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| new Ps and new marketing |
new Ps and new marketing
Well known marketing guru Seth Godin says that marketing is actually about five elements (http://sethgodin.typepad.com/seths_blog/2008/06/five-easy-piece.html) Data - that which we observe (and made the easier to gather and mine through the use of the Internet)
Stories - everything you do and say
Products (services) - the physical manifestation of the story Interactions - all the tactics a marketer can use to “touch” the prospect or customer
Connection - the end goal: creating a relationship
But Seth Godin is not the only smart marketer challenging the four Ps. Iris Mootee (http://blog.futurelab.net/2007/07/web_20_and_the_marketing_new_4.html) put forward four new Ps for marketing in the connected environment:
Personalisation
Participation
Peer-to-Peer Communities
Predictive Modelling
personalisation
Databases and the use of cookies to remember web visitors allow for online experiences to be tailored to particular web visitors. Amazon makes use of personalisation to recommend books to customers based on their past purchases.
participation
With the growth in social media and consumer generated content, customers are demanding, and taking, a stake in the brands that they use. Savvy companies can encourage participation through onsite reviews and allowing customers to upload images and video, and all companies should be aware of the many ways that consumers are participating.
peer-to-peer communities
Peer-to-peer communities can be seen to work with customer participation. Through social media, existing customers can be a company’s greatest asset, or greatest detractor. Equipping an engaged and active customer base with the tools to spread a message should be an integral part of a long-term eMarketing strategy.
predictive modelling
The connected nature of the Internet allows for every action online to be tracked, measured and stored. Huge amounts of data, both anonymous and identifiable, are being stored daily. Analysis of this data can provide insight into solving marketing problems. For example, in PPC advertising, data is gathered that over time will indicate the optimal keywords and maximum CPC bids for effective bidding.
Godin’s five marketing elements are reminiscent of The Cluetrain Manifesto’s premise that “markets are conversations”, and both highlight the importance of marketing as people talking to people. This is not a new phenomenon brought on by the World Wide Web. Instead, the Web has served to act as a global focus group, with participants eager to share their thoughts, discoveries, likes, dislikes and any other sentiment.
Mootee’s four Ps focus on what technology brings to the original marketing mix.
Technology has allowed for mass customisation, not just in marketing messages, but in content and product creation. It has seen brands that allow customer participation in spreading and even creating their messages and products succeed. The growth of social networks online, and the recognised importance of product reviews in the buying cycle is reflected in peer-to-peer communities. Lastly, the Internet is useful in tracking and gathering data, which can be mined and analysed for opportunities for growth.
What recent approaches to marketing strategy have in common is one growing theme: customer centric marketing.
Well known marketing guru Seth Godin says that marketing is actually about five elements (http://sethgodin.typepad.com/seths_blog/2008/06/five-easy-piece.html) Data - that which we observe (and made the easier to gather and mine through the use of the Internet)
Stories - everything you do and say
Products (services) - the physical manifestation of the story Interactions - all the tactics a marketer can use to “touch” the prospect or customer
Connection - the end goal: creating a relationship
But Seth Godin is not the only smart marketer challenging the four Ps. Iris Mootee (http://blog.futurelab.net/2007/07/web_20_and_the_marketing_new_4.html) put forward four new Ps for marketing in the connected environment:
Personalisation
Participation
Peer-to-Peer Communities
Predictive Modelling
personalisation
Databases and the use of cookies to remember web visitors allow for online experiences to be tailored to particular web visitors. Amazon makes use of personalisation to recommend books to customers based on their past purchases.
participation
With the growth in social media and consumer generated content, customers are demanding, and taking, a stake in the brands that they use. Savvy companies can encourage participation through onsite reviews and allowing customers to upload images and video, and all companies should be aware of the many ways that consumers are participating.
peer-to-peer communities
Peer-to-peer communities can be seen to work with customer participation. Through social media, existing customers can be a company’s greatest asset, or greatest detractor. Equipping an engaged and active customer base with the tools to spread a message should be an integral part of a long-term eMarketing strategy.
predictive modelling
The connected nature of the Internet allows for every action online to be tracked, measured and stored. Huge amounts of data, both anonymous and identifiable, are being stored daily. Analysis of this data can provide insight into solving marketing problems. For example, in PPC advertising, data is gathered that over time will indicate the optimal keywords and maximum CPC bids for effective bidding.
Godin’s five marketing elements are reminiscent of The Cluetrain Manifesto’s premise that “markets are conversations”, and both highlight the importance of marketing as people talking to people. This is not a new phenomenon brought on by the World Wide Web. Instead, the Web has served to act as a global focus group, with participants eager to share their thoughts, discoveries, likes, dislikes and any other sentiment.
Mootee’s four Ps focus on what technology brings to the original marketing mix.
Technology has allowed for mass customisation, not just in marketing messages, but in content and product creation. It has seen brands that allow customer participation in spreading and even creating their messages and products succeed. The growth of social networks online, and the recognised importance of product reviews in the buying cycle is reflected in peer-to-peer communities. Lastly, the Internet is useful in tracking and gathering data, which can be mined and analysed for opportunities for growth.
What recent approaches to marketing strategy have in common is one growing theme: customer centric marketing.
The strength of the Internet is demonstrated in the way it underlines connections. The very fabric of the Internet is based on hyperlinks – being able to link from one document to another. These technical connections are mirrored in the need for marketing to appeal to customer’s feeling of connection in the social sense.
