The new 4 Ps of digital – product, price, placement, and promotion – offer new ways to meet clients’ needs and customize messages for audiences that expect personalization.
Focusing on price, product, and promotion still make perfect sense, even as consumers’ online behaviors change how we deliver our messages and communicate with our audience.
However, the ever-growing availability of marketing technology platforms and new data sets offers myriad possibilities for connecting with consumers, making marketers focus on using technology to foster unique experiences. Studies show that 85% of shoppers have nothing to do with their interests. Marketers look for creative ways to meaningful connections with their customers across online channels. Customer Relationship Management (CRM) is a vital part of successful marketing strategies.
The four new Ps of digital marketing offers new ways to meet consumers’ needs and customize messages for audiences to expect personalization.
Marketing leads have come under pressure to deliver on organizational strategy and brand engagement. They are also responsible for critical processes and marketing technology stack to support goals and objectives.
The head of any marketing department should juggle internal processes, strategies, and personnel when coordinating with technologies to execute ROI. However, the truth is that a lot of marketers feel unprepared for these challenges. Streamlining your process to improve consumer relationships starting with a few essential questions:
- Do you have the right stakeholders, bandwidth, competency, and partners to put all this in place?
- Is your brand ready for today’s marketing environment? Do you have all the pieces in place?
- What tools would help you market to the perfect audiences, personalized messages at a grander scale, and respond to interest immediately?
Price, product, promotion, and place are as vital as they have ever been, but each Ps is dependant on adopting critical new technologies and processes that can deliver results. Organizing your marketing strategy with the right CRM goes a long way towards solving modern marketing problems.
The key to communication in the digital age is personalization. Gone are the days when one message works for all consumers. More than 80% of consumers are more likely to purchase when brands offer a personalized experience. Consumers demand personalization. The people will internally and externally market your product between the traditional Ps and the new ones.
Businesses are built around forming solid and loyal customer relationships. One of the most crucial parts of fostering these relationships is choosing the perfect tools to manage consumer data and help you get the correct message out at the right time to the right consumer segment.
Choosing the right platform for your business is vital. A lousy fit platform results in costly mistakes. Make sure you choose media that fit your business’s sizes with a pain-free onboarding process, making it easy for the entire team to use.
The best platforms in the world won’t mean much unless you are collecting data around the success of your organization. Some of the crucial key performance indicators (KPIs) for measuring the success of your CRM are engagement, response time, conversion, loyalty, and advocacy.
Developing a solid CRM solution means bucketing and organizing the business processes and technology that support targeting, consumer acquisition, and conversion. Organization maps are all up to the consumer lifecycle and lifetime value for effective performance measurement.
Technology has evolved and changed since the introduction of the original 4 Ps. Consumers’ primary needs haven’t. They want to both feel valued and buy products that provide value. The accelerating pace of technology and massive data makes it necessary for CMOs to prove that they are providing value to consumers across all touchpoints and must link success to objectives such as revenue and market share.