Wednesday, October 30, 2013

The 4Ps?! Time for the 4Es

When was the last time the guiding principles of the 4Ps molded your marketing strategy? Did you get to “Promotion” and then stop—leaving “Product,” “Place,” and “Price” by the wayside?  You’re not alone. 

The business of marketing is becoming almost exclusively associated with Promotions, marginalizing the other elements and therefore overlooking opportunities for tremendous client value-add.  And those companies that are applying 21st century methods to those 1960s staples—or are reinventing them entirely—are the ones that are realizing the most success.

Companies using “design thinking” (loosely defined as the process of combining empathy, creativity and rationality to find creative resolutions to problems to drive business success) to integrate the 4Ps recognize that invention and innovative brand marketing are the new strategic imperatives.

Take AdWeek.  Their newest enterprise, Project Isaac, celebrates the most inventive ideas in marketing, advertising, and media, recognizing that to stay relevant, invention must be at the core of production. After all, Nike and Apple don’t build products—they invent them.

Brian Fetherstonhaugh, Chairman and CEO of Ogilvy One, condenses this into a new framework: the 4Es instead of the 4Ps—

·         From Product to Experience
Understand the end-to-end customer experience. How do clients shop for your firm?  What influences their purchasing decisions? What happens after they buy?

·         From Place to Everyplace
Instead of “interrupt,” “intercept.” Make contact with people when they are most receptive. Find interesting ways to connect your brand with your consumers. How can you help your client?  How can you provide a benefit that no one else can?

·         From Price to Exchange
Make sure you understand exchange. Do you know the value of your clients—what they bring to you? What are you willing to offer in exchange for their attention, engagement, and permission?

·         From Promotion to Evangelism
Create a brand experience so inspiring that your clients engage with you—and others. This combines word-of-mouth marketing with social networking and Web 2.0.  Infuse your leadership with passion and energy.

So, what are you going to do today to start using the 4Es in your A/E marketing initiatives? 

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