The New P?

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The 4 Ps of marketing have always been sacrosanct. If you don’t take care of the Product, Price, Place and Promotion, you aren’t paying attention to the total marketing mix. You can certainly be successful without attending to all 4, but it won’t sustain. For the last 10 years I’ve had this gnawing feeling that the web has altered the 4Ps, but haven’t been able to put my finger on in. I’ve written how the web has collapsed the steps to a sale (awareness, interest, desire and action) into a single one-experience process — certainly a big change — but has it really changed the 4 Ps?

I was reading a Slideshare by Translation’s John Greene today on disruption in the music business and landed on a point about “transaction”…which gave me pause. Readers who know my “Twitch Point Planning” thesis, know twitches used properly, can lead to or be transactions. Communications planners know the value of the transaction. Is it possible that transaction can replace the Place P? Place being the channel, e.g., the retail store, mail order, ecomm website, mobile device? Or should transaction be added to the 4Ps?

As technology plays with place and pricing and makes purchases as convenient as a swipe, scan or click, the transaction may trump all other Ps. Are we as brand planners and comms planners thinking enough about the transaction? Thoughts me droogies?

Peace!