Shattering the 4 Ps of Marketing
:: By Deirdre Mills ::
For well over half a century McCarthy’s four Ps - product, price, promotion and place (wsm.co/mccarthyps) - have served as the foundation of the “marketing mix.” A new generation of “Ps” has emerged however and it is changing how marketers approach their work of driving and deepening consumer engagement.
In order to meet the needs of today’s hyper-connected and digitally savvy customers, marketers are merging data science, brand storytelling and analytics in some highly compelling and creative ways. As a result, an entirely new generation of the four Ps of marketing has emerged (personalization, programmatic buying, proprietary solutions and partnerships) and they are heavily influencing how companies source/acquire platforms, software and applications.
Personalization technologies, which enable marketers to acknowledge, address and accommodate differences between individual customers, is arguably the most important facet in the new era of marketing according to Adobe’s 2014 Digital Marketing Optimization Survey (wsm.co/digsurvey14).
This capability is of major importance because today’s consumers are in control – demanding unique experiences. Brand marketers and advertisers are now looking to platforms that can leverage behavioral and historical data in order to craft and deliver optimal messages for acquisition and retention. Explore six perfectly polished personalization solutions at wsm.co/6personalization.
Automated buying, bidding and placement technologies serve online ads in real-time to reach the right customer with the right ad message at the right moment. Big-name advertisers like American Express have adopted programmatic buying for all their digital advertising, but the majority of advertisers are still slow to fully adopt programmatic buying. Agencies and partners can help those advertisers understand the benefits of programmatic buying to both their brands and their customers. It’s likely, however, that agencies will turn to a proprietary solution to significantly assist them in meeting the needs and expectations of ever-changing consumers.
Proprietary solutions can significantly assist a marketing organization in meeting the needs and expectations of its ever-changing consumer. Typically, marketers do not have the budget to create their own unique, in-house tools, such as analytics dashboards or customer relationship management platforms. However, marketers should be well-versed in evaluating these platforms and the providers that bring an original capability that aligns with brand marketing goals and value. With a one-of-a-kind proprietary technology that is unavailable to the competition, marketers can ensure that their brand is differentiated within the market, while also addressing consumer expectations. What’s more, a proprietary solution, whether an algorithm to predict customers’ next purchases or a mobile video delivery platform, needs to align with a company’s overall strategic brand imperative in order to to result in strong ROI.
Lastly, and implicitly included within the above three Ps, is the external strategic partnerships that marketers form with solution providers and vendors that help them keep up with best practices in the industry. For example, Facebook and Google’s acquisition of various video advertising companies demonstrates both the value of video and the importance of reaching audiences across devices such as laptops, tablets and smartphones. By creating campaigns that engage consumers in a variety of ways, marketers can create truly unique and tailored experiences. Brand marketers have learned they can’t do it alone. Limiting themselves to only in-house resources and technology for creating personalized marketing campaigns will hinder their ability to meet customer expectations and can prevent a holistic customer experience in which a consistent brand experience is delivered across all touch points, regardless of medium – whether in-store, online or on a mobile device.