Boost Your Sales with the 4Es
Marketing is building your brand, convincing people that your brand is the best and protecting the relationships you build with your customers. — Marjorie Clayman
So how can brands convince people that they are the best? There are many ways to do so, but there is an increased emphasis on the 4Es framework.
Now, before we delve into the 4Es, you need to know about the (original) Marketing Mix. Marketers are all surely well-aware of this one. I mean, they did drill us pretty hard during Marketing 101, didn’t they? Meet the 4Ps.
Price — this is the value that is put for a product. Factors affecting this value can be cost of production, level of competition, market supply and demand.
Product — this is the item or service that is sold to customer. No matter what your product is, you need to clearly understand what value it brings to your customers and what makes it unique before you can successfully market it.
Placement — this is the point of sale. A good placement strategy should allow products to easily catch the eyes of potential customers.
Promotion — this is all the activities undertaken to disseminate relevant product information to customers and differentiate it from competitors.
Although some might have gone as far as to denounce the relevance of 4Ps in today’s world, I beg to differ. I think that they do still have their influence and will (perhaps) always remain the fundamental basics of marketing.
However, as the world of digital communications changes, there is now a growing emphasis on the importance of the 4Es. In particular, the ones that guide the luxury brand industry. How exactly can you apply them into your e-commerce marketing strategy? Let’s look below to find out.
1. Experience
Customers now no longer rely on just the product itself to make their purchase decision. The experience throughout the purchase journey is what counts.
Ask yourself: “what does a customer encounter related to purchasing and using your product/service?”
For an e-commerce business, the first touch point would be your website. It is important to ensure that your website is well designed. This includes the navigation, viewing across different platforms (make sure your website is also mobile-friendly) and checkout process.
Take a look at Dollar Shave Club.
A short and witty video header that immediate captures customer’s attention and piques his interest, encouraging further browsing. There is also a live chat option which allows customer to seek help from a sales representative in real-time.
2. Exclusivity
For luxury brands, exclusivity mainly lies in the pricing. These products are priced on the high end and not easily accessible by the general consumers, which naturally brings about the sense of exclusivity. And we know exclusivity sells.
Anything “limited edition” or “members only” brings out the FOMO in people. They create a sense of urgency and desire. Yeezy and Kylie Cosmetics prove the point.
As an brand selling affordable products, that doesn’t mean you cannot replicate the effect. Just look how H&M does it with its H&MClub.
Club members are treated to exclusive services such as free shipping, flash deals and events.These not only drives sales but also improves customer loyalty.
3. Engagement
Marketing should no longer be just a monologue. It needs to be a two-way conversation in which your customers are also encouraged to chime in.
Customer engagement is the ongoing interactions between company and customer, offered by the company, chosen by the customer. — Paul Greenberg
Hear the voices of your customers and understand their wants and their needs. What makes them happy? This will pave the road for a great word-of-mouth strategy.
Lush does a great job at this. The brand encourages customers to submit photos of themselves using the products and reviews. Some of these photos and reviews are then used in the printed newsletter that is provided to customers in stores and through the mail.
4. Emotion
The combination of the first three E’s gives birth to our last and final E — emotion. This is probably also the most important one that determines a brand’s success in the long-term.
Through the purchase experience, the exclusive member-only flash sale and the social media engagement, a unique emotion that links the customer with the brand is conceived. This is the emotion that is responsible of customer loyalty.
For instance, everyone know Red Bull as the energy drink that “gives you wings”. Consumers of Red Bull relate the consumption of the product with the feeling of euphoria.
God knows how many cans of Red Bull my dad has consumed over the years, each time he had to concur the long and arduous road trip to my grandmother’s. I doubt it made any difference, but sure did give the old man the motivation.
Instead of selling your product’s functionalities, especially if you conduct your business within a monopolistic competitive market, start selling emotions to your customers. This will help you stand out from the sea of similar offerings and build a loyal following.
