It’s no surprise that the change in consumer behavior caused by the pandemic has also resulted in companies developing modern strategies to keep up with the market. Lockdown protocols pushed businesses to get creative in developing newer avenues to reach customers and maintain their market share. The majority of people started buying most of their goods online instead of in-store.
The presence of robust and reliable eCommerce platforms allowed traditional businesses to continue serving customers but posed its own set of challenges. Supply chains, logistical plans, and overhead costs had to be reconsidered to shift to a more modern way of doing business. The new normal also influenced how companies wanted to market themselves. Traditional marketing plans no longer accurately depicted the market’s behaviors and the optimal strategies to navigate a global crisis.
Marketing, in general, even before the pandemic, has gone through an evolution in modern times. The traditional four P’s of a marketing plan, namely Product, Place, Price, Promotion, has now grown to include People, Process, and Physical as aspects of significant consideration. The newer elements added into the mix, if you’ll notice, are also the aspects greatly influenced by the new normal.
More and more companies are transitioning their workforce to hybrid work. Technology and automation are significantly changing the processes established businesses consider essential and even rendering some redundant. Physical evidence not only pertains to proof of purchase but the overall legitimacy and integrity of the brand in an online market that’s full of possible scams. As everything has changed to accommodate the new normal, so will the marketing principles that make a campaign successful.
Product
Moving the marketplace to the internet has made the competition even fiercer for businesses. Markets online have become over-saturated with similar products and services that it becomes harder and harder to set yourself apart. In the end, what gives you an edge is the service or product you’re selling.
Discovering gaps in the market and providing consumers with a product or service that caters to an already established demand gets you halfway there. The over-exposure of the online market also requires some creative and innovative strategies to set yourself apart.
Developing and promoting your product’s unique selling point also translates to better customer recall. If you’re a restaurant, what unique dishes have you created on your menu? Is your makeup brand making use of sustainable bamboo packaging and new formulas? Does your brewery use mango puree or other unique hops to develop great flavors? These are all great examples of unique selling points to consider when designing your product or service.
Price
Businesses took hard hits to their bottom lines during the pandemic; there’s no question about it. While profit margins are the lifeblood of any business, it’s also essential to consider these difficult financial times. Getting the pricing strategy just right for your target market can speed up the timeline on your ROI. There are a variety of pricing strategies that consider different aspects.
For example, competitor pricing takes the price set by competitors and places your pricing slightly higher to indicate the value or lower to indicate an affordable alternative. Price skimming, economy, premium, value-based, and cost-plus pricing also consider different market factors to establish a pricing strategy.
Place
The presence of a physical store is no longer an essential part of the business. Technology has allowed businesses to function almost entirely online. Different avenues for distribution have become more prevalent in modern times in comparison to brick n mortar stores. E-commerce websites, third-party platforms, catalogs, and mobile applications have all shifted the focus. Integrating technology has also allowed the business to take their local demand and also expand into international markets.
International shipping has become a standard for a lot of the big names known in online markets. This takes a lot of careful research as you cross-cultural boundaries and consider international logistics. Still, most of all, it provides you with the opportunity to bring your brand global.
Promotion
Advertising has also taken a considerable step into the digital era. Social media platforms and their advanced algorithms have dominated the advertising sphere as they offer more targeted ads and real-time campaign statistics to businesses. Though traditional advertising like television commercials, billboards, and other print ads remain relevant options, it’s vital to understand where your promotional materials can gain more exposure with your target market.
The majority of people are now spending more time on their mobile screens compared to any other device. Tailoring ads to present well on multiple devices and layouts will help provide customers with a seamless experience regarding your brand.
Modern marketing makes use of the modern avenues for connecting, analyzing, and providing for specific markets. The standard four P’s remain the heart of any marketing strategy. The inclusion of People, Process, and Physical are all considered after a solid foundation of the basics has been established.
