From 4P to CREF 22:50 on Wednesday
Disclaimer: CREF is an idea by Sami Salmenkivi whom I’m currently writing a book with. I claim no ownership of this idea. If you want to get in touch with him, let me know and I’ll supply you with contact details.
The four P’s of marketing: Price, Product, Place, and Promotion. 4P’s is a powerful mantra for successful marketing. Well, at least for successful advertising. All that one-way marketing that’s so 90s and we all love to loathe.
To spice things up, a fifth P has been proposed. This new P stands for Participation and kind of works as a temporary add-on to bring the four P’s to the current millennium.
But (here comes my pitch) CREF on the other hand transforms the 4P model completely to reflect the two-way reality of social media, web 2.0, etc.
- Promotion becomes Collaboration
- Instead of pushing stuff in the face of consumers, marketers collaborate with consumers.
- Price becomes Revenue model
- Competing with price only becomes competing with an innovative revenue model. Indirect revenue is the key.
- Product becomes Experience
- It’s a lot harder to ditch an excellent experience than an excellent product.
- Place becomes Findability
- Who care if you’re on the top shelf or the middle shelf, on an aisle close to the counter or not, or if you have a cool website. If people can’t google you up, you’re dead.