Discussion Topic: The Fifth "P" of Marketing

Home Forums Medical Device Development Marketing and Sales Discussion Topic: The Fifth "P" of Marketing

This topic contains 28 replies, has 28 voices, and was last updated by  rd389 6 months ago.

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  • #901

    Josh
    Course Facilitator

    Remember “The Four Ps of Marketing”: product, price, promotion, and placement.

    Product:
    What are you selling & why?
    Price:
    How much does the product cost? When does the price change?
    Promotion:
    How will you promote the product? Viral marketing? Internet Advertising?
    Placement:
    Who sells it? Where is it sold?

    In recent times, we now have what we call the “fifth P”, Participation. This has changed the typical way marketing has been done. Since new technologies are coming out, it is much harder to get information out to the chain of customers.

    Instead of pushing our messages out into people’s faces, the people now have the option to block us or walk away or fast forward. Engagement is now the key because unless someone wants to be interacting with you, they won’t.

    What are some clever uses of Participation you have witnessed or conducted?

  • #4402

    reshamn
    Participant

    The most popular way of marketing these days is using social media. There is an increasing use of social media everyday. Popular social media channels include Facebook, Twitter, Instagram, Pinterest, Reddit, LinkedIn, Google Plus and Snapchat are all different unique in their own ways of engagement. One of the common way I have come across Facebook is creating a comical video of their product/service. Since people are on Facebook for entertainment, businesses target that audience. They would capture a trending voice or a concept and try to combine it with their product which would at least make the users watch it. There is no guarantee the user will buy it but at least may share or like it which would then circulate. The way of using funny videos of grabbing attention seems to be very effective and common across social media.

  • #4447

    amandaally1029
    Participant

    I agree that social media has become a popular way of advertising in today’s society. There is also the idea where sellers involve the customers in the product production/improvement. Sellers of products now allow customers to send them comments on their product, which allows them to know what the people like and dislike. Based on the comments, sellers will adjust and improve products/services according to what the people want. I have ordered products online where the seller will eventually ask questions like, how has the product worked for you? And if the customer isn’t pleased they allow money back within a month. They would then ask for comments on why you didn’t like the product. The goal of the seller is to keep customers, and to give them what they want, and to do that, they take into consideration their opinions.

  • #4463

    dag56
    Participant

    Recently, some of the more clever and effective ways I have seen a device/ product marketed is to have paired with a celebrity/ athlete that can make a personal connection. As Dr. Simon mentioned above, ads can now be blocked so companies are targeting the things people want to see on social media (their favorite athletes/ celebrities/ pages). For example, Lebron James has roughly 23.2 million twitter followers and companies are paying him on average $140,000 dollars ($1,000 per character) per product endorsement tweet. Now this figure may seem egregious, however, considering traditional T.V. advertisements would cost an estimated 5 times more to reach that target number of individuals, it suddenly seems like a very quick and efficient way to market. And that’s not even considering most of the T.V. viewers walk away/ fast forward through commercials anyways. With technology evolving so fast, advertising is struggling to keep up. But when done ‘correctly’ it can be just as efficient and even arguable more so than the more dated methods ever were.

    http://www.espn.com/nba/story/_/id/13470682/lebron-james-sponsored-tweets-232-million-followers-cost-140k

  • #4464

    asimbana
    Participant

    Clever ways companies are venturing out to their customers or potential customers is via social media. Social media over the course of recent years has become a large platform where companies can communicate and interact with their customers both for advertising and also to address concerns. For example, Twitter, Facebook and even Youtube has become platforms that companies can use to either showcase their product or provide information that relates to their product. The reason why large amount of money is used for advertisement is because it is proven to be the most effective on the internet, since we all are on our smartphones and on applications, we have viewed how these companies work together with Google for example on detecting related searches that the user makes to provide similar information to them based on products. Companies pay money to have their products advertised , some have used Youtube to train their customers on how to use their products as well free of charge out of good customer service and product support.

  • #4467

    srg36
    Participant

    I have witnessed the fifth “P” of marketing in my company. Rather than the sales reps doing most of the interaction with the surgeons, our marketing department is also very much focused on engaging the customer. They run several different programs to do this. For example, every week they bring surgeons into the office and present on the product portfolio that we offer. They also hold medical education events where they invite surgeons to cadaver labs to show how our products are used and the clinical benefits of our products. They also attend many trade shows and interact with surgeons. Our marketing folks do not spend much time in the office but are often out in the field engaging the customers, so I would say they are highly focused on the fifth “P” of marketing.

