Being market ready for a digital transformation strategy means going beyond the traditional 5 Ps that the last few decades swore by. The original 5Ps still hold, but for the modern business scenario, the criterion has changed.
The 5Ps were the marketing commandments for an entire generation (maybe two) of marketers. They helped the professionals to place all bits of information on a marketing puzzle, creating a complete framework for setting up a business.
But with the world going increasingly digital, these five Ps are rapidly becoming a tad irrelevant, though not completely useless. The question of warranties, prices, deals, product positioning, and selling is still the uppermost. Then what has changed? A new paradigm has been added. The Ps stay, the meanings have changed. Replacing the product, price, place, promotion, and people, are five new Ps. Arriving with the new technologies, new business paradigms and new market challenges, these new Ps will evolve and grow to fit the challenges marketers face in the brave new digital-first world.
A vast majority of Enterprise leaders agree that today, everything about how customers interact with brands has changed, and the way to reach them is undergoing a swift transformation. Decision-makers agree that they will have to make the five new Ps the hallmark of their strategies, or risk being eliminated in the new world.
The first new P- Personalization
Disruptive technology leaders are already immersed in personalizing products, strategies, and communications for a much better customer connect. It is not only the bigger tech brands, with their dollar power that can reach out with one-to-one connect, that are leveraging this P., In fact, but most of the marketing technology tools also utilize this P- as Spotify personalizes messages, most media platforms personalize offers based on past customer behaviors. Driven by data, personalization is the trump card that new-age companies today hold, and some provide the delightful experience of using customers’ social media posts for personalizing their offers. Statistics reveal that 35% of Amazon’s sale comes from their personalization engine that identifies product recommendations with a very high rate of accuracy.
The customer expectations are set, at a very high level. They want the rest of the market as well to provide this kind of delightful reach out. This one-to-one personalization is the single biggest P for modern marketers.
As communication technologies evolve, personalization will take many forms, become cheaper, faster, easier and even more accurate. There will be scope for market leaders at the strategic level, and these leaders will be revenue leaders as well, experts say.