4P to 4E — New approach for Marketing Mix
Reference:
https://baybridgedigital.com/from-4-ps-to-4-es-rethinking-the-marketing-mix/
https://onstrategyhq.com/resources/just-found-the-4-es-of-marketing/
https://bizdevonline.com/four-es-marketing-strategy/
https://blog.hurree.co/blog/experiential-marketing-4-es
https://www.marketingoops.com/exclusive/insider-exclusive/4es/
From Product to Experience
People nowadays looking for more factors when making a purchase rather than the product itself. One good coffee is not good enough anymore, customers considered service, the architectural design of the cafe, comfortability of seating, aroma, and even the smile of the barista. These are all experiences, so we need to look deeper into the customer's minds and present our product for their best experience.
Experience is the whole process from arriving until departing and also in social media. We need to make sure that we thought through the whole process. Parking Space, Rain cover, Door, photo spots, lighting for IG photos, Location for SM tag, user interaction when tagged, all these help create a better experience for users and will create royalty and return.
From Price to Exchange
Compete to offer the lowest price will make your company in trouble, the lowest priced product is the easiest incentive for customers to buy but it not last long, especially when you sacrifice after service or quality of the product for that lowest price. So we change it to exchange, what do we exchange? We exchange value, so think of the whole customer journey and set the price for that value we offer to the customer, not just the physical product.
In today's internet world, customers appreciate more on overall satisfaction and review, if you make them satisfy and give good reviews, you don’t need to provide the lowest price but you still be able to sell and you will have many loyal customers since they appreciate your value given.
From Place to Everyplace
Physical Location is not a key anymore, your product needs to be everywhere as soon as customers think of your product they should be able to buy it. This is the hard work for marketers to deliver it successfully, you need to have a good research backup on your customer behavior and present your product to them at the time they want it, close the sale, deliver the product at the time you promise.
From Promotion to Evangelism
Before we go into marketing stuff, let explain Evangelism a bit. Evangelism or Brand Evangelist is a person who believes in your product or service so fervently that he or she aggressively promotes it to others. To make it a bit easier, Customers buy things. Brand evangelists preach about the things that they have bought.
As you can see from the definition above, if you can create brand evangelists it’s better than any of the promotional tools. It’s the word of mouth on a whole new level since now one word of mouth via the internet can see right away by millions of people.
Easiest to see is Apple, they have many loyal customers which are also their brand evangelist, they always think that Apple products are the best, even though the price is high but they perceive that it’s worth their money. It looks easy for Apple to sell things now but if you think back, Apple needs to create its reputation for so long, in all aspects, innovation, stability, design, UX, and also the aftersale service. However, when you look back now, you will know that Apple took the right step and it’s worth their investment.