If there has ever been a time for change in marketing, this is it.
The significant transformation of customer behavior continues at full speed today. I have written about this topic in the past, and I think it is time to put it at the forefront again.
“Today’s 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.”
The four “P’s” of marketing – Product, Price, Place, Promotion are old news. They’ve been replaced with the four “E’s” – Experience, Exchange, Everyplace, Evangelism.
The Four Ps were developed in a different environment. Marketers were sovereign. Product differences survived long periods of time. Large, compliant audiences could be reached with extensive, well-organized media.
Brian Fetherstonhaugh from Ogilvy & Mather introduced a new framework several years ago – and I think it is still very relevant today. It’s a new tool kit. For starters, he advises to throw away the Four Ps and embrace the Four Es:
From Product to EXPERIENCE. Discover and map out the full Customer Journey on your own brand – in your own country.
From Place to EVERYPLACE. Develop your knowledge of new media and channels the way a chef masters new ingredients. Try new things.
From Price to EXCHANGE. Appreciate the value of things, not just the cost. Start by calculating the value of your customers – and what their attention, engagement and permission are worth to you.
From Promotion to EVANGELISM. Find the passion and emotion in your brand. Inspire your customers and employees with your passion.
If you only glance through one article this week read Fetherstonhaugh’s short and excellent article on the four “E’s” and then discuss how you can apply this tool kit at your weekly marketing meeting (you have one, right?). Download here.
And here’s a link to an accompanying slide show.
“So it’s time for marketing to move on. Retool. Evolve.”
Contact me to discuss how the 4Es can apply to your business.
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