Next Generation of 5Ps of Marketing

Category: Business

Next Generation of 5Ps of Marketing Founder & CEO of Crisp, Are Traasdahl shares tips on how brands can gain a competitive advantage in the omnichannel marketing space. Today’s consumer experience is shaped by interactions with retailers and brands across multiple channels and touchpoints, making seamless consistency imperative with following 5Ps of Marketing. 1. People - To anticipate and meet ever-evolving consumer demand, retailers and brands need to align around a shared understanding of how consumers shop, live, and eat — and use this knowledge to provide value. For example, with in-store browsing curtailed and economic uncertainty, consumers are relying more heavily on pre-purchase research. 2. Product - Innovation and assortment optimization. Using programmatic commerce, innovation teams can tap directly into a vast array of data sources to identify trends, refine concepts, build demand estimates, and launch products. 3. Place - This is a good thing: the omnichannel customer shops more frequently, buys more on each visit, and is more loyal. To take advantage, brands and retailers must deliver an integrated digital and physical journey that provides consistency and convenience at every touchpoint. \ 4. Price - Being out of sync on KVIs alienates shoppers and erodes price image. It also leaves money on the table by overlooking less price-sensitive items where margin can be safely recovered. Through analysis of real-time retailer, brand, and market data, teams can get a high-level view of trends, hyper-target customers, and fine-tune localized pricing with surgical precision. 5. Promotion - Plans and budgets can be refined on a granular level to target shoppers within a certain radius of select stores that brands and retailers know have inventory on shelf. Programmatic commerce enables the new 5Ps The next generation of go-to-market strategies requires data literacy and analytical skills, supported by deep data integration between multiple systems across the company and between suppliers and sellers. For more such updates, check Out recent Martech Cube Guest blogs.