By Lois Kaufman
Many of today’s largest companies still use marketing principles developed in the 1950’s, when Dwight Eisenhower was president, and long before the Internet, new technology and social media changed marketing forever.
These “pre-Microsoft” marketing pillars were called the 4Ps for:
What’s missing? The customer!
The 4Ps focus primarily on the product. But it’s the customer, not the producer or supplier, who’s in charge now.
Despite the superstorm of changes in social behavior, technology, communications and customer needs, some companies still cling to these outdated concepts. Only a few months ago, a well-known investment journal did a long article extolling virtues of the 4Ps.
That’s two or three decades out of date.
Customers, B2B and B2C, have many more buying options than ever before, and more information sources to help them make those decisions. New research shows that 70 percent of B2B buyers check online recommendations before making a purchase; 90 percent among consumers.
The 4Ps also do little to recognize emerging challenges and opportunities which will surely keep coming as technology continues to advance.
smartworks has developed a different, modern, research-based, data-driven approach to providing marketers:
There’s no real beginning and no real end to marketing today. Rather than a single campaign or straight line, think of marketing as a loop, an infinite loop, structured to early detect changing external variables, flexible and agile enough to pivot and proactively react to changing variables.
Since you can enter the loop at any point in the marketing cycle, Infinite Loop Marketing has several key elements.
The goal of Infinite Loop Marketing is guide the customer journey rather than just track it.
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