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 So many of the tools and assumptions we grew up with are no longer valid.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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Content Marketing Framework For An Effective ROI

There is a plethora of information available online on how content marketing can be strategized and implemented. Based on my research and experience of working with some of the top brands globally, this is my proposed framework to align the content marketing strategy with specific and tangible business objectives to derive an effective ROI.

For each of these commandments, I have showcased the best examples, that will give an idea on what kind of content and the required tonality and treatment can be created.

Commandments of Content Marketing1. BRAND BUILDING: Create engaging and aspirational content

2. PROMOTING PRODUCTS: Creating interesting brand stories, leading to demand while building co-relation with one’s personality.

3. CREATING INTERESTING STORIES: People remember stories more than brands, the main reason why brands are becoming content publishers and storytellers.

4. CREATE UNIQUE SHOPPING EXPERIENCES: To make the shopping experience a memorable and interesting experience.

5. EXPERIENCE ECONOMY (PHYGITAL): Creating the digital content from the physical/real world.

6. CO-CREATE CONTENT: Engage with audience and influencers to co-create content

7. EXCLUSIVELY EXCLUSIVE: Somethings’ aren’t bought, they are earned.

8. OMNICHANNEL CONTENT: Content for the audience in this digitally enabled ecosystem giving them a compelling reason to visit the stores.

Look forward to your thoughts.

Watch this space for the next on “Calculating the ROI of Content Marketing”

Digital Trend – Internet of Sharing Things

The rise of the sharing economy over the past few years has shifted mindsets and traditional business models. Consumers are much more open to renting items and services from individuals instead of established businesses and organizations. This is shaking up engrained business models and allowing for new possibilities in the global marketplace.

Last year, TrendWatching.com urged innovators to put basic human needs at the centre of their connected object initiatives. And there have been some exciting INTERNET OF CARING THINGS innovations, such as Chinese tech giant Baidu’s set of smart chopsticks, which can detect the freshness of cooking oil. Now, where next for the Internet of Things?

In 2015, the Internet of Things and the social sharing behavior of people is anticipated to collide and allow a whole new world of asset sharing: spontaneous, useful, fun, profitable and more.

Enters the INTERNET OF SHARING THINGS.

Internet of Sharing Things

As more objects become connected, new ways of deriving value from them will become possible for consumers, shared access being one.  According to TrendWatching.com, the Collaborative/‘Mesh’ economy has long been predicted, but the coming months will see it start to become a consumer reality via the INTERNET OF SHARING THINGS.

One signal: currently only 4% of consumers own an in-home IoT device, but nearly two-thirds plan to buy one in the next five years (Source: Acquity Group / Accenture, August 2014).

Here is an interesting story on the featured innovations on ‘Internet of Sharing Things’

Umbrella Here, BitLock and Breather – An Audi Unite initiative

Shipping in January 2015, Hong Kong-based group Umbrella Here’s USD 28 donut-shaped Bluetooth device fixes onto the top of umbrellas. When it rains, owners can use the companion app to signal (via colored LEDs) to nearby strangers they are willing to share their umbrella.

Reaching its Kickstarter funding target during November 2013, the BitLock smart bike lock verifies a user’s identity via Bluetooth when they are nearby; users simply press a button to unlock the bicycle. The BitLock app also enables users to unlock their bicycle remotely and/or share it with others using the app.

Launched in Q4 2013, and now available in four cities – New York, San Francisco, Montreal, and Ottawa, Breather allows people to find unused urban spaces to rent for as little as 30 minutes, to recharge or work in. After booking, users are granted temporary access to unlock the property via the NFC keyless entry system.

To read more, please visit: http://goo.gl/pQ5pim

Tata crowd-sources Tweets to create #SafariTrails video and song

Tata crowd-sources Tweets to create #SafariTrails video and song Tata Motors has launched a video campaign that has been completely crowd-sourced by compiling videos, tweets and pictures received via Twitter from off-road adventure lovers and Safari aficionados across the country.

Called the Tata #SafariTrails My Day My Way song, the music for the video has been made by Culture Machine along with artistes like Vasudha Sharma, Gaurav Dagaonkar and Sidd Coutto.

Calling it a campaign ‘by the people, of the people and for the people’, Culture Machine experimented with different avenues of storytelling for #SafariTrails by combining the videos and pictures sourced from consumers via Twitter with lyrical couplets. Digitas LBI, the digital agency for Tata Motors, had also collaborated with Culture Machine.

