Product, Price, Promotion, and Place is old school. Marketers, welcome the 4Es.
Say goodbye to the old 4Ps. Experience, Exchange, Evangelism, and Everyplace are taking over the marketplace.
In today’s market, selling a product isn’t what it’s about anymore, and it is certainly not enough to stay on top of the competition.
Nandini Nayak, managing director of design strategy at Fjord (Accenture) explains: “The customer doesn’t want to buy a product from you, they want an engaging experience with the brand. […] The sum of the experience is the product.”
To deliver meaningful value to the consumer, Brian Fetherstonhaugh from Ogilvy & Mather developed this new 4Es formula, quoted in the Danziger article below:
Experience Exchange Evangelism Everyplace
- Experience Beats Product
According to P. Danziger, contributor to Forbes, a brand needs to focus on its in-store experience and the following two factors:
- The amount of time shoppers spend in the store, where if a retailer increases the time spent in the store, their sales increase; and
- The extent of interaction with the store personnel and merchandise, so the greater the shopper interaction and engagement, the higher the sales.”
Morty Singer, President & CEO of Marvin Traub Associates, which focuses on upscale retail, says, “Today, it’s a fusion of retail and hospitality.”
- Price Becomes Exchange
The price is not the only factor in today’s purchases. Many steps in the customer’s experience can be considered to favor a valuable exchange:
- Respect for the customer’s time
- Special insider knowledge or know-how
- Personalizing the product selection process
- Pay-it-forward gift
- Or simply Thank You
Brands need to build real relationships with the customer.
- Promotion Gives Way to Evangelism
Danziger says that “The highest mark of engagement is turning customers into store evangelists that will spread the message of your store.” For that, word of mouth is still one of the top marketing strategies. Social media and branded content also play an important role, especially with how fast news spreads nowadays.
- Place Shifts to “Everyplace”
And it doesn’t mean to have an online presence. Face-to-face interactions are now more valuable than ever. StubHub recently opened itsfirst retail store in NYC. Perkins Miller, general manager of StubHub’s NorthAmerican operations says, “At our heart, we’re a digital technology company. But New York, and Times Square in particular, is an epicenter of sports and entertainment, and this was a great opportunity to provide a heightened level of service and different kind of fan experience,”
As voice-controlled technology becomes more and more present in everybody’s daily routine, brands need to respond quickly and create an emotional connection with their customers, without visuals.
“Experiences, Young Customer ‘Experts,’ Social Media and Audio Branding Bring Pizzazz to Trade Shows” says Michal Clements, of The Marketing Strategist column in Chicago Now.
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