There are few manrketing blogs I like to read. Among the many reasons that I do it, inspiration and knowledge are the most important ones. It is for this reason that today I come to speak about the 3 new P’s of Marketing with one of the best examples that could define them.
Firstly, let’s talk about the 4 P’s of Markeitng we all know: price, product, promotion and placement. Each brand who wants to win a place among the stars should know clearly define its strategy around these 4 P’s. However the old strategies, that still continue to consolidate the basis of any strategy, are obsolete.
Nowadays, brands must look beyond. As Stephan Loerke said in the 50th anniversary of the AEA (Asociación Española de Anunciantes- Spanish Association of Advertisers): “brands should of aligning with the expectations of the people”, “brands should rebuild trust in marketing”
This is how after consultation 25,000 influencers, were born the 3 new P’s of marketing: Purpose, Principles and participation.
“80% of brands believe that they deliver extraordinary experiences to their customers’ but only 8% believe so and those not mind that 73% of the marks disappear”
We all know Bob, everyone is Bob. And as Bob, we live in a new age of marketing. A new era where new unconventional advertising and marketing predominates. A new era where the product, price, promotion and distribution is no longer as relevant.
Currently, the purpose is more important than the product. Brands don’t have to focus on creating a product that difference must focus on making things better. Here’s how it will achieve differentiation.
Otherwise, we couldn’t explain the success of Red Bull. A brand that although not very successful as the energy drink sold is the market leader with a market share above 70%.
The answer is simple; its success is in its PURPOSE. Red Bull has known “re-define the limits of human potential.”
In addition, brands have to have principles. They have to appeal the values and emotions to connect with consumers. Only this way they can be true to its PRINCIPLES and work their PARTICIPATION in the market. Futhermore, the engagement and participation are more effective than promotion.
Thanks to its marketing of extreme emotions, their presence in events, the sponsorship of athletes, the marketing of multimedia content, and its determinant High impact marketing, we can see how Red Bull has a clear purpose and principles. The brand is capable of engaging users making them part of the history of the advertiser.
If you are interested to know more about the brand strategy, you can read more here. (Spanish website)
Finally, I would like to ask you the following question:
What other brands are differentiated by their purpose, principles and participation?
Don’t be shy, and let’s talk about marketing! 😉