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 So many of the tools and assumptions we grew up with are no longer valid.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”

Agencies yet to adopt Programmatic Advertising

#Programmatic #advertising revenue forecast by @businessinsider

#Programmatic #advertising revenue forecast by @businessinsider

A large proportion of creatives — those who conceive and create ads — at small agencies do not understand programmatic advertising, according to a survey by ad tech firm Turn.

The study surveyed over 200 creatives across small and large agencies. Its results point to a gap in skills and knowledge between these agencies on how to harness programmatic ads, with larger agencies being much better equipped. At the same time, the study suggests that programmatic advertising has room to grow, as more smaller agencies become attuned to the new opportunities offered by data and programmatic.

Here are some of the key results from Turn’s agency survey about programmatic advertising:

  • The knowledge gap between big and small. Only 11% of creative at small ad agencies that they understood programmatic advertising, compared to 59% of creative at large agencies.  This runs against the perception that smaller agencies are more nimble and responsive to innovation, and is likely explained by the greater set of resources — human expertise, and data management tools — at larger agencies.
  • Younger creatives not savvy about data. Nearly 20% of junior creatives said they were unsure about ever seeing the word “programmatic” in a brief, and 77% said they were confident that they could do without the insights offered by programmatic. In contrast, 70% of senior creatives said that data informs more than half of their work. The knowledge gap between old and young signals a real need for programmatic training among the junior ranks at ad agencies.
  • But most agencies see the value in data. Regardless of size, 67% of agencies said that data was a top priority for their digital campaigns. In fact, smaller agencies were even more adamant about the importance of data (particularly location data) in their advertising, with 65% of respondents choosing it as a top priority, compared to 56% in large agencies. This discrepancy might be a result of smaller agencies’ comparatively lower knowledge about programmatic advertising, valuing something they don’t know more highly.

Programmatic advertising is set to surge in the coming years, and digital ad stakeholders will have to work hard to moderate the negatives side effects that come with an increased number of automated ad placements.

To read more, click here.

How Customer Retention is Eclipsing Acquisition in the World of Mobile Marketing

How Customer Retention is Eclipsing Acquisition in the World of Mobile MarketingSome people approach marketing like a popularity contest: the more people who subscribe to your company’s SMS coupon list or like your Facebook page the better. The problem with that is a simple one concerning quality over quantity. What good is it having 1000 “friends” when none of them have any interest in what you have to say?

Cultivating a small circle of close friends can often be more fulfilling than hundreds of mere acquaintances, and it’s the same with potential and existing customers. In the world of mobile marketing there’s a constant battle between acquisition and retention, and there are 5 very important reasons why retention is winning.

The Monetary Cost of Acquisition

calculate-cost-of-customer-acquisitionYou might be bootstrapping your business and in need of some low-budget marketing strategies or perhaps you’re flush with cash but hoping to stay that way by not blowing dough on unnecessary marketing ploys. Either way, you’ll want to read this: depending on the source, it costs somewhere between 4 and 10 times as much money to acquire a brand new customer than to retain a customer you already have, and some experts insist that estimate is a very conservative one.

The Time Factor

digital-media-strategyIn the past few years the process of planning out a digital media strategy has completely changed.

Think about what you have to do to attract and convert a new customer:

  1. Find them out there in the mobile/online ether
  2. Fight through the digital dissonance to be heard above your competitors
  3. Introduce them to your brand
  4. Convince them your business is of value
  5. Sell them on your product or service
  6. Help them complete the purchasing cycle (is your m-commerce channel intuitive and streamlined?)
  7. Use content marketing and various forms of mobile engagement to keep them coming back for more

It’s a complicated process, but it’s 100 percent worth it if it puts money in your pocket and the cost-profit ratio is reasonable. But consider this: when you’re selling something new to an existing customer, you’re basically skipping to the fifth step, and the whole convincing part is typically a lot easier because you’ve already built up buyer confidence and perhaps even a sense of loyalty.

Putting it into Practice

Putting it into PracticeThe things that affect the efficacy of the individual components of mobile marketing also typically affect the whole.

A recent piece about the 5 important things that can impede email delivery (not in the technical sense but rather in regards to open rates and actually reaching and converting consumers) outlines it all beautifully:

  • Be consistent in your message, how you post on social media, and how you treat your customers
  • Embrace quality over quantity (there are those words again!) and maintain the high standard you set for yourself
  • Remember the importance of proper formatting, including ditching memory-killing graphics and videos and incorporating responsive design
  • Build a reputation and make it mean something. Your brand is not just a logo and color scheme, it’s how you’re perceived and what everything about your business stands for from your blog to your products to your charitable endeavors
  • Pay attention to absolutely everything, including what your customers are saying about your product or service – and remember that complaints can be even more valuable than compliments

Eighty-nine percent of companies surveyed said they believe customer experience is a key factor in increasing customer loyalty and retention. It really is about the whole package; you can offer discounts and implement flashy websites and give out free content every Friday, but if it doesn’t all come together in a customer-friendly way none of it really matters.

