The Five "P's" of Marketing
While it's been quite a few years since we've dusted off a marketing textbook, there's a commonly used Marketing concept called "The Four P's" that most marketing graduates can explain.
We'd like to argue for the inclusion of a fifth "P" as we move into a new generation of marketing.
The original four "P's" are:
- Place (Distribution)
Considering how rapidly marketing has changed in the past 10 years (a true revolution of ideology when it comes to how we present a brand and message) we suggest the inclusion of a fifth "P" - PERSONALIZATION.
Today's buyers (customers) don't want to simply be sold; they want to know why. Why you? Why now? Why THIS brand over THAT brand? These answers must delivered on a personal basis, as part of the social media conversation. Gone are the days of 1-800 numbers and impersonal dialogue from sales scripts. Consumers want to tweet, facebook or email customer service and have immediate, relevant and personalized responses.
For today's consumer, products and services have lost their meaning. We've begun to trade experience as the new currency – money is traded for the experience, whatever that experience may be. From partnerships with charity organizations to driving a BMW or implementing a cloud-based software, the experience is what matters. And the way YOU personalize that experience for your end user is the "P" that matters the most.