Still remember the first time I had my very first lecture on Marketing Management during my BBA (Bachelors of Business Administration) in University of Pune, India. During the very first day, I learned about the 4P’s of Marketing Mix; Product, Price, Place and Promotion made me think about the whole ballgame of business around.
Let’s be practical; those 4P’s of marketing mix is still the sole pillar for any market driven organization. The core of marketing still didn’t really change; but the business situation around us has changed with the time. Competition is even more intense, with the immense power of the internet and new technologies, we marketers are faced with new challenges everyday to sell our products whether we are in the B2C or B2B industry.
Many of you who are reading this article right now, come from a business background and already aware of 4P’s of marketing. Today, I want to share my view towards “New 4P’s of Marketing Mix” – completely new 4P’s of marketing, which I personally believe is a crucial addition to the conventional ones.
We can debate whole day and night about, whether the egg came first or the chicken. But when it comes to marketing, it’s the people who come first. It is the ultimate component of marketing strategy. However, in this era of crisis and tough competition, most of the companies are looking for proactive people who are willing to go the extra mile and always pushing themselves to outperform. After all, end of the day, it’s the employees who make campaigns work, sells the product and they are your biggest ambassadors of your product.
One of the best examples would be, Google culture, where employees are constantly pushing themselves to go extra mile for the company.
Every time, you are selling a product whether directly to a customer or to a business, put yourself in their’s shoe. May be you have had successful balance sheet previously with your way of doing business, but now customers are more choosy and extremely selective when it comes to spending their money or your product. If you want to sell your product, ask yourself these questions:
- How does this product change them?
- What do they see as a benefit?
- Why should they buy them specially for me?
I have been in the field of marketing since I have graduated and one thing I have learned clearly, It’s not the products nor price, but it is the customers’ product experience that creates a favorable impression and in result induces sales.
New 4P’s of Marketing Mix
You have to differentiate product not only from your competitors; but also for each and every customer. I know, it sounds easy for me to write, but if you can pull it off; it will work like a miracle for your business. One of the best examples, would be tourism industry. Many 5 star hotels, leave a small personalized note for you when you enter the room or a personalize gifts for your kids. Even though most of the hotels offer the same service, but it’s that message or gift that enhances the experience of your stay.
Myself being a firm believer of Co-creation, I personally believe each and every company needs rethink their business model and ask themselves, “how can they bring customers together to create value for the company. The more you can involve your customers in your product, more valuable your company will be. After all, 2 brains together are more innovative than just one. Isn’t it?
What’s your view towards these new P’s ?
Well, that was my view towards, new 4P’s of Marketing Mix. Do you have any other “P” for marketing that you use in your organization?
Feel free to drop a line in the comment below. . .