Twitter was the chosen platform for crowd-sourcing, while the Tata Safari Facebook page also shared about the crowd-sourcing activity with its 1.3 million fans. Towards the end of last month, Tata Safari asked its followers on Twitter to share their desired lyrics with images or videos of memorable Safari adventures they’ve been on. These tweets needed to be accompanied with the hashtag #SafariTrails and also had to be the most re-tweeted.

Check the Tata #SafariTrails My Day My Way song here

Read the complete story here: http://goo.gl/UuSoZQ

#Cannes2014 Winners from APAC

From Asia Pacific, where over 60 pieces of work had made it to the shortlist, 19 walk away with a Lion. There are three Gold Media Lions – two of which are taken by PHD India’s work ‘Kan Khajura Tesan’, done for Hindustan Unilever.

PHD India’s Kankhajura Campaign for Hindustan Unilever (HUL)

List of winners from APAC

Title Advertiser Entrant / Agency Prize 
Happy Id The Coca-Cola Company McCann Lima Grand Prix
Kan Khajura Tesan Hindustan Unilever PHD India / Lowe Lintas Gold Lion
Bank Job Brothers In Arms FCB New Zealand Gold Lion
Kan Khajura Tesan Hindustan Unilever PHD India / Lowe Lintas Gold Lion
The Smart Phone Line Samsung New Zealand Colenso BBDO Auckland Silver  Lion
Pocari Music Player Otsuka Pharmaceutical Dentsu Tokyo Bronze Lion
Rice-Code Inakadate Village Hakuhodo Tokyo Bronze Lion
Aussie Builders Mars Australia Clemenger BBDO Melbourne Bronze Lion
Dupe Yarra Valley Water Ogilvy Melbourne Bronze Lion
Banana Republic Banana Republic Iris Worldwide Indonesia Bronze Lion
Animal Strike Paw Justice DDB Group New Zealand Bronze Lion
Message Barter The Akanksha Foundation Ogilvy & Mather India Bronze Lion
Safe Driving Program Samsung Leo Burnett Sydney Bronze Lion
The Bottled Walkman Sony New Zealand FCB New Zealand Bronze Lion
Anz Gaytms Anz Whybin\Tbwa Group Melbourne Bronze Lion
Movie Emoji Singtel Ogilvy & Mather Singapore Bronze Lion
I See Fries Mcdonalds DDB Sydney Bronze Lion
Banana Republic Banana Republic Iris Worldwide Indonesia Bronze Lion
Dupe Yarra Valley Water Ogilvy Melbourne Bronze Lion
The Smart Phone Line Samsung New Zealand Colenso BBDO Auckland Bronze Lion

eCommerce Case Study – E-Mart’s Flying Store

South Korean discount chain E-Mart deployed a fleet of ‘flying stores’ around Seoul as part of a retail promo aimed at the city’s time-pressed workers. Addressing the fact that South Koreans work the longest hours in the world, the retailer teamed up with marketing agency Cheil Worldwide to encourage consumers to shop from the E-Mart site while in transit. E-Mart’s truck-shaped balloons – branded with the company’s bright yellow signature colour palette – were each equipped with a wi-fi router that provided free internet access as they floated through shopping malls, trains and other public spaces. Shoppers could quickly connect to the wi-fi hotspots via their mobiles to download the E-Mart app and purchase items immediately from its mobile site.

PRUEBA RULODuring the month of the promotion, downloads of E-Mart’s app rose to 50,000 while its mobile sales more than doubled. The retailer also felt the benefits of this campaign offline, as coupons downloaded from the balloons drove a sales increase of 9.5% in its stores.

The high penetration of mobile devices (against PC ownership) in Korea means its population is especially well-primed for this mode of shopping. When Tesco tapped into this market with its 30 *digital pop-up ‘walls’ in Seoul’s subway and bus stops, the associated app amassed 1.1 million downloads over a two- to three-month period.

Check the case study video

Digital Case Study – KFC WOW@25 Augmented Reality Campaign

Objectives: To promote the newly launched KFC WOW Menu and emphasize its price point.

Campaign: KFC India WOW@25 Digital Campaign answered an oft-asked question: What KFC treats can you get with the money in your wallet? They used Augmented Reality on smartphones and on the web for the campaign. On scanning any currency note with the app or microsite, KFC WOW Menu delights, based on the money, appeared on the note itself. Users also played an entertaining quiz to win awesome prizes.

Results:

  • The app acquired 35,000 downloads while the site received 1.5 lac hits.
  • Fone Arena, The FWA, Daily App Review and Mid-Day spotlighted the campaign.
  • The app even stood No. 1 on the iTunes store’s What’s Hot section.

Case study video: KFC WOW@25 Campaign