The term “4 P’s of Marketing” as part of

                                                                  the ‘marketing mix’ was first coined in the

                                                                  early 1950s. The concept is that marketers

                                                                  must recognize and utilize four interwoven

                                                                  components when determining a product or

                                                                  brand’s offering;

                                                                  Product, Price, Place and Promotion.

 

Although the original concept has served consumer marketers for six decades, the same no longer holds true in.

 

Instead of Product, Focus on Solutions
Although most good marketers know to focus on benefits and not features, the reality is that benefits don’t go far enough. The bottom line comes down to only one thing — Solutions.

 

Many companies and especially those whose leaders come from a background in engineering or technology should realize these claims of technological superior products are not long-term differentiators, but mostly just an ante into the game.

 

The reality is that they should build an internal culture focused on offering a customer-centric perspective instead.

 

Instead of Place, Focus on Access
Understanding and determining the right channels of selling are critical for any company.

 

There are many complexities and options to consider and the rules have changed considerably over the last decade, especially with online purchasing.

 

That is why an integrated, cross-channel system (Digital Signage and Social Media marketing can benefit the organization by offering customers access to a rich experience, open communication and the opportunity to buy in their preferred manner.

 

One of these new added benefits of Digital Signage is that companies can now develop a direct relationship with the end user in ways never before available.

 

Instead of Price, Focus on Value
Rather than emphasizing price compared to your competitors, the entire focus should be on the unique value of the product or your service.

 

People make decisions based on emotions, not rational facts. A strong value proposition with a compelling visual and emotional component can paint a beautiful scenario of lasting value resulting in a smart buying decision at time of purchase.

 

Instead of Promotion, Focus on Education
People are influenced differently today. Although advertising and PR still have their place in the marketing tool kit, they are no longer as effective.

 

It is far more beneficial to provide relevant information specific to the customer’s needs throughout their purchasing cycle.

 

Becoming an industry “thought leader” is a very powerful position to achieve and this is only possible when you place the customer’s needs ahead of your desire to sell them something.

 

That is why we know without the assistance of Digital Signage it’s a big time commitment to continually educate the customer, but the rewards are significant. It doesn’t happen overnight, but the concept builds a strong and collaborative bond between IBD and customer as well.

 

The Final Case for S.A.V.E

 

Businesses that continue to embrace the outdated 4 Ps model are running a serious risk of involving themselves in a repetitive and increasingly unproductive technological arms race.

 

The customer of today has far more say in the business-customer relationship, and it's high time for the IBD to start embracing frameworks that care more about what the customer wants.

 

The S.A.V.E. framework allows businesses to keep this mindset at the forefront of their operations, acting as the centerpiece for this new solution-selling strategy.

 

The businesses who choose to ignore these warnings do so at their own peril !