As a modern day marketer, the 4’s of marketing are something we can’t escape and is what has laid the foundation for today’s business model. Product, place, price, and promotion. It is the marketing mix that has influenced the way we reach our objectives now.
But did you know that the 4 P’s of marketing are no longer in style?
OUT WITH THE OLD, IN WITH THE NEW.
With the influence of the web, it is time we take a step back and see if the 4 P’s are still a tactile approach when it comes to B2B Marketing. Eduaro Conrado, Chief Marketing Officer for Motorola explains that the focus should shift from the 4’ps to the SAVE Framework in order to see continued success. Every consumer has every piece of information they want about your business at the tip of their fingers.
The SAVE Framework aligns with the fundamentals of the 4’Ps of marketing but addresses the evolution of B2B marketing today. This framework changes how products are seen and characterized by your target audience. The 4P’s under emphasizes the importance of educating the consumer of the value of the solution or product being sold.
Businesses aren’t taking advantage of leveraging themselves as the experts. They are too distracted trying to sell. The more you educate your audience and position yourself as the expert, the more they will trust you and will want to come to you for the solution of their problem
S.A.V.E emphasizes the solution, access, value, and education of a product or service.
Instead of Product Focus on Solution
What are the needs that are being met by the product or service that you are selling? Instead of focusing on the features, function, or superiority, focus on what needs are being fulfilled. Whether it is big or small, every service or product satisfies a need in some type of way. Put an emphasis on the initial solution instead of the initial product.
Instead of Place Focus on Access
Implement a strategic, customer-focused digital marketing technique that considers the entire purchase journey. Don’t limit it to just a target audience’s purchase location and channels. The availability of products and services being available online has boomed over the past few years. Place no longer necessarily matters. Everyone wants the easiest and simplest way to get their product or service. As a modern day marketer, focus on customer service and accessibility for your clients.
Instead of Price Focus on Value
Rather than stressing how the price relates to the production cost, profit margins or competitors prices, communicate the benefits relative to the price. If the consumer finds true value in your solution the price will not matter. A cheap product or service still needs to offer value. Focusing on value can instill pricing power.
Instead of Promotion Focus on Education
At each point of the purchase cycle, provide relevant information for your customer’s specific needs. This provides an opportunity to bond with a customer and build a formal connection. Education also provides the customer with an opportunity to gain trust with your solution.
Implementing the SAVE Framework into your B2B Marketing can give a new perspective of your product or service to a potential customer. Continue to be forward thinking with your marketing strategy.