The 4p’s of marketing still have their place. If they did not work as well as they did they would not have been around as long as they have been. One of the main changes for the 4p’s in a networked world the addition of more ps. Price, Product, Promotion, Place are the original 4 p’s. According to Frank Feather, the author of futureconsumer.com, there should be two more p’s added, Personalized Service and Profound Experience.
Price has changed quite a bit because of the Internet. Frank Feather gives credit to bidding and auctioning sites. Also, there is competition between websites vs. websites and websites vs. older methods (stores, catalogs, direct mail).
Between all of these different ways to shop companies are trying to offer lower prices.
With Products more and more people want customized products. A very good solution is to mass customize products. The Internet is an easy way to figure out what consumers are looking and avoiding in products.
Promotion is changing fast. Figuring out how to connect with consumers is a vital key Promotion. Not only do consumers want the company to show them products they also want the companies to listen to them. Many online shopping websites have blogs where their customers can voice their opinions and talk about the products. Uniquevintage.com, a clothing website that offers different era inspired clothing, has taken advantage of Facebook and blogs. They show products and give updates on sales on their Facebook page and on their blog they have many articles about their clothing and offer advice for their customers.
One of the best Places to have company products now is the Internet. It allows more people to see products and it gets the word out faster.
Personalized Service would go hand in hand with promotion. The Facebook and blog example of uniquevintage.com would be a good example of personalized service. This company interacts with their customers through their blog and Facebook.
A Profound Experience would go along with the fact that this company does give advice to its customers. This company also provides a physically location for those whom do not like to shop online. Another neat feature the website has is a personal welcome to the customers from the company right on its home page.
If more companies could use the old 4p’s in a new way they could be more successful and reach many more customers than they could imagine.
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