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A New Marketing Mix
07 March 2011
No-one would doubt that as business owners we are operating in dynamic and challenging times. The frameworks strategic marketers once used are also evolving embracing some of the changes in today's technology and environment.
Recently, Chairman and CEO of Ogilvy One Worldwide, Brian Fetherstonhaugh, advocated the replacement of the traditional marketing mix - known as the '4 P's' with a modern day version - the '4 E's'.
According to Fetherstonhaugh:
Product has become Experience
The E of Experience focuses on the end to end customer experience - mapping the 'Customer Journey' is required.
'Everywhere' reflects consumers' ability to access products when and where they wish necessitating marketers to 'intercept' them in their communications rather than 'interrupt'.
The evolution from Price to Exchange highlights the need to recognise value, particularly that derived by a consumers' attention, engagement and permission.
'Promotion' has been replaced by 'Evangelism' which combines word of mouth with social networking and Web 2.0. No longer is marketing directed at a target audience. Rather, today it focuses upon authentic, consumer engagement. If brand experiences are positive, your customers become evangelists or advocates for your brand.
What does this mean for businesses? The '4 E's' extend the marketer's tool box. Some concepts are not new - for example - customer blueprinting - identifying and managing each customer interaction - or moment of truth - has been around since the late 1980's. Additionally marketers in recent years have been increasingly cognisant of creating value.
However the E's of Place (Everywhere) and Promotion (Evangelism) reflect changed consumer behaviour enabled by today's technology. Acknowledging these changes, the new mix elements should be integrated into marketing plans for more comprehensive and appropriate strategy development. If you would like to discuss your brand or any aspect of your strategic marketing planning and implementation, please do not hesitate to contact us. We look forward to being of assistance.
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Anne Sorensen is Director of Marketing Is Us, a specialist marketing agency dedicated to facilitating business growth by providing strategic marketing solutions. She holds a Bachelor of Business (Marketing), MBA and is a Certified Practising Marketer with the Australian Marketing Institute.