Most business schools based their marketing teachings on the 4 P’s (Product, Place, Price and Promotion) but they have not adjusted these pillars for the current reality. An article in the Harvard Business Review, “Rethinking the 4 P’s,” provides a great framework for building your marketing strategy going forward. Rather than the 4 P’s, they suggest a SAVE methodology. Although developed as a B2B marketing framework, SAVE is also relevant for consumer marketing and growth.
Rather than the traditional focus on “Product,” either a good or service, the SAVE approach has you focus your offerings on the needs they meet. Do not concentrate on features or technology, but focus on what your customers want and then build your offering to meet their needs.
Instead of “Place,” retail locations (online or physical) or distribution channels, you should develop an integrated cross-channel presence that considers users’ entire customer journey. The point here is that it is less important to be available through a specific channel or a device but to understand your customer and be available when, where and how they would want it. Continue reading “How the marketing 4 P’s have changed”