If you are at all familiar with marketing, one of the first things you probably learned are the 4 P’s: Product, Place, Price and Promotion. In essence, these four words are meant to successfully position a product to the right customers. Although effective for many decades, the 4 P’s were invented in the early 1960’s and like most things invented back then, they are now becoming obsolete.
As a modern marketer, you should make the switch from the 4 P’s to the 4 E’s as introduced by Brian Fetherstonhaugh, Chairman and CEO of Ogilvy and Mather, one of the biggest advertising agencies worldwide. Below is my summary of the article but make sure you check out the full version- look for the link at the end of my post!
FROM PRODUCT to EXPERIENCE
In a nutshell, this part of Fetherstonhaugh’s article describes how in order to sell a product, the marketer has to make an experience out of the purchase. Popular business examples that come to mind include Disney World, Chipotle Mexican Grill and the newest line of Nike shoes, NIKEiD. All of these brands embrace co-creation between the business and consumer which builds a relationship and increases the likeliness of a repeat purchase.
FROM PLACE to EVERYPLACE
This section explains why and how important it is for your brand and product to be present everywhere. Now, this does not mean that it should be targeted to EVERYONE everywhere. It simply means that your product or brand should be available to your target customer in every format used by them and as quickly as possible. Ideas include a website, mobile app and social media profiles such as LinkedIn, Twitter, Facebook, Pinterest and many others. Figure out where you customer lives virtually and create as much presence and momentum around that for greater impact.
FROM PRICE to EXCHANGE
Fetherstonhaugh goes on to describe the need of value-added. It is no longer acceptable to just sell a product or service and not care about the post-purchase reaction of the consumer. As a marketer, make sure that you position your product as enough reward for the time, research, money and attention spent on the buying process. Perception is key!
FROM PROMOTION to EVANGELISM
Finally, the article touches on how important word of mouth and social media reviews are nowadays. The emotion and passion (whether good or bad) that your product brings to a customer can be easily shared with millions of people over different social media platforms. Your job as the excellent marketer that you are is to not promote your product repetitively but instead create a positive experience that people remember and are willing to share time and time again.
Now with this new information, you know that the 4 P’s are out and the 4 E’s are in…but are you? Don’t be left behind, make sure to keep your marketing strategies sharp!
Feel free to read the entire article here: The 4Ps Are Out, The 4Es Are In.
As a modern marketer, you should make the switch from the 4 P’s to the 4 E’s as introduced by Brian Fetherstonhaugh, Chairman and CEO of Ogilvy and Mather, one of the biggest advertising agencies worldwide. Below is my summary of the article but make sure you check out the full version- look for the link at the end of my post!
FROM PRODUCT to EXPERIENCE
In a nutshell, this part of Fetherstonhaugh’s article describes how in order to sell a product, the marketer has to make an experience out of the purchase. Popular business examples that come to mind include Disney World, Chipotle Mexican Grill and the newest line of Nike shoes, NIKEiD. All of these brands embrace co-creation between the business and consumer which builds a relationship and increases the likeliness of a repeat purchase.
FROM PLACE to EVERYPLACE
This section explains why and how important it is for your brand and product to be present everywhere. Now, this does not mean that it should be targeted to EVERYONE everywhere. It simply means that your product or brand should be available to your target customer in every format used by them and as quickly as possible. Ideas include a website, mobile app and social media profiles such as LinkedIn, Twitter, Facebook, Pinterest and many others. Figure out where you customer lives virtually and create as much presence and momentum around that for greater impact.
FROM PRICE to EXCHANGE
Fetherstonhaugh goes on to describe the need of value-added. It is no longer acceptable to just sell a product or service and not care about the post-purchase reaction of the consumer. As a marketer, make sure that you position your product as enough reward for the time, research, money and attention spent on the buying process. Perception is key!
FROM PROMOTION to EVANGELISM
Finally, the article touches on how important word of mouth and social media reviews are nowadays. The emotion and passion (whether good or bad) that your product brings to a customer can be easily shared with millions of people over different social media platforms. Your job as the excellent marketer that you are is to not promote your product repetitively but instead create a positive experience that people remember and are willing to share time and time again.
Now with this new information, you know that the 4 P’s are out and the 4 E’s are in…but are you? Don’t be left behind, make sure to keep your marketing strategies sharp!
Feel free to read the entire article here: The 4Ps Are Out, The 4Es Are In.