The model of the selling mix is based on the 4 P’s (Product, Price, Promotion and Distribution), created by Jerome McCarthy in 1960, and has been used by marketers worldwide over more than half a century. Unfortunately, that model has now come to an end and is no longer sufficient to address the market and target customers at present.
To efficiently guide the market today, we need to evolve and create an “innovation” model, and if we talk about innovation, we can do this in two ways: using an incremental evolution of our selling mix package or entering into a more radical change. Let’s look at two approaches:
Incremental Changes. From 4 to 7 P’s
This model consists of adding onto the traditional 4 P’s, and creating 3 new ones:
- Process: This means the processes and systems within the organization that affect the performance of the service;
- People: This includes employees who run the service, fundamentally those that are in the “front line” to the client;
- Physical Emotional Evidence: These are aspects related to generating customer feelings that remind them and ensure a positive consumer experience, and loyalty. (sensory based marketing).
This development model allows for and includes aspects that go beyond the product itself and consider the associated service dimension, capable of generating additional customer value to an unheard of degree.
Let’s talk about the radical approach.
From the 4 P’s to the 4 E’s
Our previous model allows the evolution of the product concept to the service of the customer.
However, the model of the 4 E’s allows us to contemplate paradigms related to the customer experience.
Let me explain:
- From Product to Emotion: This allows us to be able to get the product to the customer’s heart, and really get to their emotional side;
- From Price to Exclusiveness: We’ll focus on product differentiation and uniqueness, and this allows us to avoid the commodity effect;
- From Place to Experience: This ensures that the client goes through a unique experience from the initial contact all the way to a series of contacts through different marketing channels;
- Promotion of Engagement: This is a long-term approach focused on getting commitment and customer loyalty.
Out of these four changes which ones do you think will serve your customers, or clients, the best?
Personally, I’d rather move from the four P’s to the 4 E’s based off of the fact that I know that when I create that image and that brand that is just plain different that I can really differentiate myself from everyone else, but that’s just my two cents – what are yours?
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