The New Four Ps: out with the old and in with the new
Enterprise marketing software company, Unica, has recently published a white paper on The New Four Ps. This thought provoking paper highlights the issues in applying the textbook product marketing approach of Product, Price, Place, Promotion to todays consumers.
This old-school marketing approach is highly geared towards mass-produced products and is driven by profit-centric pricing strategies, distribution channels and one-way promotions, where customers are largely passive, or at best, reactive.
While many marketers have already dismissed the classic four Ps as the official wank word of the 21st century, Unica attempts to re-invent the term to refer to a new customer-centric approach in marketing. In the paper, Unica defines the term to represent Personalisation, Presence, Persuasion and Permission. This new approach provides a customer-focused marketing approach, which in turn, provides a service that is both relevant and responsive.
These new Four Ps create an ongoing two-way dialogue in which marketers listen closely to their customers, understand what theyre saying and respond more rapidly and appropriately.
While its easy to dismiss this paper as some sublime propaganda for Unica to flog their pricey marketing software product to unwitting decision makers, I believe this reincarnated term holds merit in todays consumer culture, which evolves around immediacy, relevance and service. Maybe the four Ps will be around for a few more decades after all.
What do you think?
- Is it really time to move beyond the hallowed four Ps we were all taught?
- Are these new four Ps as suggested by Unica really right for all products at all times?
- Are there any other Ps were missing out on? Weve got eight already, but are there any more that marketers should be focused on?