TAKEAWAY: In today’s Experience Economy, the 4 Ps of marketing has transformed into Experience, Every Place, Exchange, and Evangelism.
For years traditional, product-centric marketing ruled the roost. But in 1998, the Harvard Business Review noted a shift toward a more customer-centric model, welcoming us all to ‘the experience economy’.
This shift fundamentally changed how brands go to market, engage with their audiences and spend their budgets. Marketers gradually began to consider the total customer experience in their promotional efforts.
The change was so extreme that tried and tested marketing concepts were warped to fit the experience sphere. In the experience economy, the 4Ps of marketing become the 4Es:
- Product >>> has changed to >>> Experience
- Place >>> has changed to >>> Everyplace
- Price >>> has changed to >>> Exchange
- Promotion >>> has changed to >>> Evangelism