If any of our readers have ever studied marketing or even business, you probably will remember the principle of the 4 P’s; Product, Price, Promotion & Placement. The 4 P’s have been hammered into our heads as the most important aspects to define for your business marketing strategy. But as long as everyone hasn’t been living under a rock for the past decade then we should all be in agreement that the way business is conducted has changed drastically. In today’s business world, the consumer is flooded with; options, substitutions, a multitude of pricing points, quality levels and suppliers. We no longer have just a few competitors to choose from, we have hundreds of thousands and they are located all around the world, the traditional business models we know and love are becoming obsolete and some flat out won’t work anymore. I attended a Web 3.0 conference this past weekend in Mexico City and one of the topics of the conference was the new 4 P’s of marketing. The Harvard Business Review recently wrote an article regarding the new shift in the 4 P’s:
1. From Products to Solutions
2. From Place to Access
3. From Price to Value
4. From Promotion to Education
The acronym they use for the new 4 P’s is SAVE. Read the article here.
Consult with BPN today to find out how we can help you get your business shifted from the 4 P’s to SAVE. www.BOSSProNet.com