Since the evolution of marketing, we all have known the 4Ps of marketing i.e Product, Price, Place and Promotion – a complete concept which marketers have used in creating their marketing strategy for decades. With new normal, the marketing landscape is drastically changed with the evolution of technology. With these technologies evolving the 4Ps have got a new definition in 2021 and will be considered the important definition for marketers.
The new 4Ps stands for – Privacy | Personalisation | Permission | Performance
This marketing concept is coined to keep up with the ever-changing world of technology and also to enhance the traditional 4Ps of marketing which will help us to gain the trust and loyalty of the customer for a long time.
Let’s dive into the modern 4Ps definition and learn more about their usage.
“The Right To Privacy Is A Fundamental Right Guaranteed Under The Constitution Of India.” – Supreme Court of India
Trust, transparency and data privacy are now most important for customers as every activity is carried out using an online platform. India has experienced major data breaches and leaks and we as consumers have become more concerned about our privacy and security. In India, Privacy laws and regulations are rapidly changing and with this target-oriented marketing is being strictly monitored and marketers have to be very careful when they are collecting any data to plan various marketing strategies. People have been very cautious about their data and as a marketer, we need to be very particular about marketing in upcoming years.
“Best marketing strategy is to make it more personal to the consumer.”
In today’s world, marketing agencies and marketers are using a more personalised approach to market various services and products to the consumer. As digital advertising is increasing day by day, marketers and consumers are involving with their choices and to make it more convenient for the consumer to purchase any service or product. Competition is growing every second and to cut through all the noise is to use personalisation. Strategies that are more customised based on consumer behaviour and preferences have an extreme chance of being to offer maximum ROI.
“Brands which offers more interactive and entertaining experiences has a higher chance to a make a long-term impression on the consumers’ mind.”
To find a perfect balance between privacy and personalization one need to use a permission-based data-driven approach. Data which is generated using a third-party application and sources is unreliable and is not complete and when we market on it, it might hurt consumer trust and loyalty. Brands require consent from the consumer, and the consumer also expects to receive various marketing messages and emails which are personal and relevant at the same time. Marketers have to improve the overall experience for customers and need to come off with newer ideas for conducting research and for collecting personal data preferences from the consumers.
“Your campaigns perform and when you use the accurate data to lead the future of marketing is the key to progress and more revenue.”
Measuring your performance and getting accurate data and using that data for generating maximum revenue and reaching the maximum audience makes that marketer stand out. The data and metrics which delivers actionable insights about your customers which will have the most influence on your business decisions. Businesses are now shifting on performance marketing which will lead to maximum ROI and reaching the maximum audience.