From the 4P’s to the 4E’s

Most everyone is familiar with the 4 P’s of marketing…Product, Place, Price and Promotion…but have you heard of the 4 E’s of marketing?

Marketing used to be all about the 4P formula.  Sellers everywhere were focused on understanding Product, Place, Price and Promotion and marketers controlled consumer purchases by conquering these fundamentals with their advertising and media.

Nowadays, the ever-developing Web has made these classic principles look a little outdated.  Today’s technology of social media and mobile phones have brought a whole concept change to the world of marketing… the consumer now has the ability to compare prices and product differences in the click of a button.  They can also read or post reviews and access information on the road via their smart phones.

So, how do you remain competitive and differentiate your products and services?  Simply, stop focusing on the 4P’s and concentrate on the 4E’s

  • Product …has changed to…Experience – Marketing is no longer just about the product, it is about the whole experience that the customer will go through starting from researching to buying and finally using.  When deciding on a strategy to market your product, think about the entire experience your customer will go through.  What will influence their decisions?   When are they likely to make the purchase?
  • Place…has changed to…Everyplace – Marketing is evolving at a very fast pace from traditional modes of advertising like print or banner or radio or TV ads to include more digital forms like advertising on mobile phones, social media, websites etc.  Technology has opened up so many new possibilities for customers to find information and interact with brands.  You need to figure out: which outlets most of your customers use and what they use it for?  Then you can find new ways to reach out to them anytime, anywhere.
  • Price…has changed to…Exchange – As business owners we might have a lot of concerns with pricing. Sometimes, people lower their prices just to attract more customers but price is not the only thing that customers think about when buying a product.  You can set your product at the price it deserves to be sold at, but just make sure that when the customer buys your product, they get some real value in return.  If customers see a higher value in your product/service outside the product/service itself, they will be loyal to you.
  • Promotion…has changed to…Evangelism – Inspire your customers and employees…find the passion and emotion in your brand and shift from promoting “what” to “why”.  Find out the emotions related to your product or service.  This will allow your customers to connect better with your product and also motivate them to talk about it to their friends about it.

I hope this gives you some new views on marketing your products and inspires you to think out of the box.

The key to success is to tap into the passion and emotion of your brand that echoes with your principal audience and build an experience that provides value, memories and community and watch your revenues soar!

Have you tried the 4E’s?              

 

[themecolor]Dave Baney is the founder and CEO of 55 Questions, LLC.  We work with successful top executives with a driving ambition to crush their competition.  We help CEOs and Entrepreneurs improve alignment, communication and accountability throughout their organization. [/themecolor]www.55Questions.com

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