The New “Four Ps”: Everything You Need to Know About Your Customers

27bd7dfHere is an excerpt from an article by David Edelman for LinkedIn Pulse. To read the complete article and check out others, please click here.

Image: Chrisinplymoth/Flickr

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Every marketer at some point early on in his/her career learns about the four Ps: Product, Placement, Price, and Promotion.

While these attributes are universal and timeless truths, there is also something rote about them that I worry keeps marketers thinking in terms of old paradigms. With the radical changes in customer behavior, we need a new set of Ps to help us focus our marketing.

Three of my colleagues — Nora Aufreiter, Kelly Ungerman, and Phillip Dalzell-Payne — have done just that. They’ve laid out four new Ps that capture the ever greater expectations customers have of their brands [and here’s the first].

o Pervasive. “Let me shop wherever I am.” The consummate “channel-surfer,” consumers move effortlessly across channels and technologies along their decision journey. Today, 56 percent of all customer interactions involve more than one channel or brand touchpoint. Connectivity is expanding, with 21 percent of tablet usage, for example, now happening in bed.

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These Four Ps come from a piece that is out in Retail Leader: “How to Thrive in the Age of Me-Commerce.” The piece also lays out 5 questions for retail leaders should be asking themselves.

Learn more about retail and other topics on our McKinsey on Marketing & Sales website, and follow us on Twitter @McK_MktgSales. And please follow me @davidedelman.

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Here is a direct link to the complete article.

EdelmanDavid Edelman is a McKinsey partner who leads its Digital Marketing Strategy Practice. He helps leaders understand the implications of the evolving digital Consumer Decision Journey (CDJ), and manage strategy and organization transformations

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