Throughout the ages, the need for marketing has remained a constant factor for businesses and brands that wish to gain additional exposure, improve profits and engage new audiences. With a variety of new technologies and mediums through which messages can be absorbed, the strategies and concepts utilised to effectively market a product, service or brand change with each passing year. In years past, the basic concepts of marketing applied largely to audiences that absorbed information through television or through physical print. Today’s world of marketing is much more nuanced. Here, Exsell 7 review how basic marketing concepts have shifted away from the tried and true methods of yesteryear.
For several decades, there were four main elements to marketing that had to be addressed before any comprehensive marketing strategy could be developed: the understanding of the product, the price of the product, the placement of the product and the promotion of the product. This originally became known as “the four Ps”, and was a staple in marketing firms and agencies for quite some time. Director of Exsell 7, explained that “the limitation of media marketing at the time and the desire for more information from consumers – combined with the basic needs of firms and brands – made this overall strategy an absolute framework for marketing for ages”.
Unfortunately for the traditional marketer, the disruptions caused by new media have rendered the concept of the Four Ps somewhat irrelevant in today’s world of marketing. Instead, a new formula that addresses market research observations, audience characteristics and innate knowledge of previous marketing attempts is required. The most important element to consider in audience characteristics is the nature of the consumer in relation to the brand. There are first-time buyers, repeat buyers and brand fans; each requires a different, targeted approach when advertising to them. Established brands such as Exsell 7 understand how best to target each relevant audience with marketing strategies that are proven to work.
While the Four Ps no longer remain the end-all, be-all strategy to marketing, the concept should still be considered when assessing marketing plans. By combining the tried and true methods of yesterday with cutting edge strategies being deployed today, top-notch marketing firms like Exsell 7 and others will continue to satisfy clients and ensure their overall goals are being met. With an increasing amount of competition facing brands and more choice than ever before available to consumers, it is vital that the most comprehensive and effective strategies be implemented by marketing firms and agencies.