We’re all familiar with the 5 P’s of marketing: Product, Price, Promotion, Place, People. But are they still relevant in 2021? The world’s changed a lot since the marketing mix was first mentioned in the 1940s. The same strategies don’t always work for Millennials and Gen Zers. What if the 5 P’s are now 4 P’s..?

1. Purpose

TALA promotional image featuring models of varying sizes and colours in grey, burgundy and black outfits: leggings, cycling shorts, cropped tops and hoodies.
Credit: @wearetala

Values are important to Millennials and Gen Z. They look for brands with values that match their own. Just look at the enormous success of TALA, the sustainable athleisure brand that offers clothes at competitive prices, especially suited to their eco-conscious Gen Z audience who can’t necessarily afford the typically expensive alternatives.

2. Positioning

Next most important? Younger generations have a strong experience-oriented mindset; experiences matter more than things. Brands have to look beyond the physical product and create experiences that hook younger consumers in. This is why you’ll find a lot more experiences in high street shops nowadays. For example, Vashi’s new flagship store in Covent Garden invites customers into the heart of the jewellery making process as the workshops are open for viewing.

It’s all about the experience. If people find something relatable, they’ll be far more likely to purchase.

3. Personalised

Quality Street promotional image for their personalised tins. A tin lying on top of a backdrop of purple sweets reads "George Street".
Credit: Nestlé

Gen Z’s want something they can put their stamp on and that feels personal or personalised to them. Remember when Quality Street introduced personalised tins for Christmas? There’s also the Nike By You customisation service and engraving services at Apple too.

Offering a way for customers to put their own stamp on your brand is key to creating a lasting relationship with young consumers.

4. Partnerships

Palace x Crocs collaboration image.
Credit: Palace x Crocs

Collaborating with other brands can cause a very effective ripple effect in boosting a brand’s image and potential reach. Take a look at Crocs, the ugly shoe that’s had a massive revival in the last year or so, especially with young consumers. Crocs have recently upped their collaborations, working with Post Malone, Palace, Justin Bieber and even KFC. They’re also popular in this year’s Love Island villa too.

In fact, Crocs have pretty much nailed the 4 P’s:
Purpose – They’ve committed to providing no-nonsense, simple comfort. What started as a floating boat shoe is now the shoe of choice for doctors and chefs around the world. They’re working on sustainability too.
Positioning – #GetCrocd has earned over 9.3 BILLION views on TikTok and the filter has been used countless times, bringing the…ahem, beauty of crocs into homes.
Personalisation – As if Crocs aren’t a strong enough fashion statement already, you can customise them with charms called Jibbitz. From letters and flags to doughnuts and unicorns, there’s no limit to the creative options.
Partnerships – well, we’ve already covered that one. High-end fashion brands to celebs and influencers. Check.

If you’re struggling to reach younger consumers, you may just need to change the way you approach your marketing. We know the world’s constantly changing around us, so why haven’t our traditional marketing models? This updated, condensed version of the classic 5 P’s is far more relevant to the creative, free-spirited and passionate youth of today.

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Posted by:Amy Hughes

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