FROM 4 PM TO 4 AM: THE TIME TO MIX THE TRADITIONAL MARKETING MIX In 1960, Xerox introduced the first copier, the minimum wage was $ 1, and cassettes were about to be invented, the news was hand-held, and mobiles were still not talked about. It was also the year that E. Jerome McCarthy introduced the 4 P’s: price, product, point of sale and promotion, in his book Basic Marketing: A Managerial Approach. This text has been taught in university marketing courses ever since, leading to the global acceptance of the 4 P’s as the foundation of the fundamentals of available phone numbers australia . If we consider that cassettes and landlines are already a thing of the past, it is not difficult to see that it is time for this marketing paradigm to be updated. Product: This refers to the tangible good or intangible service that is being sold to consumers. You must have a solid understanding by marketers about the value, advantages and disadvantages of the product. What makes your product unique? Can you find it anywhere? How are you going to stand out from the competition?
Price: Considered the main sales driver, price impacts everything from profit margins to perception, and is particularly important if you are entering a saturated market, which is the case for most. Point of sale: The physical or digital location where you can buy your product. Promotion: The way you spread information about your product. In 2009, the leader and CEO of Ogilvy & Mather, Brian Fetherstonhaugh , proposed a new formula that replaced the 4 P’s with the 4 E’s: experience, evangelism or engagement , exchange ( exchange ) and plaza ( every place ). This repositioned the fundamentals of marketing and focused them on delivering a value proposition to consumers. The 4 E’s of marketing
Experience: This is the new product. It is no longer enough to simply satisfy the need with the product itself. Today the consumer wants to buy an experience, and every moment they invest in your brand contributes to their final satisfaction. This is especially important with online customers and SaaS companies, whose interactions and customer service are the foundation of the product itself.
Price or exchange : The price has been replaced by exchange or exchange . There are so many things that are offered for free today that brands cannot rely solely on price. The price today represents an exchange in value, and the value includes the entire Forex Email List journey, including before the time of purchase. Plaza or every place : Thanks to the most transformative invention of our visas, the point of sale exists everywhere. We live in one where we have everything immediately, almost everything can be obtained in the palm of our hand and can be delivered to our doorstep in a matter of hours. Brands must be found where their customers are, regardless of whether this is in a physical store or online via your website, social networks or other channels. Evangelism: This is what today replaces promotion. Depending on the number of followers, any of your clients has the ability and power to reach the broad masses. Social media has given “word of mouth” marketing unlimited potential. Marketers must harness the power of the consumer and inspire them to be ambassadors for their brand. The good thing about all this? If marketers offer a valuable experience with a meaningful exchange and meet new consumers where they are, giving them a megaphone is a good thing. Transparency is welcomed by those who have nothing to hide. The future of marketing can be summed up with a lifelong mantra: the customer is king. And if customer-generated content is king, and you execute the 4 E’s correctly, you will reign.