Back in 2010, I had my first marketing class where I first learned the 4 P's of Marketing, which are the product itself, place, promotion and price. Self-explanatory, very simple!
Original 4 P's of Marketing
Then when I took up Marketing Management just last year in my MBA, these 4P's of Marketing evolved and even became 5.
5 P's of Marketing
People is who we target, processes is how we reach them, programs is your product mix pricing, performance is the measure to know if your marketing plan is effective and we put emphasis on the importance of packaging as the 5th P.
Moving to Marketing 4.0 of today, these P's of Marketing have become the 4 C's of Marketing where the involvement of your customer is crucial from the very start of your planning stages. One must know what your customers want.
The 4 C's are as follows:
Co-creation is the new Product. At the very start, involve your clients in planning stage of your product of service.
Currency is the Price. Don't just be a price-maker. You have to be dynamic & flexible with your pricing depending on market demand. So continue on studying your costs, doing research, outsourcing and weighing your economies of scale.
Communal Activation is your Place. Today, consumers want things at a click of the button. Be available in e-commerce, online sites and applications. Provide instant and easy access to your consumers.
An example would be how restaurants are now available in Grab Food. For easier food deliveries for both the merchants and customers!
Grab Food
d. Lastly, Conversation is the new promotion. Gone are the days where brands had to do push marketing or hard sell. Now, it is consumer reviews, word of mouth and social platforms that are the most reliable source of your advertising. The upside to this is its less costly and more authentic but be careful of your image and always put your customers first. One or a few bad reviews will negatively affect your business quickly. The key is good customer service. When a customer reaches out whether for good or negative feedback, always reply and converse. Satisfy an unpleasant customer and make a satisfied one even happier!
Stay Tuned & Stay Hungry!
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