Modern Marketing: The Game Has Changed
“Product, Price, Place and Promotion” are no longer sufficient. Customers want to know about value.
According to Wikipedia, “marketing is the process of communicating the value of a product to customers, for the purpose of selling that product (goods or services.)” But that is what marketing used to be. Today, marketing is about relationship management.
The widespread adoption of social and mobile technologies has empowered consumers. They expect relationships with brands rather than the push-messaging campaigns of yore— and now have a voice to praise or complain. Eric Schmidt said succinctly “bad product reviews trump clever marketing” in a recent presentation:
“The four P’s—Product, Price, Place and Promotion—are no longer sufficient as a way to think about marketing. They are about the content and placement of messaging, rather than an ongoing conversation and relationship with a customer. When customer loyalty can begin well before a purchase is ever made (think Hard Rock or Harley Davidson), marketers have to think beyond communicating value to building customer relationship.”