Everyone in the industry knows the 4Ps of marketing— Product, Place, Price & Promotion, stated by marketing guru Philip Kotler. In today’s ever growing scenario, I would like to redefine the Ps of marketing (with due respect to Kotler) and the 4 Ps would be People, People, People and People. People as customers, media, investors and employees.
People = Customer: The customer rules and will continue to do so. Today, he has a variety of products and services to choose from. Creating customer value and loyalty are of great essence. Also brands need to connect at an emotional level with customers and also keep evolving to stay with ever changing trends.
People=Media: Generating third party endorsements through media are a great credibility tool in marketing & Public relations. Media is and will continue to stay powerful, what we marketers need to remember is to be honest while imparting information to the media.
People = Investor: With the growing need for expansions of businesses, investor relations are becoming crucial. Keeping the investor connected with organisation’s activities and being transparent in dealings ensures cordial relations.
People= Employees: How effectively do we engage employees? Companies devote huge budgets to brand products and services externally. However, the value of branding with employees is a huge factor in the success of a business. The higher the level of employee engagement, the higher the chances for increased productivity, profits and customers. Engaging employees by organising events, effective internal communication, practicing vision and values of the company, goes a long way in employee engagement and loyalty.
In all these 4 Ps, we see one common aspect— the human approach. Even as technology progresses and the world evolve, organisations and brands will be required to emotionally connect and engage with people.
These 4 Ps will continue to drive every organisation’s business strategy.