The New 4P’s of Marketing
In a previous article, we were talking about the new era of marketing, Marketing 3.0. The key marketing concept is value. Marketers approach consumers as whole human beings with minds, hearts and spirits. So Marketing 3.0 complements emotional marketing with human spirit marketing.
In this value-driven era, the classic 4P’s of marketing are also changing. The concepts of price, product, place and promotion must be rewritten.
Let’s see how these concepts are changing according to Marketing 3.0.
Start Focusing on Value instead of PRICE
Nowadays, marketing brings into our attention the human values, aspirations and spirit. Hence, a brand is defined not just by the product, but through the experience around it. Consumers are seen as human beings, whose needs and hopes should not be neglected. And truly valuable brands are defined by consumers, so they have to make sure that their products are really good, because the offer is bigger than ever before. I think that we can comprise this idea with Ann Handley’s words: focus on how your products or services touch people’s lives.
Offer a Solution, Not a PRODUCT
Consumers are looking for more than just products, they are looking for solutions to their problems. It’s no longer about the features your products have. You have to keep in mind the problems the consumers needs to solve. Avoid getting in competition with other brands and don’t think too much about the features and functions unless these would really solve the problems your customers is dealing with.
PROMOTION: Do not control, educate
In the past, a product was promoted mainly through advertising – this was the most common method when trying to catch people’s attention. but with the extent of Internet, things are different now. People write reviews or share their opinion regarding products online all the time. The solution is to start conversation with those people, to ask them to write a review if you know they are your customer or to answer their questions and to provide them with useful information when needed. It is essential for a consumer to be educated before he purchases a product. And it’s marketeers job to help them in this process.
Access instead of PLACE
Make sure people have access to the information they need easily. Brand must connect with consumers wherever they are: on social networks, on retailer sites, via mobile and so on. Information must be available everywhere people shop.
What are your thoughts on the new 4P’s of Marketing? Have companies adopted this new trend?