Brands must leverage 4Ps, along with purpose, to reinvent and understand consumer behaviour

New Ideas in MarketingEssential news for marketers, summarised by YouGov
June 03, 2020, 2:17 AM UTC

The 4Ps of marketing include product, price, place, and promotion.

This article states that with changes in consumer behaviour amid the pandemic, marketers should go back to the 4Ps of marketing to reinvent themselves and effectively serve consumers. Rather than fatiguing CRM database to sell more to existing consumers, brands should expand the customer base.

As consumers move towards online shopping and adopt new social norms, companies should secure their supply chains to ensure product deliverability. Brands should innovate products to accommodate the changing needs of consumers by gleaning insights and data form their marketing campaigns.

Companies must examine their product pricing and adjust it according to factors like recession, rising costs or clients’ income. Brands must focus on purpose and their product’s impact on the planet rather than continuing to spend on advertising.

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