The 4 additional p's of Digital Marketing

The essence of the 4 P's model (Product, Price, Place and Promotion) coined by Professor John McCarthy in the 60's, keeps certain relevance; however, in the digital ecosystem, Idris Mootee includes 4 more that allow us to get a better understanding of the components of a Marketing strategy in this new environment.

1. Personalization

Digital tools allow companies to gather more and more information about their audiences, and specifically about each consumer.

Platforms such as Amazon, Google, Spotify, seem to know us quite well, and sometimes make us feel that they listen to us or even read our minds. A topic for discussion, for example is if Alexa listens to us randomly.

This can be explained through the micro-segmentation attained in the digital ecosystem, which allows a very personalized and related communication in each offer we give to consumers, who are also seeking for customized products, services and experiences.

2. Peer to Peer.

Social networks and in general since the appearance of Web 2.0, communications between "peers", between consumers has grown rapidly. That is why brands must be present in these interactions and know what is being said about them, as well as engage with them as a "peer" and leave aside the leading role they used to claim.

That is why "social listening" is crucial to learn about our audience and what is keeping them awake at night.

Communication exchanged by consumers becomes highly relevant information when making purchasing decisions. How many of us buy or stop buying something based on a positive or negative review from another consumer?

Sometimes these reviews are more valuable to a consumer than a very expensive advertising campaign sponsored by the brand.

And to this "P" I would add "Peer to Bot" thanks to Artificial Intelligence that will increasingly allow better assistance in a massive way but personalized to each consumer (Web 4.0).

3. Predictive Modeling.

The amount of information that is generated every time we browse the internet, carry out a transaction, watch a video, listen to a song, interact on social media, or use facial recognition technologies, we manage to predict behaviors and identify trends very effectively.

This gives rise to Big Data, which intrigues companies and want to know how to use it to increase their sales and make their offers and communication even more accurate and effective.

Of course, the amount of information is important, but even more so, the interpretation of this data, which is accomplished through Business Intelligence. This explains why these company divisions within Marketing areas, are getting more and more relevance and significance every day.

4.Participation.

Millennials and subsequent generations want to engage and be part of what is happening. They want to be co-participants, they want to collaborate.

Digital tools allow them to do so. From creating your own M&M's package with the design and color of your choice, to giving your opinion and collaborating on a crowdfunding project.

Are you ready to handle the 8 P's of Marketing?