The New 4 P’s of marketing
Product, Place, Price, and Promotion: the four Ps of marketing are the very first subjects taught in marketing classes. Indeed, they have been the foundational elements of any marketing campaign or business model for over a century. However, marketing has considerably shifted in the last three decades, which forces the question: with the growing influence of digitalization, social media, and access to big data, are the 4 P’s still relevant to today’s digital economy?
The 4 P’s have a place in modern society/economy and the ability to impact, but if they do not adapt to modern needs, then their use in the foundations of marketing campaigns/business models will have a negative impact rather than a positive.
According to Mathew Sweezey, one of the top forward-looking minds in marketing, focusing on tools rather than a marketing strategy, might actually be what’s holding our business back.
Consumers no longer desire one-off trades: here’s my money, give me my product, bye-bye now!” Instead, they desire experiences and emotions. Consumers today want products that resonate with their lifestyle and beliefs, from companies/brands that they trust and believe in. Therefore, companies should be asking themselves constantly, “Why should I offer this to consumers?”If the answer to that question neglects the consumer’s experience and emotions, then there is a disconnect with modernity.
The most successful brands focus on real experiences and emotions. Coca-cola gives you happiness; Nike gives you the courage to follow your dreams; Dove gives you body positivity, confidence, and self-esteem; Facebook gives you the power to build community and brings the world closer together, and Apple gives you freedom from status quo.
Aligning purpose, passion, people, and process with its values will guide an organization towards innovation and building an impactful brand. When brands build a marketing strategy combining the new 4 P’s, they will create impactful experiences and help develop a deep connection with the customers.
As technology progresses, It’s important to really understand how customers’ journeys unfold and customer value proposition, which embodies engagement, experience, and emotion. Welcome the new 4ps: Purpose, Passion, People, and Process.
Brands that embrace purpose-driven marketing can build deeper connections with customers, shareholders, and employees. Patagonia is a prime example that effectively tailors their marketing strategy around a cause that their audience can deeply connect with. Patagonia’s mission is to save the planet.
These are exciting times where it is easy to get in touch and stay in touch with everyone and everything we are passionate about. People are tired of seeing generic ads, not to mention these ads are also ineffective. We are seeing trends around marketing, where ads are becoming more personal and emotional. In developing marketing strategies to build a human connection, companies can better maintain consumers and attract new ones.
Marketing is all about People. Brands need to develop their marketing strategy by having people in mind. Today’s consumers need individual service and a personal approach to everything. Consumers appreciate it when a brand goes the extra mile.DonorsChoose is a great example “when a donor makes a donation; every donor gets a thank-you letter from the teacher, photos from the classroom, and a report of how each dollar was spent.” Showing people that you care will help you build a strong relationship with them and keep them loyal.
To have an impact, people need to know what you’re doing. It’s essential that businesses create a process about their commitments to causes and their mission. A process that focuses on being authentic, making a long-term commitment, and using digital to create impactful stories. It’s also about the flow of activities that take place when there is an interaction between the customers and the businesses and making sure that interaction is smooth and efficient. Amazon is a prime example of customer engagement.
Now more than ever, Brands need to…
Focus On People
Focus On Purpose
Focus On Experience
Focus On IMPACT!
The Future of Marketing is about People+Purpose+Passion+Process= Impact driven Organizations.