Forget the old ‘Ps’ of marketing. Here are the NEW ones
Product, price, place & promotion are the basic principles of marketing we learned in school and college. But ever since then we’ve seen a shift in the marketing industry. In today’s world, mankind has access to real-time, free, instantaneous, two-way, global communication opportunities and every business must make the most of it.
The majority of people are there in the digital space and it is very important to add 4 more Ps keeping that shift in mind. So here are the new contemporary 4 ‘Ps’ of marketing that every business must know!
The interest is a people-driven channel. Hence, while making your marketing strategy you keep your consumer (people) in the center. Develop the habit of thinking in terms of the people inside and outside of your business. They are responsible for every element of your sales, marketing strategies, and activities.
It is correctly said- ‘The consumer-driven web is the biggest marketing revolution since radio’.
You can say it’s a modification for the old ‘P’- Place. We knew where our consumers were. But today from where they’re getting their information? Newspapers? Television? Mobile phones?
Since our consumers are present there in the digital, make sure you have a strong online presence. Develop a presence that can adapt and adjust to wherever consumer attention drags you. It will be fascinating to watch how your brand creates a unified and compelling presence across so many platforms.
This ‘P’ is really important. Develop the habit of thinking continuously about how you are positioned in the hearts and minds of your customers. And your major focus on what your TA thinks about your company? What positioning do you have in your market, in terms of the specific words people use when they describe you and your offerings to others?
Do you need to think about where are your consumers present? And how your current positioning is affecting your brand and how a little change in the same will improve your brand image. Keep one thing in mind- change your positioning after an interval of time. You don’t want to bore your consumers with the same old marketing strategy. Be updated with what your competitors are doing and stay one step ahead of them.
It is one of the biggest challenges a brand can face. Publishing is one of the most essential and vital elements of your marketing strategy. You need to constantly push your content across all social media platforms to retain yourself in your consumer’s mind. Be it social media posts, videos, blogs or podcasts keep generation more content and keep publishing it.
Make sure you’re posting regularly on your Instagram handle, Facebook page, LinkedIn, YouTube channel and website. Publishing regularly will give you visible results and will help you be on top of your consumer’s mind.
So, what do you think? What’s your take on this? Are you already using these NEW ‘Ps’ in your marketing strategy?
Let me know in the comments section below!