Experts estimate that mobile advertising will account for a whopping 72 percent of digital ad spend in the United States by 2019.

How you spend your portion of that money is up to you, but the smart bet is – and will likely always be – on customer retention.

What’s Next?

What do you think of what I’ve covered so far? Will you adopt mobile as your tool for marketing? I would love to read your comments below.

Contributing Author: Sophorn Chhay

Sophorn is the marketing guy at Trumpia, the most complete SMS software with mass text messaging, smart targeting and automation. Follow Sophorn on Twitter(@Trumpia), LinkedIn, Facebook and Google+

Content marketing: Re-defining the digital media planning approach

Content Marketing re-defining the digital media planning approach

In the last three years, the entire mechanics of digital media planning has drastically changed. Earlier, media planning used to comprise significant share for awareness and performance driven objectives that were spread across Google search, display and re-marketing, Facebook fan acquisition and stamp ads, mobile ads and affiliates led CPL and CPA campaigns. Another major allotment was meant for road blocks and innovation banners across top portals.

Today, the spread of budgets have changed with content marketing becoming the core. Consumers are choosing to engage with content that is personally relevant to them, their purpose and their passions. This new consumer mind-set has implications on their purchasing behavior—consumers shop with the same purpose that they consume content. Overall, the traditional ‘The Path to Purchase’ has now evolved to ‘The Path to Purpose’ and is defining the new digital media planning landscape.

Today, the context goes beyond the product to help connect the target audience with any given brand. A meaningful and purposeful connection between brand and consumer depends on relevant content. And effective and relevant content marketing channels are defining the new matrix of digital media planning.

New channels on the block

  • Content marketing, paid or organic, commands an important share. Influencer-led promotion (trending on twitter), niche-blogger led content generation are two most widely used initiatives.
  • Creation of digital and mobile assets to drive engagement – while extending it with an omnichannel approach using phygital (physical + digital) initiatives.
  • Creation of long format videos for digital platforms and bringing in celebrities to build a mass appeal and reach.

Evolution of traditional formats

  • Facebook is being used as a reach medium (thanks to auto play feature for videos and its emergence as a competitor of YouTube)
  • Google search and display still holding an important share but it is evolving due to programmatic buying, double click and mobile platforms like Affiperf. For niche performance led campaigns, search still drives the game; and for contextual targeting, display equipped with rich media banner formats are being effectively used to drive awareness as well as the desired CTAs.
  • Innovation and roadblocks are mainly being used to do a big bang launch and to drive instant leads (thanks to ecommerce and new-age app based congregators).

What 2016 looks like for digital media planning?

Digital media planning will now be driven with objectives around creating awareness and engagement using content marketing effectively.

Performance led planning will always be there, but using paid and organic mediums to create and co-create engaging content will start gaining prominence.

Reach medium based platforms will be strategically selected to take this content and ensure it reaches the right audience at the right time and in the most contextual way possible.

(Originally published in Digital Market Asia)

E-Commerce: Relevant content connects Purpose to Purchase

AAEAAQAAAAAAAAOvAAAAJDcxN2EyYTMxLThjNjEtNDNiZS04OGZjLWNlZjFkNTEwZDkzZgWhether consumers shop online or offline – or both – is totally at their discretion. They could either be “webrooming” (researching products online before making an offline purchase) or “showrooming” (viewing products in a store, but purchasing online after research). Integration of digital devices and offline retail is happening right from product awareness, research, discussion to product consideration and even advocacy. And with social platforms poised to become the next e-shops, the path to purchase is going to become more complex and intense.

In this crowded competitive landscape, e-commerce brands are aggressively using all possible media touch points to be in front of and engage with their target consumers on a 24/7 basis. The usual focus in this interaction is the product. But the context has to be larger than just the product to connect the target audience with the brand. A meaningful and purposeful connection between brand and consumer depends on relevant content.

Consumers engage only with content that is personally relevant to them, their purpose and their passions. E-commerce players like Myntra, Jabong, and American Swan, for example, are already engaging with their consumers about fashion by creating look-books, blogger events, fashion shows and celebrity associations. This new consumer desire for relevant content has implications on their purchasing behaviour. In this era of Omnichannel retailing and more evolved consumers, the path to purpose — the connection the consumer makes with a brand and its personality as a result of an effective content marketing approach — is being seen as the next step of the traditional path to purchase.

(Originally published in Brandz Top 50, Most Valuable Indian Brands 2015 by Millward Brown and WPP)

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