The 8th P of the Marketing Mix

Perception is reality and part of the marketing mix

The 8th P of the Marketing Mix

The marketing mix is a very old concept.

But it remains relevant still today for those operating in the mortgage market.

It began life with 4Ps and then became the 7Ps. However, there is an all important 8th P which we will come onto.

The Conventional 7 Ps

Product – the actual thing you are marketing, be it a mortgage or a tech solution
Price – the cost of your product
Place – this is all about distribution and making it easy to buy the product
Promotion – how you communicate how great your product is
People – a key part of the mix as your people are a vital extension of your brand
Process – how good is your overall “customer experience”?
Physical Evidence – this is where you can bring your offering to life, and at a basic level maximise testimonials

The 8th P - Perception

In a Forum blog, we wrote about the Perception Gap.

It is important to know how your brand is perceived. Are you creating the right products for your audience?

What is the perception of your customer experience? What is the perception of your people? Are you trusted enough?

Time To Reflect

At this point in time, it is probably now more important than ever to really understand your brand perceptions to ensure you get all the other parts of the marketing mix working effectively.