4 E’s are the new 4 P’s

We have grown up with the Four Ps of Marketing: Product, Place, Price and Promotion. Do you know when the Four Ps of Marketing were invented? In 1960, by Jerome McCarthy. They were made leading-edge by Philip Kotler in his book Principles of Marketing in 1967.

The Four Ps thrived in a different world. It was a wonderful fantasy world. Marketers were king. Product differences lasted. Big, obedient audiences could be reached with big, efficient media.

What is the world of marketing today? The consumer has seized control. Audiences have shattered into fragments and slices. Product differences can last minutes, not years. The new ecosystem is millions and billions of unstructured one-to-one and peer-to-peer conversations.

Marketing is in the hot seat. So many of the tools and assumptions we grew up with are no longer valid. Many marketing leaders around the world got promoted into their jobs because they did two great product launches and three great TV campaigns, and figured out how to work with a few major retailers.

According to a recent study by Spencer Stuart, the average tenure of a CMO is less than 24 months. And only 14 percent of CMOs have been in their positions with the same company for more than three years. A CMO Council 2007 report concludes that only one-third of board members are satisfied that their marketing leaders can explain the ROI of marketing.

We need a new framework. And a new tool kit. For starters, we need to throw away the Four Ps and embrace the Four Es:

(Website) Experience Over Product

Consumers today are more focused on the experience they have with a business rather than the product features. The amount of data available to you today makes it easier to see what buyers want. By harnessing your website’s analytics, you get a better understanding of your customer’s journey.

When looking at your analytics, start by considering how people view your business on different devices. For example, do your customers have a good experience on their mobile devices?

The goal is to give a consistent and enjoyable experience across all platforms from mobile and social to your website. The experience they have with your brand should be the same no matter where they find you.

Everyplace (Online) Over Place

People spend a long time researching products online before they buy. Positioning your business in everyplace keeps you front of mind.

Consumers’ needs change depending on when they find you online, and how they access you. Google makes it so that every page on your website is accessed just like your homepage. When your customers can find you everyplace they look, you get more conversions because it is easy for people to find you.

Exchange Over Price

What your website offers is not always something tangible. Sometimes, you ask for your website visitor to engage with you on a different level than making a purchase. Perhaps your goal is for them to download a whitepaper or report. Perhaps you want them to sign up for your newsletter. No matter what you’re trying to get them to do, you need to earn their trust. This way, they’ll feel comfortable exchanging their coveted information, such as their credit card number or email address.

Evangelism Over Promotion

With social media, you have the opportunity to turn your customers into evangelists. To do this, you need to give them a reason to share what you offer. This means you have to promote evangelism over your products.

Start a conversation with your followers and fans and give them a reason to talk about you. The more reasons they have to spread the word about your business, the more evangelists you’ll have on your side.

Many businesses have had tremendous success just by making these changes. Have you put any of these 4 Es into practice in your marketing?

Hope this gives you all some new perspective about marketing your products and inspires you to think out of the box, just the way the article inspired me.

Sources:

‘The days of the 4 Ps are over’, head of Universal Music Group tells marketers

Shifting from the 4Ps to the 4Es of Product Marketing

Bye-bye 4Ps, Hello 4Es: Four ways in which marketing has changed in this century

The 4Ps Are Out, the 4Es Are In

 

 

 

 

 

 

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