Forget the 4 P's of Marketing, come the 4 E's of Modern Marketing

 An ever-changing world requires established ideas to evolve at the same time. Thus, the idea of ​​the 4 P's that encompassed the price, the product, the place and the promotion of companies is giving way to the so-called 4 E's of marketing , which include experience, exchange, omnipresence and evangelism (or, what is the same, ( experience, exchange, everyplace, evangelism ).

Keeping these four basic pillars in mind is essential to creating foolproof marketing strategies. Read on and become an expert on them!

What are the 4 E's of Marketing?

Customer behavior continues to evolve at full speed today. Today's consumer is in control of the entire purchasing process. The large audiences have disappeared and the public is increasingly micro-segmented. Therefore, the 4 P's of Marketing have been replaced by the 4 E's of marketing. The 4 P's developed in a very different environment than today where merchants had more control. The difference is that previously it was possible to reach a large and compatible audience with the generalist media.

To understand what the 4 E's of marketing consist of, you must first know that the market has changed dramatically since 1955. Now brands work within a customer-centric economy. Audiences are more diverse and demanding than ever, and marketers have had to adapt their approach from selling products to creating end-to-end customer experiences. Over the years, this has evolved into what we know as experiential marketing.

The experiential marketing is the modernization of all these concepts and ends on creating customer experiences. They exist to provoke strong and memorable positive emotions that transfer reputation to the brand. Emotional connection through experience is the key to experiential marketing and the 4 E's of marketing are essential to achieve it. In summary:

• Product (Product) is now experience (Experience)
• Place is now Everyplace
• Price (Price) is now exchange (Exchange)
• Promotion is now evangelism

"Product" becomes "experience"

As experience we understand the entire customer journey. Understand the process that the consumer goes through from the first moment they come into contact with the brand until they buy an item.

No longer can sales and marketing professionals focus on just getting their products on store shelves to reach consumers' homes. Today there are a lot of products on the market and we need you to have an advantage over the rest. In other words, it solves a specific consumer need or problem.

Most companies that are successful in the experience economy are not usually because of their product itself, but because of how they sell it . It's about creating a pleasant experience for customers by awakening a strong emotional connection before and after the purchase.

According to various studies, it is estimated that around half of users make purchases through their smartphone. So a company that focuses exclusively on its physical points of sale and does not optimize the digital experience will miss a very large sales channel.

Likewise, if you have worked on a very good social media strategy but the store staff is rude with customers or does not take care of the physical space, it is possible that you will also lose audience.

Beyond the basic points of marketing, creativity is key to reach them, developing different and groundbreaking approaches that make you stand out as a brand against competitors.

"Place" becomes "all places"

In the traditional 4 P's of marketing model, the concept of place literally refers to the channel or site where a company is going to distribute its products. This includes everything from a physical store to warehouses or ecommerce . The difference is that the place in the 4 P's refers to retailers since customers have to go to X site.

By "all places" we mean the opposite. It forces companies to be available to their consumers in the places and platforms where they spend most of their time. In this line, customers are the ones who will choose if they want to have a relationship with you as a brand or if they prefer to ignore you because they are not interested in you.

In this sense, the marketing team will be in charge of placing the right offers in the right place, place and in the right way. But implementing a strategy "everyplace" Omnichannel takes hard work and planning. It is generally divided into two steps:

• Know the target market: First, we must carefully analyze our target market, what channels they use and what platforms exist for them. It is not the same to want to reach the younger generations than adults. But not only social networks are important, there are many tools that will help us get to know our customers. The key is to acquire an omnichannel approach to strategies that incorporates both online and offline actions.
• Determine budget: Once we have identified the most effective channels, we will use the information collected about our audience to determine the channels in which we will invest the budget. The whole strategy must be in sync to offer a good experience.

"Price" becomes "exchange"

Today the market is oversaturated. Prices are no longer fixed and quality products do not equal an automatic purchase . In any sector there are ten other articles from other brands that claim to do the same but much cheaper. The price of a product has become a more moldable concept and marketers must understand the value of their time and its true value in income.

A great example of sharing is the model adopted by many software companies. Competing for attention in a saturated market, many have chosen to offer freemium options as a way to capture the attention of their customers, demonstrate their value through a high-quality experience, and then hook that all-important purchase in the long run.

But how can retailers implement an exchange? You cannot give away products. However, you can get creative with payment methods, discounts, and exclusive offers to enhance the shopping experience and provide greater value to your customers.

For example, ASOS partnered with the alternative payment app, Klarna. The app allows ASOS customers to buy now and pay later on any item on their site.

"Promotion" becomes "Evangelism"

The word "push" was the old definition of promotion. That is, doing everything in our power to make sure that our advertising content is seen by the target audience , whether it be on television, on the radio or even on billboards.

By now we already know that the customer journey does not end with the purchase. Even in the most basic products since, if they like it, they will probably recommend it to other people. Or, if the product does not convince them, they will reject it on future occasions.

This used to be known as "word of mouth." Nowadays and taking into account hyperconnectivity , customers are fully connected on social networks, with reviews, in forums, etc. We are all critical and we know everything. We can boost or let a business die just depending on the reviews. This point refers to evangelistic customers, as we are talking about customers who praise impeccable customer experience, high-quality products, and their valuable impact on their day-to-day lives.

Originality is one of the most important aspects for modern consumers and makes user-generated content the jewel in the crown of evangelism. Make sure to show your brand evangelizing customers that you value their content by including it in their online sales journey.

What do you think of the 4 E's of marketing ?

And if in addition to knowing first-hand what the 4 E's of marketing consist of, you want to become a marketing expert, take the Master in Digital Marketing . You will learn, among other things, to strategically plan, define and control  online marketing campaigns and to make the most of the digital channel in attracting customers. We will wait for you!