Many things have experienced changed in the past 100 years, and marketing is no exception. New technologies have brought new solutions for delivering the same basic principles of both marketing then and now, from the time of the Pet Rock to the more recent Old Spice. The following list compares the 5 P’s of marketing from both yesteryear and today.
How the 5 P’s used to look:
Advertising used to be very product oriented. In the fast pace world of immediate gratification that today’s consumers live in, a product-centric approach is obsolete.
Although the price of a product or service will be highly important to most customers, the goal of improving one’s quality of life is quickly replacing the top spot of interest.
Back in the days without internet, big box stores were king. Today, companies like Amazon and eBay dominate the market as go-to sources for good deals. The big-wigs from before are catching on and are now joining the online shopping experience.
Even though promotions are still a great way to get a product off the ground, today’s consumers do much more research to hunt down a good deal. This means that it’s far more effective to bring in brand ambassadors or content creators like TrendySweetie to review a product than to drop a product’s price.
Community is always crucial, and the 80/20 rule stands true here. 80% of all revenue comes from 20% of your overall customer base.
How the 5 P’s look now:
Every consumer wants to receive good service, and this used to be done one on one with a salesman or other company representative. With the increasing cost of goods and the constant demand to lower overhead (not to mention the fact that the internet has become the most common place to find deals), it’s hard to get that one on one experience. New problems come with new shifts of progression, and that is why OCGnow’s think tank is so important. An agency without a think tank is just asking to be antiquated.
Half of all your customers will use four or more information channels to get relevant information about your product or services. This means that not only do you need to be pervasive in your message; you also need to seek alternative ways to reach them. Brands and companies that use more than one channel average a 91% higher client retention rate than those that don’t.
Because presence is so significant, it is essential to utilize every relevant option to increase it. Think of your website as an employee, for example, always ready to make a sale. Now, let’s add a chat system and give it a voice. Just by adding a chat widget, your customers will be able to always reach you and submit the information that can lead to an increase in conversion by up to 12%!
Do what you do better than anyone else and then make it proprietary. That’s what Dell did in the 90’s to early 2000’s. Anyone that owned a Dell back and tried to upgrade it knew they had proprietary RAM that was overpriced. They held the market, and people paid! This lesson can hold value for your business today: this is the digital age, and access to an infinite amount of information is right in front of you, including personal consumer variables, communications, and trends. This information can be monetized and sold as first-party data or collected and collated to better understand your clients.
Now that you have that data, it is time to use it. This information does not only tell you who your customers are, and reveal trends, but it also gives you clues of what expectations tomorrow’s customers might have. Marketing then and now has always had the goal of using past trends as well as predicting future ones to foster the best outcome.
OCGnow utilizes an all-inclusive approach that addresses all of the P’s into one comprehensive solution. Over the last ten years, OCGnow has become a digital marketing leader for small, medium, and large brands alike. For more information about OCGnow, and to get a free consultation, call 904-300-3600 or go to OCGnow.com.