From Traditional to S.A.V.E.: Latest Evolution in Marketing Strategy
Evolution in marketing is leading a transition away from the traditional 4 Ps marketing strategy.
The recent S.A.V.E. approach - solution, access, value, education - for example focuses on providing infotainment and valued solutions to customers via a multi-channel always-on access.
The 4 Ps approach - product, place, price and promotion - is still the foundation of all marketing strategies aimed at developing, distributing and pricing products and services.
Nonetheless, SAVE seems to be better placed to address upcoming marketing challenges. Customers today require solutions rather than products and companies have to offer such solutions 24/7 and on all available channels.
Naturally, most customers are price-sensitive but they are also looking to create value and enjoy the purchasing experience.
A key aspect of today marketing is to engage with customers with relevant content that is guiding their purchasing decisions. This is evident in the B2B environment where companies are building thought leadership, enhancing their reputation and becoming the go-to-company for a particular solution with engaging and entertaining content such as videos, infographics, webinars - we can witness this in the technology sector.
Building trust via content is paramount to create a long-term profitable relationship.
The SAVE framework seems to be most effective when applied in conjunction with a more traditional marketing approach. What is key is to ensure that all marketing strategies are primarily designed around the customers and their needs.