How Customers and Communication Has Changed Marketing
As the world gets more and more socially in tune and connected, it is vital for marketing to change in order to effectively reach those social networks. As I explained in my last blog post, the traditional 4 P’s of marketing are essential to effectively market your products and services. That is still true; however, there is also a new theory or approach of marketing that has been outlined by a few sources as the new wave of marketing. This change is due mainly to the way that the world communicates and the way that the world engages in doing business has changed.
The strategy of the 4 P’s of marketing has been in use and referred to since the early 1960’s. Obviously, a lot has changed in the business world since that time. Marketers and businesses set the stage and controlled the markets as a whole. There were not a lot of differences or features associated with products and services. Nowadays, the marketing world is completely different!!! Now, the client/customer is in control, most markets have separated or fragmented into multiple ones making it harder to reach groups. Also, there are so many alternatives, choices, and competition when it comes to products and services. Social media and the way that people communicate have been major players in the change of how successful marketing is done.
As with anything, especially in business, as trends change, you must adapt if you want to stay ahead of the curve and be successful with your business. To apply that way of thinking into marketing, here is a new idea for a fresh marketing framework, replace the 4 P’s with the 4 E’s: 
Product > Experience
Place > Everywhere
Price > Exchange
Promotion > Excitement
Product > Experience
In the old model, the first “P” was “Product”, which is about highlighting a single product or service. Now, products change constantly, features are added, the design changes, etc. By switching the first element to an E for Experience, you can stop focusing on just the product and start thinking about the overall experience for your target market. A great way to start doing this is to discover the process that a customer goes through when looking for something to purchase. To help to pinpoint your customer’s experience with your product or service, start asking yourself questions: How do customers shop for their products and services?, When do purchases occur?, Who or what influences buying decisions?, What happens after something is purchased?, Do they buy again? If you aren’t asking yourself these types of questions it will be hard to understand the customer experience, thus being able to better market your offerings to them. This is important because when you focus your marketing efforts to revolve around the experience rather than just the product you can really tap into what is most important for your customers.
Place > Everywhere
In the old model, the second “P” was “Place”, but now it is not about bringing customers to a certain place it is about being where the customers are. Start by switching the second element to “Everywhere”, because everywhere your clients are, you can be! Now to grab attention you don’t have to interrupt and pester, you have to intercept and capture consumers in their time and meeting them on their terms. A great way to take advantage of this is to advertise and market where your clients are. Use social media; take advantage of Facebook and Twitter, etc. Social media is a great avenue to announce changes, promotions, offers, etc., because customers don’t have to search for things, it is brought to their attention while they are engaging in their normal everyday habits; thus, making the process easier for them, and also making buying decisions easier for them.
Price > Exchange
In the old model, the third “P” was for “Price”. Literally meaning, we provide you a product and you give us money to pay for the product, period. By switching the third element to “Exchange”, you can highlight the value of the product. In this part of the equation you should ask yourself: What is my client paying for?, What does my client want in our products or services?, What are we willing to offer them? These questions will help you to determine the exchange that will happen when something is purchased. There will not only be a monetary exchange, but also an exchange of value. You will provide value to your clients because your products and services give them a solution to their problems or needs.
Promotion > Excitement
In the old model the fourth “P” was for “Promotion”. With the new model, in essence, it hasn’t changed because there will always be a promotion or offering with marketing, however, now that focus has shifted to the “Excitement” that surrounds the promotion. The key ingredient to reach people is to target what matters to them, hitting on emotions, needs, etc. When you can generate energy and passion in what you are selling to your market, excitement is born. When there is excitement about a product or service people talk about it! This is where the new wave of communication takes over. Coupled together, word-of-mouth and social networking take that excitement and create a buzz about your products and services.
How is ExchangeDefender Utilizing the New 4 E’s of Marketing?
Experience: We understand the “Customer Experience” in working with ExchangeDefender. We want to make the experience great for our partners and very simple. We make all of our solutions very user-friendly and easy to use. We provide training materials, whitepapers, support documentation, videos, and marketing collateral to make it easy and beneficial to have a partnership with us.
Everywhere: We go where our market is! We attend and sponsor the same tradeshows and conferences that our partners and target markets attend. We know that you are looking for solutions and partners that will help you to more effectively service your clients and offer them valuable products and services that will help to better run your businesses. We also stay plugged in with social networking, Facebook, Twitter, etc., and post blogs to keep you updated on what we are doing and how we can help you be successful.
Exchange: With all of our offerings there is a lot more than just an exchange of money for services. We offer our partners value! All of our offerings are all-inclusive – we don’t nickel and dime for advanced features. We believe in an all-you-can-eat strategy, which in turn provides value for you. We also provide free support, training, and best practices to our partners.
Excitement: We provide excitement with our products and services by catering to what the channel and our partners are looking for. We listen to word-of-mouth, social networking hype, and the needs of our partners and strive to fulfill those needs with our solutions. Also, we create excitement around our company because we are very passionate about our offerings and our partners and truly believe that we provide great solutions to our partner base.
Stephanie Hasenour
VP Marketing, ExchangeDefender
stephanie@ownwebnow.com