I still remember the first time I had my very first lecture on  Marketing Management during my BBA (Bachelors of Business Administration) at the University of Pune, India. During the very first day, I learned about the 4P’s of Marketing Mix; Product, Price, Place, and Promotion made me think about the whole ballgame of business around.

Let’s be practical; those 4P’s of the marketing mix is still the sole pillar for any market-driven organization. The core of marketing still didn’t change, but the business situation around us has changed with time. Competition is even more intense, with the immense power of the internet and new technologies, we marketers are faced with new challenges every day to sell our products whether we are in the B2C or B2B industry.

Many of you who are reading this article right now, come from a business background and already aware of 4P’s of marketing. Today, I want to share my view towards “New 4P’s of Marketing Mix” – completely new 4P’s of marketing, which I believe is a crucial addition to the conventional ones.

Proactive People

We can debate the whole day and night about, whether the egg came first or the chicken. But when it comes to marketing, it’s the people who come first. It is the ultimate component of the marketing strategy. However, in this era of crisis and tough competition, most of the companies are looking for proactive people who are willing to go the extra mile and always pushing themselves to outperform. After all, the end of the day, it’s the employees who make campaigns work, sells the product, and are the biggest ambassadors of your product.

One of the best examples would be, Google culture, where employees are constantly pushing themselves to go the extra mile for the company.

Perspective

Every time, you are selling a product whether directly to a customer or to a business, put yourself in their’s shoe. Maybe you have had a successful balance sheet previously with your way of doing business, but now customers are more choosy and extremely selective when it comes to spending their money or your product. If you want to sell your product, ask yourself these questions:

How does this product change them?

What do they see as a benefit?

Why should they buy them especially for me?

I have been in the field of marketing since I have graduated and one thing I have learned, It’s not the products nor price, but it is the customers’ product experience that creates a favorable impression and in result induces sales.

Personalize

You have to differentiate products not only from your competitors; but also from each customer. I know, it sounds easy for me to write, but if you can pull it off; it will work like a miracle for your business. One of the best examples would be the tourism industry. Many 5 star hotels, leave a small personalized note for you when you enter the room or a personalized gift for your kids. Even though most of the hotels offer the same service, but it’s that message or gift that enhances the experience of your stay.

Partnership

Myself being a firm believer in Co-creation, I believe every company needs to rethink their business model and ask themselves, “how can they bring customers together to create value for the company. The more you can involve your customers in your product, the more valuable your company will be. After all, 2 brains together are more innovative than just one. Isn’t it?