Traditional marketing has always been defined by the 4P’s--Product, Promotion, Price and Place. Traditional marketing techniques typically focus on identifying the right audience segment, understanding their behavior, and providing the proper incentive to get them to buy a product or service, and in addition, there is the location or channel consideration. Sound familiar?
In the past, marketers were limited to one-way broadcast media. The goal was to use the proper media mix to deliver as many impressions as possible, providing the right promotional incentive to get the consumer to buy the product or service. With the advent of Google, the increasing penetration of smartphones, and the proliferation of social media platforms - marketers now face a daunting array of possible options. It now has been suggested that marketers add a fifth “P” – for People - to the mix.