The 4Ps revisited
Through decades marketers used the famous 4 Ps of Marketing to develop campaigns and communication strategies. No matter what kind of business, one can start a marketing strategy asking Basic questions about the 4 Ps: Product, Price, Place and Promotion. Market and Opinion researchers though never had an equivalent theoretical Framework as simple as that; until now.
At E.Life we are proud of out the box thinking. That means also willing to make many mistakes and learning a lot during the process until we can offer the best solution for our clients. After almost 10 years delivering Insightful reports exclusively based on social media data we thought it was about the time to attempt to summarize our work in the simplest way possible. We came up with what we think could be a thorough framework to start any Intelligence Project based on social media and general digital data. We call it: The four P´s of Insights.
In a multi-choiced world people cannot be pinned down by classic demographics anymore. We are back to the tribes of hunter-gatherers looking for food, fun, beliefs, and 1000 things more. Social media allows us for the first time to cluster people in Tribes, ranging from a few hundreds of people who like Catena Zapata wine to hundreds of millions that adore McDonalds and everything in between. We picked Preferences as our first P because it translates so well the new era of Likes.
Ecommerce has become pervasive. Hordes of people shops at Ebay, Amazon or Zara or they get loads of information before going to a real store. Product prices float accompanying new trends by the hour. Social big data and traditional datawarehouses can set these prices by the minute. Hence we chose our second P, pricing instead of price to emphasize the current dynamics nature of how much money a company can charge for a product.
In the 20th century researchers used the zip code to classify men and women. We picked Places in the plural to differ from this approach: people are on the move doing facebook checkins, taking photographs and tagging them in Instagram, tweeting their location and so on. The new new demographic analysis must consider the digital geography of a consumer.
By stating their preferences online, consumers are leaving an enormous behaviour footprint. Again demographics from the 20th century do not suffice for characterizing the new new citizen. Personality traits can be inferred from preferences and the other way around, helping companies to understand the fundamentals of the ever changing consumer. We picked people as our fourth and last P, to make it clear that companies are dealing with very well-informed, complex and sophisticated human beings, who do not fit into old fashioned social-demographics anymore.
How can you use the 4Ps of Insights right now?
Start your research by asking questions in your domain for each P. Say you are a Shopping Mall. For the Preferences dimension, how about: which brands, hobbies, activities, TV shows consumers that come to you Mall are sharing online? For the Pricing dimension: Are people associating expensive/cheap and other price-related adjectives to any stores you mall carry? Are there any trends you should be aware of to fine-tune your pricing? For the Place dimension: who are checking in on you mall? Where else are they checkin in? And finally for the People dimension: what personality-traits map into what preferences?
Now that you know what to do, just start and have fun. And if you need our help, give us a tweet!