The 4 P’s of Marketing—Product, Price, Place and Promotion—have served marketers well for the best part of the last century. However, in 2016, marketing experts and practitioners unanimously agree that it’s time to retool these 4 P’s for today’s marketing reality.
Findings from a five-year Harvard Business Review study indicate the intrinsic limitations of the 4 P’s that are increasingly at odds with the imperative to deliver results.
From a sample size of more than 500 managers and customers in multiple countries and across a wide range of industries, the study concluded that the 4 P model undercuts marketers in three important ways:
- Marketing and sales teams are led to believe product quality is the differentiator, whereas it is simply the cost of entry.
- There is less emphasis on building a superior value proposition.
- The advantages of becoming a trusted source of diagnostics, advice, and problem solving are not highlighted.
Does that affect Event Marketing?
These points do not make the 4 P’s of marketing irrelevant, they only stress on the need for a reinterpretation that would serve the marketers better in the current market scenarios.
When it comes to the events industry, the reinterpretation of the 4 P’s model becomes even more meaningful given the constantly evolving nature of experiential marketing and live communication campaigns.
The need of the hour is to shift the focus from products to solutions, from place to access, from price to value and from promotion to engagement, education and interaction.
Global Event Management Group’s take on the 4 P’s is clear; we take the accepted model, add our own tried and tested P’s, and reinvent the mix for every client requirement. Here are our new basic P’s for events that you won’t see in the textbooks:
- Purpose: Why are you doing the event?
- Positioning: Not just location, (although this is important), also consider the positioning of the events and the demographics of the audience.
- Planning: Essential, and designed specifically for each and every event.
- Preparation: If the checklist / critical path is not detailed long, there is generally a lot missing.
- Prestige execution: Everyone thinks they can organize an event – until they try.
- Professionals: Hire professionals if you want a job done properly; if you think they are expensive – wait until you try the alternative!
- Post event analysis: What was achieved and what could be done better.
We believe ‘change is the only constant’, and this approach to event marketing and management has led us to some exciting projects in the last few years. Take a look at our work portfolio.