In McCarthy’s book, first published around 1960, he explained that the 4 P’s, product, price, promotion, and place, were the four elements of the marketing mix. McCarthy created the 4 P’s to help companies understand and plan their marketing strategies.
In her article, Franks asks whether the 4 P’s are still relevant today. She shares findings of a five-year Harvard Business Review study which found that the 4 P’s model actually undercuts entrepreneurs, especially in the B2B space, because it leads marketing and sales teams to (paraphrasing)
• focus too much on product technology and quality;
• underemphasize building a case for the superior value of the solution being sold;
• underemphasize leveraging the company’s advantage as a source of problem solving.
In her article, Franks says that Frank Jefkins, in his book, Modern Marketing Communications, agrees that the 4 P’s model inhibits companies’ ability to communicate with prospects because the way we communicate has changed so much in recent times.
Franks points out that, until the 1970s, companies hired Public Relations firms to write the important press releases (P for Promotion) needed to support their advertising campaigns.
But today, as explained in Jefkins’ book, press releases are less important, due to more sophisticated ways of reaching prospects, such as using social media outlets like Facebook.
According to Franks, in her article, what is needed today is a modern replacement for the 4 P’s. Fortunately, she says, this is provided by the 4 Ms of marketing: merchandise, market, media, and message, created by Al Ries, author of The 22 Immutable Laws of Branding and Focus: The Future of Your Company Depends on It.
Franks states a very important lesson for copywriters: “While you might think this type of stuff doesn’t matter to copywriters, you are wrong. The ‘A-list’ copywriters who make six- and seven-figure incomes are also great marketers. Over the years of writing copy, they instinctively learn to think like marketers, which gives them an edge when writing copy.”
She continues with a quick rundown of the 4 Ms: (underlining and emphasis added).
“Merchandise―A better term to describe a brand’s identity, which could include almost anything, such as its name, price, competition, size, weight, and its position in consumers’ minds.
Market—Identify the market to be conquered and recognize there is always competition. You can’t be everything to everyone, so pick a segment of the market to appeal to.
Media—Every medium has its advantages and disadvantages. A marketing campaign should focus on the one medium that works best for its product or service.
Message—A singular idea expressed in one medium with one target market.”
Franks concludes with, “Your takeaway for today—Always remember this: A great copywriter is also a great marketer. So learn to think like a marketer and you’ll be able to command higher fees and write more successful sales letters.”
Remember the 4 Ms, and remember that the way to copywriting success is to think like a marketer! Thanks to Sandy Franks for her great article!
Adapted from, A New Way to Think About a 56-Year-Old Marketing Principle, by Sandy Franks, Senior Copy Chief for American Writers and Artists, Inc. (AWAI), September 26, 2016