I read this interesting article on the Ogilvy blog which talked about how the 4Ps of marketing Product, Place, Price, Promotion should now be replaced by the 4Es – Experience, Everyplace, Exchange, Evangelism. Being budding entrepreneurs we are the marketers for our own products/services. Hence, I feel that this concept of the 4Es is something we should know about so that when we go out there to market our products, we do it right 🙂
Product -> Experience
Marketing is no longer just about the product, it is about the whole experience that the customer will go through starting from researching about a product to buying and finally using it. When you try to decide on strategies to market your product, think about the entire experience your customer will go through. What will influence the decisions of your customers? When are they likely to purchase your product? and many such questions which will make you understand the journey of your customer well. This will make it easier for you to decide which phase to focus your marketing efforts on.
“Discover and map out the full Customer Journey on your own brand – in your own country.”
Place -> Everyplace
Marketing is evolving at a very fast pace from traditional modes of advertising like print or banner or TV ads to more digital forms like advertising on mobiles, social media, websites etc. What do you think makes this shift important? It is because technology has opened up so many new avenues for customers to find information, interact with brands and also to stay connected with each other. This makes it very difficult for us to target customers only through fixed “places”. You need to find out : which channels most of our customers use? what do they use it for? so that you can come up with innovative ways to reach out to them anytime anywhere. There is no point in waiting for customers to see your banner ad when you can reach your customers much faster through the medium they interact the most with.
“Develop your knowledge of new media and channels the way a chef masters new ingredients. Try new things – do something that doesn’t start with TV or print.”
Price -> Exchange
As budding entrepreneurs we might have a lot of issues with pricing. Sometimes, people lower their prices just to attract more customers. But thanks to the changing mind set of people, price is not the only thing that customers think about while buying a product. You can price your product at the price it deserves to be sold at, but just make sure that when the customer buys your product, they get some real value in exchange. For example, if your company is providing a service, you might want to keep track of your loyal customers to take good care of them and provide them higher quality of service. If customers see a higher value in your product/service beyond the product/service itself, they will be loyal to you.
“Appreciate the value of things, not just the cost. Start by calculating the value of your customers – and what their attention, engagement and permission are worth to you.”
Promotion -> Evangelism
Marketing is shifting from promoting “what you do” or “what you sell” to “why you do” or “Why you sell”. Coz as Simon Sinek says, customers buy “why you are doing what you are doing” and not “what you are doing”. Find out the emotions related to your product or service. Find out the motivation or the passion behind it and promote that. This will allow your customers to connect better with your product and also motivate them to talk about it to their friends i.e evangelize for your product.
“Find the passion and emotion in your brand. Inspire your customers and employees with your passion”
Hope this gives you all some new perspective about marketing your products and inspires you to think out of the box, just the way the article inspired me 🙂