  • #4469

    zbw2
    Participant

    Another way companies utilize participation is with crowdfunding. Companies like Kickstarter have allowed companies, usually startups, to run a ‘campaign’ to fund a product. the ‘backers’ are treated as ground floor contributors and are encouraged to feel some kinship with the company in launching the project. the backers are given early access, special discounts, and exclusive information about the product’s development. this is also to put pressure on the backers to fully fund the project in order to receive the product advertised.

    while many small companies have used crowdfunding to launch products, it has been utilized by companies that do not necessarily need the capital to launch their products. This type of customer participation has enabled companies to make millions of dollars in sales in that the first month of the product launch, seemingly skipping the introduction phase of sales. Pebble, smartwatch company started in 2012, raised $1 million in the first hour of its second Kickstarter campaign in 2015.

  • #4474

    anhtong
    Participant

    I agree that social media is the most commonly used marketing platform today. Participation marketing can happen online and offline through social media, in grocery store lines, on blogs, and at events. At the heart of participation marketing, lies engagement, which aims to get the audiences engage and participate in conversations about brands.
    A clever way of participation marketing is seen in the case of Coca-Cola Company’s “Share a Coke” campaign. In an effort to reach out to its customers personally, the company replaced its logo with popular names and terms such as “Buddy” and “BFF”. This strategy of personalization created an emotional connection between the consumers and the company. Coca-Cola Company had no intention whatsoever to create brand awareness through its “Share a Coke” campaign. Most people in the world already know about the coke. The campaign aimed to give customers a personal part of the company’s story and encourage them to drink coke.

  • #4478

    julienneviuya
    Participant

    In highly populated places like New York City, it is becoming popular to have interactive and immersive advertising tools. These can be in the form of exhibits or distributing samples of the product, or making it an “instagrammable” ad. For example, Perrier had a pop-up exhibit in NYC that enticed consumers to interact with the product. There was an on-site photobooth, free beverages and mocktails made from various flavors of Perrier, and many “instagrammable” spots. The aim was that consumers would come for the interactive display and stay for the product, hopefully even purchasing it later on.

    https://www.prnewswire.com/news-releases/the-perrier-flavor-studio-opens-in-new-york-city-to-celebrate-its-range-of-sparkling-flavors-300487086.html

    Another example of an interactive marketing tool is any time Google has an interactive Google Doodle. While most internet users already go to Google for their search engine needs, it is a noteable way to keep the user’s intention, wondering what could be the next fun thing they put up.

  • #4483

    gingeranderson
    Participant

    I think “participation marketing” can happen without the company even really trying. A lot of times companies go to college campuses for career fairs and “participation” market without them knowing it. They speak to students about their company and medical devices and then pass out the stress balls or pens or w.e. Those stress balls and pens get passed around and people ask, “What’s this company?” and then the student just naturally tells them what they do. There are several medical devices and medical companies that I learned about this way. I didn’t even know some of these medical devices were possible so I would def. tell a family or friend about them if they were having a problem that related.

  • #4489

    aaq2
    Participant

    Currently some of the strategies being used include multi-channel analytics. This process uses multiple sets of data from different sources which are linked and housed together. Businesses then use this information to interact with clients through the use of Apps, internet, mobile phone and retail stores by providing discounts.
    Social media marketing is the process of gaining traffic or attention through social media. These platforms and websites promote products and services which can easily be shared between users. Social media platforms have built in data analytics tools. This aids businesses/companies track the patterns and trends which help predict customer behavior.

  • #4497

    dbonanno1
    Participant

    In the time period we are currently living in, as many others have mentioned, I believe the most effective ways of getting customers to get engagement with marketing information that they are interested in is definitely via all the types that the internet and social media has to offer. One of the most interesting forms of internet “participation” that always seems to work on me and I feel is extremely clever is how search engines like google collaborate with online shopping companies like amazon to provide adds for products that you have recently “googled” or did research about. For instance if start doing research about a pair of Nike shoes. You will then start to see adds on other internet pages for the same Nike shoes. I feel this works very well since the customer is obviously interested in the products because they were the ones who initiated the search, and by constantly reminding them they want these products and giving them links and adds to click on to purchase these items dramatically increases the chances of them making a purchase.

