Fast Take On: The New 4Ps Of Marketing
Thanks to an expanding ecosystem of devices and technologies, marketing is evolving faster than ever. Almost everything is becoming connected to the Internet and brands face pressure to be accessible anytime, anywhere, across a fast-growing array of touchpoints.
So what are the new 4Ps?
Product, Price, Placement, and Promotion still matter but the new 4Ps enable us to expand upon and magnify their effects in an increasingly digital world.
- Portability of the customer experience across myriad devices and interfaces.
- Personalization of the customer experience using volunteered and implied data.
- Proximity, adding additional context based on where someone is both literally (e.g., geo-location) and metaphorically (e.g., customer journey).
- Presence, integration of digital interactivity into traditional media and everyday objects.
What's Driving The Trend?
Mobility has disrupted digital’s status quo in unforeseen ways. The ‘one-size-fits all’ approach to content is a thing of the past; today brands must be accessible across many screens but they must also be relevant to the user behaviors these devices engender.
Consumer adoption of smartphones and tablets is the key driver of this trend. Better, more affordable hardware and cheaper, more plentiful data have created a culture in which consumers expect content to be automatically customized to their screen of choice. However, in this new always-on, internet-of-things world, literally everything has potential to be a screen and this complicates matters for brands considerably.
Complexity makes it tempting to resist change and it’s common to try to retrofit the new into the old—case in point, the websites of the early 90’s that looked so much like print brochures. But Moore’s Law ensures that marketing will continue to evolve at a faster pace than ever. The new 4Ps provide a familiar framework for brands to navigate this new world where change is the only constant.
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