An article from the Harvard Business Review stated that it’s time to “rethink the 4 P’s of marketing”.
We’ll cover what Richard Ettenson (Professor at Thunderbird School of Global Management) suggested to help B2B (and B2C) firms sell more.
You can watch the “How To Sell More Products Online” on Youtube:
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Here is the new approach to the traditional marketing mix:
PRODUCT
Instead, focus on SOLUTION.
Define offerings by the needs they meet, not by their features, functions or technological superiority.
PLACE
Instead, focus on ACCESS.
Develop an integrated cross-channel presence that considers customers’ entire purchase journey instead of emphasizing individual purchase locations and channels.
PRICE
Instead, focus on VALUE.
Articulate the benefits relative to price, rather than stressing how price relates to productions costs, profit margins, or competitors’ prices.
PROMOTION
Instead, focus on EDUCATION.
Provide information relevant to customers’ specific needs at each point in the purchase cycle, rather than relying on advertising, PR and personal selling that covers the waterfront.
B2B marketers who continue to embrace the standard 4 P’s model and mind-set risk getting locked into a repetitive and increasingly unproductive technological arms race.” – Richard Ettenson
Use the S.A.V.E framework instead as the centerpiece of a new solution-selling strategy.
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Entrepreneur Magazine says Jon Rognerud is one of the most sought-after Digital Marketing Experts. His clients extend from high-end brands and middle-tier businesses in both B2B and B2C. His SEO website optimization book, "The Ultimate Guide to Optimizing Your Website" from Entrepreneur Press is in bookstores now.