The Next Generation of the 5Ps of Marketing

Category: Business

The Next Generation of the 5Ps of Marketing The 5Ps of marketing have changed dramatically. Are Traasdahl from Crisp, shares tips on how brands can gain a competitive advantage in the omnichannel marketing space. Rapidly changing consumer attitudes and behavior. Surging growth in online grocery shopping. Higher expectations for an omnichannel experience. An evolving competitive landscape. No doubt, things have changed radically in the retail business, especially in the past year. Today’s consumer experience is shaped by interactions with retailers and brands across multiple channels and touchpoints, making seamless consistency imperative. And it allows us to redefine the classic 5Ps of marketing to gain a competitive edge in this new future. Successful CPG brands and retailers must develop holistic, omnichannel-first strategies that meet consumers where, when, and how they want. That’s all possible thanks to programmatic commerce: a shopper-centric, data-driven operating model that proactively recognizes, responds, and adapts to an ever-changing consumer in a dynamic omnichannel world. It drives product innovation, assortment optimization, pricing strategies, channel selection, and promotion execution. 1. People: A 360-degree view of the consumer - Gartner predicts that for the foreseeable future, changes in consumer behavior will have a greater impact on value in retail than any other factor. 2. Product: Innovation and assortment optimization - With a shared view of the consumer, brands can innovate on new product development and optimize local assortments. With this insight, they optimized distribution and marketing, accordingly, driving regional sales. 3. Place: Rethinking “where to play” - The interconnectedness of in-store and online shopping is here to stay, with ever-increasing choices for where to shop: brick-and-mortar, retailer sites, DTC brand sites, social media, and more. 4. Price: Data-driven optimization - Historically stable Key Value Items (KVIs), the items whose pricing is most likely to affect a shopper’s choice of retailer, transformed dramatically during the pandemic. 5. Promotion: Personal and precise - Omnichannel shopping requires omnichannel marketing: the coordination of ad messaging, targeting, and campaign optimization across multiple devices and content channels to deliver personalized, consistent messaging. For more such updates, check Out recent Martech Cube Guest blogs.