It is now 2020 and we enter a new decade, and most of us are optimistic about our future. We do know, however, that we need to put forward our fair share of energy and work to make our optimistic thoughts come to life: if you want to lose weight, you’ve gotta eat right and exercise; if you want a promotion, you’ve got to show results.
How about the CEO of a once thriving business? How does said CEO lay the path to see his optimistic vision of growth come to fruition? While there is no silver bullet, the best place to start is knowing your consumer.
Spoiler alert! Consumers in this decade, are NOT the same as they were in the 2000’s. This “evolved” consumer did not emerge overnight. This consumer has been evolving for the last two decades, maybe even more, so companies that want to grow sustainably and build a loyal base of customers need to deeply understand what currently drives their decisions.
Many people have heard about Professor Kotter’s 4Ps that guide every marketing plan: Product, Price, Placement, and Promotion. These four Ps call out important aspects to activate marketing ideas to reach consumers in the best possible way.
However, consumers enter this new decade looking for a deeper relationship with the products, services, and companies they choose to bring into their lives and support with their hard-earned money. The drivers of this deeper relationship can be explained by the new 4Ps on the block: PEOPLE, PLANET, PURPOSE and PROFIT (yes! PROFIT).