New 4Ps of marketing: part 1 of 4

In the past, the 4Ps of Marketing were most commonly defined in terms of Product, Price, Place (or Placement) and Promotion. However, a lot has changed since the original 4Ps were adopted, as a direct result of continued shifts in consumer buying habits, online shopping, social media, etc.

Randy Vaughn’s (Marketing Twins) definition for today’s marketing, “Getting people with a specific need or problem to know, like and trust you”, clearly reflects how much marketing and consumerism have changed over the years. Marketing in this new era has a lot less to do with product, price and place, and much more to do with people and other elements that influence buyer behavior to be covered in this 4-part article.

Part 1 of the article focuses on the first of the new 4Ps of Marketing – People. Today’s marketing is personal and it’s relational. It is all about people or more to the point – it’s all about “me” as a consumer. What is important to me, what I like or don’t like, my buying habits, pain points and how to address my specific needs as a potential customer. And if you’re not sure how to obtain this information … just ask!

More so than at any point in this modern era of commerce, the consumer has a voice. With the advent of social media the consumer is now connected and actively involved in the conversation. It’s no longer a one way exchange of information and ideas about what is or should be important to you as a consumer in purchasing goods or services. Marketing has become more bidirectional, interactive and multimedia driven.

So, if you want to touch more potential buyers with your marketing, make it easier for prospects and customers alike to interact with you, and then stay engaged by establishing the appropriate forums to keep the 2-way communication and information exchange flowing. Remember, the new 4Ps of Marketing are about developing a personal relationship with the customer, building trust and delivering value.

The next segment will focus on the 2nd of the new 4Ps of Marketing – Promotion. So, stay tuned for more in the weeks ahead.