Back in the day, the marketing 4P formula was all the rage. Marketers everywhere were focused on mastering Product, Place, Price and Promotion since back in the day, marketers ruled the world and controlled consumer purchases by mastering these elements in their advertising and media.
But with today’s advancements in technology, social media and mobile phones, there has been a paradigm shift in the world of marketing… the consumer now has control with the ability to compare prices and product differences in a click of a button; read or post reviews of millions of peers and access information on the road via their smart phones.
So, how do marketers remain competitive and differentiate their products and services. Simply, stop focusing on the 4Ps and move up the alphabet to the 5E’s
Go From Product to Experience
Classic marketing focused on the features and benefits of a product but with the shift, consumers are moving more towards experiences to make their purchases. It is about gaining a full understanding of your customer and how they make purchasing decisions. If you do not understand this basic requirement, you will never fully understand the customer journey. Think of the Apple Store concept. Apple customers can easily buy Apple products online or in other stores but often chose to buy directly from an Apple store, simply for the experience: A clean, well simple designed store, knowledgeable associates eager to share a tip, free education classes to master their products and an interactive experience to test all the features and functions of the latest and greatest gadgets. All wrapped around one single marketing message “Think Differently”.
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Go From Place to Everywhere
With online stores in the mix, the traditional buying methods are challenging so first to drive customers to your stores or to your business, you create a memorable experience but also offer convenience. Having to “go to” a store can often interrupt a person’s day unless they have another reason to go, if not, your job as a marketer is to connect with them when they are the most receptive to engaging with you. Most people conduct some research online to evaluate a product or to support a buying decision; smart marketers are playing in this space “everywhere”. They are found online, in reviews, partner with other sites. Make it easy for your customers to do business with you and make it easy for your product/services to be found.
Go From Price to Exchange for Value
Remember the days when you gave you customer a product and they paid you your price. To determine the price, marketers simply took a look at the cost of creating and marketing that product and added a multiplier for profit. Today’s markets need to understand the value of not only their products and/or services, but what it takes for a customer to give you their time, attention and engagement. What do you really bring to the table for your customers? What return can they expect from making an investment in your product? These are questions that every market today, needs to master.
From Promotion to Evangelism
In the past, the idea of promotion revolved around advertising your products or services via traditional channels: TV, Media, Ads, Billboards etc.., but today, the key is to get your customer’s talking about our brand every chance they get. With social media building communities of like minded customers, smart marketers are creating experiences and value that motivates their customers to share with others in their own networks. Studies have proven that word of mouth advertising is the best form of marketing. Don’t believe me, listen to your peers approach to marketing. You see this often with infomercials but more and more, you are seeing mainstream advertising offer more and more customer testimonials or stories of how the products have helped or supported them.
Go from Positioning to Expert
Our era was the start of the information age. With so much access to data and knowledge, our customers are looking to work with the best and most knowledgeable in that space. Smart marketers are positioning themselves as the thought leaders or experts in their industry. They are standing apart from the crowd by becoming pioneers and industry leaders.
Key to success is to tap into the passion and emotion of your brand that resonates with your core audience and build an experience that provides value, memories and community and watch your revenues soar!