RETHINKING THE P’S OF MARKETING

marketing
Larry Lubin Apr 04 ,2016

The 4 P’s still play a crucial role in today’s rapid-fire digital landscape, but their meaning has changed.

Dr. Philip Kotler the father of modern marketing, popularized the 4 P’s in the sixties:

  • Product
  • Place
  • Price
  • Promotion

Today, there’s a fifth P in the mix, and it has lots of brands thinking – how will they manage to inject it in their customer journey. There are a few factors determining how effective personalization can be for your brand. Since the dawn of direct mail, brands have sent personalized communications to their customers, and it’s had lots of positive results with customers. But today, that level of personalization is table stakes.

To satisfy today’s customer, brands have to go a lot further to make their product or service more personal to their customers.

How can your customer’s experience with your Product or Service be more personalized?

Product or Service use data can be leveraged to tell a story about the customer and how your product or service fits in to their life.

How can your customer engage with your brand in a personal way regardless of where they interact with it?

Today’s point of sale is your customer’s preferred hand held device. Think about how your value proposition can be experienced online. That forms the foundation of a unique brand experience online.

If lowest price is the law, how can your brand compete?

People still pay more for a product that is perceived as different or unique. Although many brands are selling off their inventory on aggregator sites doesn’t mean they are compromising their brand – in fact, they are broadening their brand awareness as they let atypical customers aspire to their product or service… and tell everyone they know about their great experience.

How can your brand promote its product or service without selling?

Millennials are particularly sensitive to being sold – they don’t respond well to it.

Promote your good work in the community – local, regional or global. Ensure that your brand gets involved where it’s a perfect fit with your value proposition and most of all your values.

What’s the best way to inject Personalization in your brand experience?

The age of video marketing is upon us and there’s no reason why your brand shouldn’t take advantage of it. IndiVideo personalized videos, are the most effective method of injecting a personalized WOW factor in your existing customer journey.

The P’s of Marketing stand the test of time, but the fundamental meaning has changed with the digital marketplace. personalization gives your brand an edge in the digital landscape that can be transformative for your business.

Here are some tips to help you identify key moments in your customer journey that need to be personalized:

  • Identify those instances in your customer journey where your business is at risk
  • Analyze the data of those instances and isolate the trigger to look for
  • Develop a creative brief that looks at the target audience, their current customer behaviour, the desired new customer behaviour and the reasons why customers should believe
  • Send the brief to BlueRush and we will develop an IndiVideo program that eliminates the risk to your business

Want to know more? Download a copy of my full presentation on the 5th P of Marketing here!

About the author: Larry Lubin

Larry Lubin

As original founder, Chairman and CEO of Fitech, now part of CGI, Larry began innovating in sales, software development, and financial services. Many leading applications for Financial Institutions including the Reality Check™ series for Scotia Bank were developed by Larry and his Fitech team.

His vision of an optimized and fully integrated sales and customer experience that leverages the power of technology is at the heart of every solution today.

In September of 2003, BlueRush was created with the mission to create the ultimate customer experience. BlueRush currently works with many of North America’s leading financial services, healthcare and consumer packaged goods companies.

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