discover the 4 Es concept of marketing and learn how to apply it to your business – WAU
The 4 Es of marketing represent a natural – and necessary – evolution in the traditional marketing mix. Now, the focus of the strategy is on the experience of consumers, seeking to meet the new demands of wants and needs, going beyond the product itself.
Since the internet came into our lives, things are not as they were before. Everything in our society is changing, from the simplest things, like the way we communicate on a daily basis, to the most complex ones, like some concepts that before were practically considered dogmas.
The fact is that everything has changed, and things in marketing are no different. Now, the so famous 4 Ps of marketing gave way to 4 Es, a new strategic vision.
We will cover the following topics:
Do you want to understand better what we are talking about? Read on!
What are the 4 Ps of marketing
Also known as a marketing mix, the 4 Ps represent the four basic pillars of any traditional marketing strategy: Product, Price, Place and Promotion.
The success of traditional marketing campaigns is based on the balance between these 4 Ps. However, with the advent of Digital Marketing, the 4 Ps were gradually replaced by the 4 Es, which you will see below.
What are the 4 Es of marketing
With the emergence of new types of marketing, the mix has transformed:
- the Product gave way to Experience;
- the price turned Exchange, from English Exchange;
- Praça, referring to the point of sale, was replaced by Everywhere, from English Everyplace;
- and, finally, the Promotion gave space to Evangelization, or Engagement.
From product to experience
Today there are no more unique products. The variety is so great that, for a single product, we have a multitude of options that can meet the basic needs for which they were designed.
That is why the product is no longer essential and has given rise to what we call Experience Marketing.
Currently, what is valued is the user experience, which can be sensory and even subjective. We often buy a product simply because of the image we have of the brand, without considering other factors.
Digital Marketing no longer sells products, it sells user experiences. A unique experience is irreplaceable, a product is not.
The end of the price
The price has always been a negative word. So much so that many sales professionals, for a long time, replaced the term with others, such as value, investment and several synonyms that give a lighter aspect to the word.
Well, there has also been this transformation in marketing, but at broader levels. The price gave way to the exchange. What does that mean? Let’s understand it a little better.
Before, the price calculation was based on the raw materials used and the expenses with the production and commercialization of the product. Today, as the experience is added, the emotional factor is also included in the price.
A transaction is not just limited to paying a fee for a product. You don’t make money selling products, you earn selling experiences and an experience is not just any object.
It is an object that, in addition to meeting the needs for which it was designed, it brings other benefits, which can be a free delivery, a money-back guarantee, among others.
In exchange for this experience, we expect not only monetary value, but also other things, such as a positive assessment, customer loyalty, and so on.
What was previously a simple transaction of product for price, now goes much further, offering more to the customer and, consequently, expecting more from him.
The square is no longer a selling point
In the past, when we wanted to consume something, be it a product or a service, we had to go to a physical location.
Today, however, with the internet, everything is very different. We can consume at our home or anywhere else we have access, just having a connected device and an online payment method. So we have everything at your fingertips with just one click.
Physical stores still have their role, but technology has changed everything. How many times, before buying something in a physical store, did we do an internet search? And how many times have we found something that made us change our purchasing criteria?
The square is no longer a single selling point, but anywhere we have access to the internet, available 24 hours a day. Thus, there is no longer a specific time or place to buy.
New forms of promotion
Advertising and communication can no longer be limited to promoting products in outdated media.
New concepts were created, such as Inbound Marketing, through which brands seek create engagement by educating customers to consume their products. It is a strategy that requires more work and dedication, but in the end brings excellent results.
Nowadays, brands want their customers to be more than consumers of their products. They expect evangelists, faithful followers and spokespeople to generate content for them, and influencers have a big role to play in this context.
We are talking about people who have credibility and trust on the part of the public with respect to a certain subject. Within a community, anyone can be an influencer.
So, by delighting a customer and making them an evangelizer of your brand, keep in mind that you will have achieved an influencer in their community.
Social networks are very important in this respect. When you can generate engagement with your customers, they can share your content and even generate new content related to your brand.
Such content has more promotional value to their circle of friends than any paid advertising.
The 4 Es of marketing are an example of how the strategy follows the development of our society, adapting to changes to attract a greater number of users and, consequently, increase the growth of a brand.
That’s what Digital Marketing does, improving communication between companies and customers through the most used channels.
As you can see, all of this is quite broad, but if the strategy is well developed, it can bring expressive results. In fact, do you want to find out how to generate more results with marketing in your business? Check out our e-book on the main trends for 2020!