There are various theories as to the origin of the expression “Mind your Ps and Qs.”
No matter what you believe is the expression’s origin, the definition still translates today as … mind your manners, be on your best behaviour and – what is most important for this column is – the notion of pay attention to your business.
From a business standpoint, the Ps can also represent the fundamental four Ps of the marketing mix. The four Ps relate to product, price, place and promotion. Contained within each of these elements are a number of marketing concepts and tools that need careful consideration. Let’s have a look at each element.
Product. Time was that if you had a good product it would sell itself. Today competition is fierce, so if you still subscribe to that old theory you are in trouble. There are lots of variables that need to be considered. For example, do you know who will buy your product or service? You need to define the characteristics of your product or service in terms of how it meets the needs of your customers.
Price. In most cases being competitive is what drives a pricing strategy. The thinking is that the consumer will always be swayed by the lowest price. Arguably that may be a valid point, but not all consumers want products that may not be supported by service, warranties or where the quality might be lacking.
Place. This represents where your product or service can be purchased. It’s your distribution channel that in today‘s world can include both physical as well as virtual stores or locations. Being in the right place also has another component and that is at the right time. It is a matter of logistics that ensures you have your market covered.
Promotion. The fourth P contains a wide range of tools that relate to marketing communications. Included in this mix are advertising, public relations, point of sale and, just as important, word of mouth. In today’s world, think also of Facebook, Twitter et al. All of these elements combine to help you build and create relationships with your customers.
We’ve gone through the traditional four Ps of marketing. However, there are situations where marketers will increase the number of Ps to seven. These new Ps are People, Physical Evidence and Process.
People. This is you and the people who work for you. How do you present yourselves? Are you helpful, knowledgeable and likeable? Consumers are more likely to buy from people they like. Ensure you and your staff have the training necessary to deal with the public.
Physical Evidence. This relates to the material aspects of your product or service. The physical evidence of your business is shaped not just by the product but the packaging, brochures, signage, advertising, business cards and even your building and furnishings.
The final P is Process. This is basically ensuring that your customers have an exceptional experience when dealing with you. It begins with the first contact and flows right through every transaction you have with your customer.
The bottom line is that in order to be successful you really do need to look after your Ps; then answering all those Qs (questions) about why you’re in business at all will be easy.
Joe Smith is a communications consultant and an accomplished fine artist. He can be reached via e-mail at joesmith@shaw.ca.