  • #4501

    merzkrashed
    Participant

    A great example for the 5th P (Participation) in marketing, A pharmaceutical marketer intelligently stepped into the participation waters by offering patients ways to participate in treatment “communities.” The company supports disease-state awareness events, surrounding them with information and interaction opportunities. This is typically done via unbranded Web sites that allow visitors to consume and contribute content. For example, the sites may encourage conversation about the physical and psychosocial aspects of a disease, via online treatment diaries or an FAQ.

    The company also launched a program that allows specialist nurses to share best practices and success stories online.
    So the 5th P in marketing isn’t just about getting audiences to subscribe to a newsletter or like an Instagram or Facebook post. It’s about becoming a part of consumers’ lives and bringing them into an ongoing, evolving brand narrative.

  • #4502

    mark abdelshahed
    Participant

    The best marketing plan has to use the modern technology to make customers participate with the company. Social media is a huge way to make customers participate in a marketing process, because the product would be well advertised across the world especially if the product is used by teenagers.
    I think right now Coca-Cola is doing the most obvious customer participation that is really helping their marketing process. The smartest move they move was the “Share a Coke” campaign. Replacing the logos on the Coke cans with popular names among young people, even unpopular ones, was a really smart idea to make customers participate. Coke was basically inviting buyers to participate in a massive social/referral marketing experience. It resulted a huge customer participation, especially on social media. There was 341,000 posts on instagram with the hashtag #shareacoke. 96% of Coca-Cola customers had positive or neutral sentiment toward this campaign.
    Another example is Yoplait with the “Save Lids to Save Lives” program. It donated $0.1 to a cancer foundation for every pink foil yogurt lid that is mailed back to the company. That raised $1,500,000 per year.

  • #4529

    tilak
    Participant

    In today’s fast paced, media centric, society most technology giants spend most of their money only on the initial marketing of a product. This means that once it is given the initial push, they rely on the consumers to spread the word further. This naturally occurring participation takes marketing to a whole new level. Technology giants such as Apple and Samsung do not spend too much effort on announcing a new product release because their customers are already aware of its annual release dates. Marketing participation from consumers increases as a company or its products become more and more established and recognized over time. Along with this duration, the products reliability and accuracy are also measured by the consumers. The second half of customer participation comes from social media. Once a product generates popularity and is largely accepted by the general public, it can spread like wild fire across all social media platforms. Companies can also promote social media participation by motivating the consumers to post, write or blog about their products. Companies like GoPro and DJI, promote their users to post footage and pictures taken from their drones or cameras on platforms such as instagram and facebook to showcase their talent and also the versatility of the product.

  • #4532

    gaberuiz13
    Participant

    Participation has become the fifth “P” of marketing since consumers these days have the ability to block unwanted ads and such unlike before where ads on TV or the radio couldn’t really be avoided. With this, companies had to focus more on interaction and customer relationships in order to gauge attention. The most popular way companies engage personally with consumers is either via social media or newsletters via email. With social media, companies are able to post the same way consumers do and are able to directly reply to comments people make on the platform. A clever social media handle will make good use of this interaction and attempt to promote the companies product under the guise of trying to have a personal interaction with a consumer. In addition to social media, a more intrusive way of marketing will be gaining consumer’s emails and sending ads directly to the consumer. These ads can then be tailored based on a consumer’s interests and such if the consumer’s interaction with the company is monitored; however, this becomes an issue of privacy and may backfire as a result. Companies can even use loyal consumers as “free advertisement” if the consumer is a big fanatic of the company’s product. This is the often case with, for example, novel-to-movie adaptations. The novel may already have a cult following who will willfully promote anything related to the material on forum websites, social media, YouTube, etc. without the studio’s request.

  • #4535

    lianhuajin
    Participant

    There is a pretty clever way of marketing i met before, that is drawing a lottery and introduce the products as a prize. I agree with that using social media is a good way of marketing, but actually some medical devices are for old people and not all old people are familiar with facebook and twitter. Lottery marketing strategy is the kind of strategy works for all age groups. Firstly, sellers need to pick a place that has high flow of customers, and secondly they need to play a long game, and lots of customers will join in. Of course the game is not important, the important part is the product will be introduced as a prize and the function of the product will be introduced too. Sellers will introduce the product many times during the game. This kind of marketing makes customers easy to draw attention when sellers introduce the products.

