the traditional four P’s of marketing:
- product
- price
- place
- promotion.
Most companies today are guided by these four facets of engagement.
The problem, however, is that brands using the four P’s exclusively often target a static customer archetype (e.g., a high-minded customer for an organic supermarket or a value-conscious customer for a discount chain). The reality is that there is no such archetypical customer. Everyone’s needs vary depending on time and context. And with today’s technologies, companies now have the ability to see and act on these fluctuations in the moment. Customers are increasingly expecting all companies to do just that, both in their marketing efforts and in the experiences they offer.
To become a living business, companies should expand their thinking to include the following five P’s as well:
- purpose
- pride
- partnership
- protection
- personalization.
These form a simple and comprehensive test of relevance. The first four extend from the top to the bottom of the psychological hierarchy — from what Maslow called “self-actualization” or fulfilling your full potential, to safety, a more basic need. The fifth, personalization, enables companies to connect with customers around any of these needs.
Purpose: Customers feel the company shares and advances their values.
Pride: Customers feel proud and inspired to use the company’s products and services.
Partnership: Customers feel the company relates to and works well with them.
Protection: Customers feel secure when doing business with the company.
Personalization: Customers feel their experiences with the company are continuously tailored to their needs and priorities.