In marketing, has customer eccentricity replaced the 4Ps? Has online marketing and the building of sales funnels replaced them? What are the 4Ps?
Price, product, place, and promotion are the traditional 4Ps. These represent the 4Ps of marketing. For most of the twentieth century, it has been the strategy of choice by marketers. During that time, it absolutely made sense for marketers to focus on reaching their audiences without having any channels for direct communication or to get meaningful feedback. Television, radio, and print media were the channels used by most marketers and that is what buyers in the 20th century would use to get the knowledge they wanted about products, events, news, trends, and services.
The Age of Customer Eccentricity
Bob Lauder wrote an article in 1990 that was published in Advertising Age that the 4 P’s we’re no longer an important factor in modern marketing. For a number of reasons, he was considered right. Many markets are now very competitive, customers are more knowledgeable and some are extremely choosy, and more and more consumers react poorly to things that were pushed on them.
Corporations and well-known brands found the need to involve customers in the development of products and with their services if they wanted their business to further develop in the long-term. What was once the 4 P’s has now become the four c’s. It is believed that this new model represents the market better. This newer model focuses on communications with consumers, it puts an emphasis on their specific needs, it tries to understand their buying habits, and it tries to offer a product that meets all those needs and then to develop an understanding of how much they want to pay for it.
The Digital World Has Changed the Marketing Funnel
A marketing funnel is represented in the diagram underneath. It shows how customers flow into an organisation. It is a representation of a customer’s journey. It begins where they are completely unaware of a particular organisation and have no current connection to it. They then become aware of the products and ultimately they become a customer.
The Journey of a Modern Customer
The journey of a customer has changed considerably over the last 15 years. Most suppliers and even most customers don’t fully appreciate or understand all of the changes. That journey for customers such as a holidaymaker, a gambler, or even a gamer, might start by making some trips to a travel agency. They would then do some holiday buying comparisons.
If they were interested in a new video game, they might visit the local computer store. Gambling now involves extremely competitive battles online among brands that allow betting and entice gamblers with the best benefits and odds. For all of those example customers and almost all others, the internet has totally changed the journey of a customer.
A customer now has considerably more control when they began researching a product or service. This means that brands and suppliers have to know how to respond. The fact that customers manage the phrases they use to compare and research when starting there journey towards buying something is an accepted fact. Even though this is an annoying and accepted fact, when suppliers and brands are asked how they accommodated this with their funnel they admit that they haven’t done so effectively.
Sales VS Marketing
Old school marketers sometimes now run away from their responsibilities with sales. They say the fact that they have to be concerned about ROI means they shouldn’t be expected the build new experiences for the customers. To a degree, they have a point. There is enduring value with human creativity even if it is made to compete with return on investment and the digital world has brought these things much closer together. In the past, this notion would have been considered ridiculous.
Marketers Are Often Now Sales Lead Generators
As digital marketing influences the sales funnel, the line between marketing and sales starts to converge. Revenue is the main objective for eCommerce and many other industries. The process of developing leads and converting sales assumes that lead generation and brand awareness have already been optimised. The activity itself is difficult to measure. However it could lead to marketing directors jobs.