  • #4538

    hv42
    Participant

    I think the best example for this is Coca-Cola, In the United States, the average person drinks one can of Soda a day, so a company like Coca-Cola, which has already acquired most of the people in the United States, naturally shifts their marketing focus away from immediate sales transactions, and towards a more long-term emotional connection with consumers. Through their innovative campaigns, Coca-Cola has demonstrated that emotionally resonant marketing creates loyalty among your customers, which in turn sells you far more Coca-Cola.For example, their Share a Coke campaign which is basically replacing the logos on Coke cans with popular names among young people encouraged customers to share a Coke with a friend. Essentially, Coke was inviting buyers to participate in a massive social/referral marketing experience. And the campaign generated huge customer participation, particularly online – there are a whopping 341,000 posts on Instagram with the hashtag #shareacoke. Coca-Cola also reports that 96% of consumer sentiment toward the campaign is either positive or neutral.

  • #4555

    dh239
    Participant

    Participation is an important aspect of marketing because of how easy it is to block out all the noise. Companies need to make it so that their consumers seek out and engage with the company and the product rather than just stumble upon a commercial or billboard. Some interesting methods I have seen include sweepstakes/ surveys and the demonstration of their products at work. For example, Lays allows its consumers to vote on new chips flavors, making the product on the shelves match the consumers’ interests. Another, overwhelming demonstration of participation was McDonald’s introduction of the Szechuan sauce which was promoted by a popular TV show. By engaging with the fans of the show, McDonalds was able to draw thousands to their doors and get people excited about experiencing an element of their favorite cartoon through their franchise.

  • #4558

    su65
    Participant

    Social medias have become popular advertising sites too. The fifth p, participation, is easily now a days being used in social medias like facebook, twitter, instagram, linkedin etc.Companies adverstise their product by making a short videos which can attract and seek attention of people so that they watch it. This happens a lot in facebook. People share the videos so that it reaches to more and more people. Thus marketing the companys product too.

  • #4570

    sahitya.sadineni
    Participant

    The four P’s are undoubtedly all equally important. This strategy is a business tool used by a company to produce a desired response from its target market and it consists of everything a company can do to promote demands for the product. These four P’s are very simple to understand—the Product is the goods offered by the company to its customers, the Price is the amount of money paid by the customers to purchase the product, the Placement is the activities that make the product available to the consumers and it is about getting the right product to the right place at the right time, and lastly, the Promotion is the activities that communicate the product’s features and benefits and persuade customers to purchase the product, such as advertising, social media marketing, video marketing, and more. These are related and are combined to launch the product’s place within its target markets. A company needs to create a product that a particular group of people want, put it on sale some place that the people visit regularly, and price it at a level that matches the value they feel they get out of it because price determinations will impact profit margins, supply, demand, and marketing strategy.
    With the new technology advances, its easy to change the channel when there are advertisements coming on or to hang up any phone calls. But a good way participation has come along is advertising on Youtube videos. Even though most videos have a 5 second commercial before your video starts, it is more than enough to catch our attention and pay attention for those five seconds.

  • #4574

    woolynn
    Participant

    Participation marketing happens online and offline, on blogs, at events, in grocery store lines, and through social media. At the heart of participation marketing is engagement, and Marketo outlines five guiding principles for engagement marketing. It says that brands and marketers should look to connect with audiences: As individuals; Based on what they do; Continuously over time; Directed towards an outcome; Everywhere they are.

    The example is Starbucks’ White Cup Challenge.
    Customers were invited to decorate a white Starbucks cup and submit an Instagram photo using the hashtag #whitecupcontest. The winning design was printed on a reusable Starbucks cup and the contest generated more than 3K posts.
    Through this participation marketing campaign, Starbucks capitalized on the unspoken tradition of customers drawing on its cups and emphasized a personal connection with its customers.

  • #4581

    MonicaGoncalves
    Participant

    Lately, I have seen 2 clever uses of participation:

    1. Instant store rewards or discounts- Some stores clothing stores like Forever21 and Express are offering customers at checkout the chance to complete a 5-minute survey in order to be rewarded a 5% discount off their purchase. For someone that loves coupons and saving money 9 times out of 10, I will take the survey. The survey usually consists of questions related to the stores and merchandise they sell. They are looking for customer opinions on how to improve sales and increase customer shopping.

