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If you have a marketing degree, you’ve probably heard of the 5 Ps of marketing: product, price, place, promotion, and people.
But if you’re in a marketing role today, you probably also know that those Ps don’t quite cover it anymore. You can understand your product, price it well, know who you’re selling it to…and still fall behind the competition.
Because working with the old 5 Ps only takes you so far in a world where customers research, shop, and buy across dozens of channels and devices. Today, technology has changed the marketing game, and there are a new set of Ps taking over the landscape.
You can learn all about them in our latest white paper: The New 5 Ps of Marketing. Or read on to learn about the second new P on our list: Pervasiveness.
Did you know that nearly 50% of customers use at least four channels before making a buying decision? And the more channels a customer interacts with, the more likely they are to be high value for your brand.
In fact, 62% of customers who interact with 10 or more marketing channels make weekly purchases.
With figures like those, it’s no wonder brands with omni-channel strategies have better customer retention (91% greater year-over-year compared to brands without). They’re meeting customers where they’re already at.
So, omni-channel marketing is a big success driver in today’s tech landscape. But it’s also a big challenge. Because the truth is that it relies heavily on a connected customer experience powered by the right data at the right time.
And while marketers have plenty of data, the right data can be hard to come by.
Often we have too much data and don’t know how to sift through it. Sometimes the right data is available…just not when you need it. And sometimes the right data is the responsibility of someone outside the marketing team—which presents a whole other set of obstacles.
So, what’s a marketer to do?
The answers lie with technology and a marketing 3.0 mindset.
Challenges or no challenges, purchase rates and customer engagement run 250% higher with omni-channel marketing. Which is a pretty compelling argument for facing those challenges head-on.
The good news? With a best-in-breed CDP, the data problems are a thing of the past. Which means the effectiveness and accuracy of pervasive, cross-channel marketing is only limited by your data strategy, data hygiene, and the processes and people behind them.
Curious how a CDP can support your omni-channel marketing efforts? Download our free white paper to learn more about the 5 Ps, or contact us to set up a demo.