In the time of Mad Men, Jerome McCarthy invented the 4 P’s of Marketing. I’m pretty sure everyone wanted to be Don Draper back then, when marketers were king! So that was over 50 years ago, and the age old 4 P’s are still being taught today. Don’t get me wrong, kids these days should understand product, price, place and promotion; it’s about time, though, for the 4 P’s to evolve to fit today’s market.
It’s 2014, and consumers are king now. How have the 4 P’s shifted to support this change? Keep reading to understand the upgraded 4 E’s of Marketing.
“Product” used to promote features and benefits to a broad target audience. Anymore, it’s about the consumer “Experience.” Understand who the customers are, where and when they buy, what happens next and who influences their purchases.
“Price” is self-explanatory: you pay and I give you a product. Most businesses understand how to keep prices competitive, but they need to think deeper into the value. Today, you need to get customers engaged. What do you need to offer them in “Exchange” for their attentiveness to your brand?
“Place” always referred to the retail world, and then eventually online stores. Nowadays, marketers have to intercept customers when they’re most likely to engage. It’s essential to brainstorm fun ways for customers to connect with your brand, and this could happen “Everyplace.”
“Promotion” generally has had benefits in mind but is displayed creatively, with the goal of some sort of engagement. Now, “Evangelism” is powerful because it uses word-of-mouth and social networking to inspire customers to engage with you. When they choose to engage with your brand, they’re more likely to share their feelings with their friends/peers.
Changing the 4 P’s to the 4 E’s isn’t set in stone, and there are other methods that could work better for your business. Marketing Professor Marco Protano, from the Hult International Business School suggests: Product –> Solution, Price –> Value, Place –> Access, and Promotion –> Information & Incentive. Which process is best for you?