The world of Marketing has clearly changed. Many of the tools and assumptions that we grew up with are out of date and no longer valid. Realizing this fact, The Chairman and CEO of Ogilvy One Worldwide, Brian Featherstonehaugh, 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 Featherstonehaugh:
- Product has become Experience
- Place has become Everyplace
- Price has become Exchange
- Promotion has become Evangelism
From Product to Experience
Many focus their marketing efforts on the products that their organization provides. For one reason or another they may change at a later stage. Instead Experience focuses on the end to end customer experience (customer journey). You are no longer selling products/ service. You are now offering solutions that satisfy customers needs.
For a company to survive in today’s highly competitive global economy it has to be flexible. It needs to transform its scope of work with the times. Otherwise it will be threatened by bankruptcy. Although most of us do remember Atari and Kodak, who were pioneers in the technology field in the 80’s and 90’s. Younger generations will not be able to make that connection or remember these two giants.
Examples of companies that focus on promoting their company brand are IBM and Apple. They have adopted an experience approach towards their customers. This allows them over and over again to be able to radically transform their scope and grow stronger. These companies realized the importance of this transformation which reflects in the way they promote their brands.
From Place to Everyplace
‘Everywhere’ reflects consumers’ ability to access your solutions at their own convenience. Business developers need to learn how to ‘intercept’ their customers rather than ‘interrupt´. Customers must be engaged when they are more likely to be receptive to you. This can be very hard. When the right time comes, you are there on their minds. Your marketing efforts must be designed in a way to make sure of that. Therefore a strong presence needs to be developed both online and offline.
From Price to Exchange
The evolution from Price to Exchange highlights the need to recognize value. In today’s world, Price still matters. Yet you need to demonstrate the value of your offering to your customers in exchange for what they are paying. Although most people think that the majority of the markets are price oriented. Now if this was true then everyone would be buying their products straight from China! There are plenty of cases were customers will not go for the lowest price. They would rather choose the solution that offers the highest value.
So you need to justify your price to your customers by highlighting the value they are receiving in exchange. This makes your chances of closing the sale a lot higher.
From Promotion to Evangelism
These days it is not only important to promote the products you are selling. You must learn how to take things one step further by turning your customers into brand evangelists. If you are promoting a technical solution, take it further by educating and training your potential customers about the technicalities of your solution.
Training
When you provide a training seminar for company X or Contractor Y, offer useful information about the solution. You need to educate your guests (add value). This way you will be able to build rapport with them. Seize the coffee break time and lunch time to build personal relationships with them as well. In return this will produce a positive impact on your business.
Once they are trained by your organisation, they are more likely to buy your solutions as they will feel more related to what you do. They will start promoting and advocating your solutions within their own networks because they now know you on a personal level. By being certified by your brand as experts within the area of your training enables a relationship built on trust. They will include the training certificate in their CV and even add it to their LinkedIn profile, Hubspot are a great example of this, with their Hubspot Academy. All these steps would only create a positive impact on your sales. It will allow word-of-mouth to spread far more than any other marketing tool.
Exhibitions, Conferences and Networking Events
Also, participating in exhibitions, conferences and networking events can further enhance your brand awareness and presence. However, you must be careful when using such an approach as participating will require you to be prepared. You will need a well-designed booth, brochures, catalogues, a comfortable environment and a big screen that plays your corporate videos. It´s not a good idea to go unprepared; actually it can harm your brand. Participating without preparation will not add any value to your brand image and will only be a waste of your marketing budget. Booking a seminar session within the exhibition can help you a lot. You can raise awareness about your solutions to participants. This allows you to know who your target audience is. Majority of the attendees are most likely to be interested in your scope of solutions.
Applying the new 4E’s of marketing rather than the old 4P’s will produce a better impact on your brand image. This will eventually translate into revenues for your business.