What if we told you what others have achieved over a long period of time, you can achieve the same in less than half of the time?
If you want to be successful, adapt to the changing time
What others have achieved over a long period of time, you can achieve the same in less than half of the time. Now achievement can be different for all of us. Some of us would like to start a business, some of us would like to pursue their interests in fields such as growth marketing, sales, product design and many others.
In today’s world, competition is everywhere, consumers are spoiled for choice in terms of products they use, the content they consume and it extends in all areas. They are more aware, connected and let’s accept it - disloyal.
What can you do to fast track your journey and upend your venture?
The answer is simple don't just blindly follow the defined fundamentals, use them but in the context of the present time and consumer expectations.
Let us take an example.
We all are aware of the 4Ps of Marketing- Product, Price, Place and Promotion. Many businesses start from this point without thinking twice. But disruptions are caused by those who use the same concept but in today’s context.
This results in the 5Ps of modern marketing - Precision, Purpose, Partnerships, Pace & Personalization.
5Ps of Modern Marketing
Precision - Data is the new gold. Today one can work wonders with the available data points and if utilized efficiently, one can achieve an individual & device level activation. Question is, are you equipped to venture into precision marketing?
Purpose - Today's consumer wants to see the brands they choose to take a stand just like they do. Having an authentic purpose is essential for a brand to flourish in today’s age. "You may not be saving the planet by selling diet soda but because you are saving the planet, you are selling diet soda". The purpose makes a difference. Question is - Is your marketing strategy anchored around the purpose your consumers care about?
Partnerships - Collaborations are the way to go forward. It helps the business evolve by exploring synergies that are beneficial for both parties. The concept is simple - United we stand, divided we fall. Question is - How comfortable are you in forging partnerships?
Pace - You may very well be solving yesterday’s problems if you don't pace up. The customers want solutions as of yesterday, for problems they have not even discovered yet. And if you lag here, there are others to take your spot. Question is - Are you ready to take the required risks and assess the needs before they are even needed?
Personalization - Every customer likes attention and they appreciate it when businesses personalize offerings for them like customized messages, 1:1 interactions and likewise with laser precision. Data can help you strike the right cord as to what individual customers are looking for and when you present them with relevant offerings, you become the business of choice. Question is - Are you confident that your customers are getting a personalized experience?
Well, this was just a simple example to unfold the importance of adapting to changing times and how individuals & businesses should adapt to be successful.
5P's works in all walks of life. So our advice to you the reader is, “Think about 5p's before applying a book rule in solving your next problem”