Consumer wants and needs (vs. Products) – how does the product fulfil an individual customer’s need?
Cost to satisfy (vs. Price) – being the cheapest won’t mean you always win, have something of better value than just money to offer to keep you on the edge of your competitors
Convenience to buy (vs. Place) – does your customer prefer to buy online, over the phone, with a credit card, in store?
Communication (vs. Promotion) – use interaction as a way of advertising
Traditional marketing focuses too much on the new product. The Four Ps don’t take into consideration the importance of showing customers WHY they NEED the product, what is value is, how it will satisfy the customer.
Instead, businesses should be using the S.A.V.E. framework, championed by Eduaro Conrado, Chief Marketing Officer for Motorola.
Focus on SOLUTION (vs. Products) – bluntly, a customer won’t care about your product unless it solves a problem for them
Focus on ACCESS (vs. Place) – place is no longer relevant, you have to be there when your customer is looking for you on all channels (ZMOT)
Focus on VALUE (vs. Price) – customers don’t care about your product costs or your margins, the do care about the ‘perception of value’, explain why your product is more superior instead of comparing prices with other similar products.
Focus on EDUCATION (vs. Promotion) – great content is better and quicker for engaging a customer and creating a relationship with them than waiting for them to fall under the ‘rule of 7’ via banner ads, TV ads, PPC ads etc
Resources for Assignment