While working on my MBA, I learned that the essentials of the marketing mix focused on the 4 Ps—Product, Price, Place, and Promotion. The Marketing Mix has been instrumental in forming the core positioning for products in the marketplace for more than half a century.

Marketers, however, need to expand their vision to include the new 4 Ps—Pearls, Pumps, Purses, and Power. To capture the $0.85 that women spend out of every dollar spent, it is time to rethink not only what marketing departments are doing but also what business schools are teaching.

Perspective

To ensure that current marketing strategies are providing the best results possible, it is essential that they be continually evaluated and analyzed.

Consumers, especially women, aren't static, and marketing efforts shouldn't be, either. Even though large amounts of money are frequently spent on research, development, and advertising, companies often miss the boat. Their ship has come in, but they don't know it...

One of the worst marketing strategies that surfaced in the mid-50s—and, unfortunately, is still around—is Pink.

Pink is not a marketing tactic, it is a color. While everything from automobiles to typewriters to tools and guns have turned pink in pursuit of women, most have been extremely unsuccessful in their efforts. In fact, many have lost the very customers they were seeking.

Misguided strategies die hard. Even today, as sports teams realized they could greatly increase their merchandise sales by making team apparel in sizes that fit women—an excellent discovery and one that should be incredibly lucrative—many are making the apparel in pink rather than the team colors. That makes no sense to me.

Understanding and Marketing Utilizing the New 4 Ps

To be successful in the marketplace today, CMOs, other marketing and advertising executives, and companies must understand the importance of the New 4 Ps—Pearls, Pumps, Purses, and Power:

  • Pearls signify the prosperity the female customer represents to businesses. Her increasing discretionary dollars can make or break even large corporations, and will in the years to come. The woman consumer is truly a precious gem and should be treated as one.
  • The Purse holds trillions of dollars that women will spend in the next decade. In many sports, the prize is referred to as the Purse. Think of the woman consumer as a valuable prize you need and want to secure. Without winning her Purse, you will lose not only this race but also the prospect of success in the future.
  • Pumps represent the force women propel in the marketplace. She isn't afraid to put on those pumps and walk out the door if she doesn't get respect, fair prices, and professional treatment. Women today wear these pumps when shopping, climbing the corporate ladder, running their own businesses, or managing their households.
  • Her Power is endless. Women have the money and the power to purchase. She should be sought after by you not because she makes up 51 percent of the population but because she spends 85 percent of the money. She is the buying agent for herself, her family, her business, and often her corporate purchasing department. She is both the inheritor of great wealth and the maker of it.

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ABOUT THE AUTHOR

Gerry Myers is CEO, president, and cofounder of Advisory Link (www.advisorylink-dfw.com). She is co-author of Leading the Way to Success and specializes in marketing and selling more effectively to women.