    2. Social Media- Another one of my favorite retailers, Torrid, almost every month does Instagram contests. For example a few months ago they had a challenge that you had to post a picture of you in your Favorite Torrid Jeans, tag a friend, and then tag the store and if you did that they send you a coupon AND you got entered to win a pair of free jeans. I didn’t win the free jeans, BUT I did get the coupon sent to my e-mail. Clothing Retailers are not the one people using social media (Instagram, Facebook, Twitter, Snapchat..) to get customer participation.

  • #4590

    alexandrabuga
    Participant

    Like @julienneviuya mentioned, pop-up shops are a very popular way to gain customer participation. From Kylie Jenner’s lip kits to Pringles, NYC is a hub of pop-up shops. Pop-up shops allow a company to introduce a product/line to the market but make it for a limited time and volume. So customers feel like they are getting an exclusive opportunity to  have access to a product.  As julienneviuya mentions the make it interactive with cool locations, themes, and create a path for you to post on several forms of social media; twitter, snapchat, facebook, Instagram etc. Pop- up shows create a buzz and allow for companies to not have sign a long term lease in an expensive area like NYC. I’ve included a line from Ad Age which even gives the example of how Brushfire Marketing, which worked with the New Jersey Division of Travel and Tourism on the Jersey Shore Store, said the temporary shop brought in nearly $1 million in earned media. The agency said the store led to 46 broadcast segments and 21 print and online placements. They noted that on average, 1,000 visitors passed through the store each week. Overall, I think pop-up shops are a creative and relatively inexpensive way for companies to test products, get viral marketing, and quick customer feedback without signing a long-term lease.

    http://adage.com/article/news/marketing-pop-stores-brands-build-buzz/138704/

  • #4594

    ao242
    Participant

    A clever use of Participation will be through social media. Participation requires brand responses and engagement on at least the major social medias like facebook, twitter, instagram and snapchat. Adidas usage of theme/ hashtag and creative influencer campaigns on social media are the primary reasons to why consumers, most especially millennial perceive Adidas as fresh, modern, inclusive, and even personable. The campaign on Twitter allowed consumers “to have their own likeness made up in the green and white of the Stan Smith tongue artwork,” making consumers feel as though they were part of the story and the campaign.

  • #4600

    puneet
    Participant

    I think social media has become the most common way of using participation. Participation is an important consideration along with the 4 P’s because a company needs to be able to quickly engage a customer in wanting more information on their products or services. It has become more difficult for companies to do this through advertisements because it has become more common for people to be able to avoid ads. This is why I believe a company’s presence on social media is the best way for them to participate with consumers. Social media like Facebook, Instagram, twitter etc. give companies a way to directly engage with their customers and promote their products more effectively. Another way a company can use social media to their advantage is through acquiring posts or photos from someone who has a high number of followers because those posts will be seen by more people when posted by a celebrity or someone who has a lot of followers.

  • #4603

    williamzembricki
    Participant

    Advertising and marketing are very dynamic fields to be involved in. The regulations from television networks and now the huge increase of digital video recording products has put a huge halt to the use of basic commercials. Also, the increase in commercial free online streaming of television has also hurt the commercial industry. As previously discussed social media is a huge outlet to allow companies to get their products into the faces of potential consumers. Through celebrity endorsements and companies like Instagram allowing sponsored post the advertising is beginning to become integrated into the regular usage of social media. Shifting the focus more on companies like Netflix and Hulu who now have their own production studios it is common to see a great deal of product placement in the shows directly. The characters in the show will crack open a cold Bud light or drive a dodge charger instead of the no brands that were common on network television. Some are as blatant as the characters breaking the fourth wall to “jokingly” endorse a product. This still brings the attention to the products and not including the fourth wall break it occurs in a very subliminal way

  • #4610

    Josh
    Course Facilitator

    Keep in mind here that Participation always involves a two-way communication, over whatever media. Product placement, exclusive content, etc. and ads are all “push media” because they are one-way.

  • #4616

    rd389
    Participant

    I am going to take over here the example of cars. I really liked the advertisement on TV of Chevvy’s. Customers are basically asked to drive an unknown car or just sit and feel the car or check out the exterior of it. This way they don’t judge the book by it’s cover. I have also seen this done by the local car dealership in my area. Where customer who came to buy or check out the cars, can participate in this small event and get to guess the brand of the car. This way they are interactive too.

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