For years, marketers have been told that their marketing plans must address the “4 P’s”: product, price, promotion and place.
Over time, various gurus have come along suggesting that other P’s are essential components of any marketing strategy. So now we have people, physical evidence and process thrown into the mix. Others have moved away from the letter P entirely, giving us a couple of variations of the “4 C’s” as well as the “7 S’s.” Fair enough.
But in a world where options are exploding, channels are blurring and consumers are easily overwhelmed, the new “P” that really matters is “Personalization.”
Sure, there are segments that are all about price, where the customer is willing to do the heavy lifting to get the best deal. But if aren’t Costco, Amazon or a handful of other retailers, you can’t win just on price and dominant assortment. You HAVE to treat different customers differently. You have to embrace personalization.
It is said that “retail is detail.”
Now retail must become “me-tail.”