Next Generation of 5Ps of Marketing

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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.

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5Ps of Marketing

• Todays consumer experience is shaped by
  interactions with retailers and brands across
  multiple channels and touchpoints, making
  seamless consistency imperative with following
  5Ps of Marketing.

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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.

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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.

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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.

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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.

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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.

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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 Slides.