For decades, marketing revolved around four fundamental Ps: Product, Price, Place and Promotion. But now Perception – Purpose – Patience, have become more pertinent.

Perception = how the company is perceived.
Purpose = the value the product delivers.
Patience = the time required to establish market position.

The customer has changed. Competition has intensified. Information is available instantly. Digital platforms have changed how products are discovered and evaluated. And two of the traditional Ps — Place and Promotion – have themselves undergone major transformation.

Place has been significantly altered by the arrival of e-commerce. Earlier, physical availability, retail presence and distribution networks were critical to reaching customers. Today, for a large part of the market, products can be discovered and ordered from almost anywhere and delivered to the customer’s doorstep. Place still matters, particularly in rural and remote markets, but its traditional dominance has been diluted.

Promotion has also changed. It is no longer simply about advertising a product. Communication strategies have become far more important. Brands now communicate continuously through digital platforms, social media, content, conversations and experiences. Even promoters and business leaders have become much more accessible and visible, often becoming direct carriers of the brand themselves.

This is where I believe three additional Ps have emerged: Perception. Purpose. Patience.

PERCEPTION is about how the market sees the company. Customers today look beyond advertising. They notice a company’s ethical practices, work culture, treatment of employees and customers, social participation, environmental behaviour and the conduct of its leadership. All of these shape perception. The company creates the product. The market creates the perception.

PURPOSE, in this context, is about the value the product delivers to the customer. Does it solve a real problem? Does it perform? Is it useful? Does it justify what the customer is paying? Price remains important, but price alone does not determine value. A customer may happily pay more if the product delivers significantly greater practical value. 

The question is therefore increasingly not simply:
“What does it cost?” But: “What am I getting for what I am paying?”
The stronger the value, the less dominant price can become.

PATIENCE – Nothing builds overnight anymore. Competition exists in almost every category. New companies, new products and new brands are constantly fighting for attention. As a result, establishing a market position is taking longer. A good product does not automatically become a recognised brand. A launch does not automatically create acceptance. A campaign does not automatically create trust. Customers need time to notice, understand, experience and finally accept. Patience is therefore becoming a marketing necessity.

What do you think?

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