The New 5 Ps of Marketing in The Digital Era
Product, Placement, Price, and Promotion were the 4 Ps that served as a base for marketing until now. But the prevalent Internet boom has caused these principles to change and evolve. Anne Launois , Head of Audencia Business School’s digital major, and Yann Gourvennec , Head of the Specialized Master of Digital Business Strategy at Grenoble École de Management, shed light on these changes.
With Internet, businesses have to navigate their way through this plethora of sites and social networks. For Anne Launois, the new key to success in marketing is the process that puts the user at the heart of everything. “Digital has revolutionized the marketing approach. Nowadays, the customer expects added value from companies. To deliver on customer expectations, marketers develop content which facilitates relationship building with the consumer, and hopefully, ends with a sale. By putting the customer back at the heart of the process, enables the company to gain an overview of the customer journey.”
Project, Platform, Partnership and Progress: 4 New Ps of Marketing
The Internet has allowed the evolution of new points of contact with potential customers. For Yann Gourvennec, these multiple channels have brought out 4 new Ps in marketing: Project, Platform, Partnership and Progress. “Before arriving on the net, you have to define a good plan and decide whether you want to use a website as a support for physical sales or improve online sales or raise awareness on the web. Then comes the question of the Platform: should I launch my own site or opt for hosting on a marketplace like Amazon or eBay? Then you have to think about partnerships. Finally, there is Progression or “growth hacking” to generate traffic. To do this, the most effective method remains that of word of mouth, whereby you attract a preliminary bunch of people (seeding), to subsequently attract others who will spread the word around them (feeding).”
The fifth P: (Digital) Promotion
The P of Promotion takes a new meaning in the digital era: it’s an essential e-commerce dimension, which passes through content marketing. “The inbound marketing process consists of offering editorial content to its audience. Instead of promoting the solution, we end up promoting the problem or the subject. This technique generates a large flow of interested parties who will eventually become potential buyersThe B2B purchasing process is the result of a long life cycle often linked to a contract as there are many people to convince.. Content marketing is becoming the most significant part of marketers’ budgets.” explains Yann Gourvennec.
Digital Marketing: A job in its own right
To face the challenge of digital, marketers must also choose the best possible communication channels, including social networks. ” You have to opt for the networks that are most suitable to and coherent with your business. A home decor brand for example, will find more interest to be present on photo sharing networks like Pinterest and Instagram, where it can do viral marketing. All brands, regardless of their nature of operation, maintain an active presence on Facebook. It’s crucial not to neglect the social networks, otherwise a brand would deprive itself of an opportunity to interact with new consumers who abandon traditional media channels,” says Anne Launois.
While the marketing function integrates the digital and data dimensions, recruiters are increasingly attracted to new profiles, namely those of digital enthusiasts.
(Article Published in Special Issue of the French MGEU Magazine (Finance – Marketing) • N ° 6 • June 2018. Link to the original article: http://www.mondedesgrandesecoles.fr/les-nouveaux-p-du-marketing-a-lere-du-numerique/)