The Four Ps used to be the core of Marketing 101: Product, Price, Place, and Promotion. But according to our author, Amanda Powers-Han of The Greater Than One Group, it’s time to throw those out the window. The world has changed significantly since those pillars were first established—and then the world changed even more drastically just over the course of the past year due to COVID-19. The bottom line: it’s time for a new set of Four Ps to guide marketers moving forward.
Powers-Han outlines what those are here, but as she explains, “The new Four Ps are less concrete and more ethereal. Less quantitative and more qualitative. They reflect the new reality of consumers less driven by price or promotional gimmicks. People are seeking more authentic connections with brands through aligned values, consumer-centric engagement, and a personalized experience delivered through content and media.”
But those Four Ps are not the only thing that has changed about marketing, especially as a result of the pandemic. Launch timelines were thrown out of whack when the FDA delayed many approvals as it focused on COVID treatments and vaccines. However, the FDA also got accustomed to expediting certain treatments in order to stop the spread of COVID and to help save lives. Vince Parry of Truth Serum NTWK offers insights into how marketers can best prepare for a sliding timeline and develop a marketing plan that can adjust to either delays or accelerations.
Pharma has also seen discussions about the industry—both good and bad—increase on social media over the course of the pandemic and throughout the development and release of vaccines. Our Forum on Social Media and Influencers dives into how this should impact the industry’s approach and includes our Think Tank, which answers questions on the best ways to deal with attacks on your brand, the newest platforms worth checking out, and the best strategy to adopt in 2021 and moving forward. We also asked marketers for their best tips and dream pitches for TikTok campaigns. Plus, we profile 11 patient influencers who describe how they engage with fellow patients, what they want from pharma, and more.
So, overall, your brand planning may require some new approaches as we continue to adjust to COVID’s impact on the world. But, as always, PM360 has got you covered.