Marketing is defined as the method of identifying profitable avenues to communicate your product or service’s unique selling point or value proposition to your target audience. Identifying your target market influences how you should go about presenting your brand. Numerous factors such as age, location, and other demographics come into play when discussing which consumers are most likely to purchase your product or service.
As technology plays a bigger and better role in our day-to-day lives, it’s also affected our marketing strategies. Integrating eCommerce, social media, and other online platforms in order to increase awareness, provide other revenue streams, and streamline customer feedback. The pandemic put an even bigger spotlight on modernizing your brand’s marketing plan as consumers were left stuck at home with decreased traditional advertising exposure.
As the market changes, so do the brands we know and love. Companies aim to provide the best product or service while maintaining profitability. The legwork that goes into marketing strategies prior to execution and the course corrections done on the ground profoundly affect the campaign’s success. Understanding the changes that have occurred in the modern era and the pandemic that has caused the traditional marketing landscape to change is key to achieving brand relevance, awareness, and loyalty in this new era of hyper-informed consumers.
The Four P’s
The classic four P’s of any marketing are product, price, place, and promotion.
Product
This pertains to any physical product or service your marketing plan encompasses. Products have been under heightened scrutiny as consumers continue to become critical of their purchases. For example, the need for seamless return and exchange policies has increased as consumers put more weight on their consumer rights and protection.
Price
The second P pertains to price, which literally translates to the cost for your product or service. The price indicates just how much a consumer is willing to shell out for your product. Pricing can be influenced by various factors such as your competition, market trends, and your desired profit margins.
As customers become more and more interconnected in the modern era, industries with ridiculously high-profit margins have been scrutinized. They’ve even lost market share due to these practices.
Place
This has particularly evolved as lockdown protocols kept consumers within the confines of their homes for the better part of a year. What hasn’t changed is the connection between your location and your accessibility. What previously included factors such as foot traffic has now morphed into robust eCommerce initiatives. Migrating to online sales avenues has long been under development as industry giants like Amazon dominate the online retail industry.
Promotion
Consumer awareness and brand loyalty are closely tied to your brand’s promotional initiatives. As media has further evolved, this has transformed into a concept encompassing multiple facets of reaching your consumers. Integrated marketing communications pertain to advertising, direct marketing, internet marketing, sales promotion, and public relations.
In this age of social media giants, a unified message across multiple platforms gains you more believability with your market. Inconsistent branding and misplaced advertising can become detrimental to your bottom line when the internet has a record for everything, and everyone has an opinion to offer up. When in doubt, brands will employ a variety of advertising agencies, public relations firms, and marketing strategists to produce multiple strategies that take on different aspects of their initial objectives.
Technology has also influenced the four P’s, adding factors concerning your process and people. Automation has taken flight in the manufacturing industry as processes are streamlined, and costs are brought down. Efficiency and productivity are pursued with fierce determination as the markets become over-saturated and the competition continues to be cutthroat. In contrast, the way we hire employees has also evolved. Your workforce is directly related to your company’s growth. A more robust workforce and initiatives to lower attrition rates result in a well-trained workforce that’s ripe for innovation. A hiring process that factors in development and not just necessary experience can help you nourish talent and a healthy work environment.
While the principles have morphed and evolved over the years and even more so because of the pandemic, the focus on people has stayed the same. Your consumers and employees play vital roles when it comes to marketing. Successful marketing hinges on a blend of understanding human psychology and excellent business acumen. A great marketing strategy can make a world of difference for smaller businesses. It takes careful research, an understanding of the landscape, and an influx of creative ideas to achieve your marketing goals in the modern era.
