A brand marketer has argued that a one-size-fits-all approach doesn’t work when it comes to marketing.
According to Louise Pegg, Head of Marketing at peer-to-peer mortgage lender Landbay, her organisation is always conscious of the so-called 4Ps of marketing – namely product, price, place and promotion.
However, she stressed that the company also aims to follow what it believes to be “the right thing for the right stage in our business development.”
This, she said, means that there is not necessarily a tried and tested method for what it is trying to achieve, particularly as Landbay is operating in a fairly new industry.
“Every business is different and so strategies should be aligned with business goals, rather than a ‘one-size-fits-all’ approach,” Ms Pegg commented.
She went on to stress that while the key principles of marketing have not changed over the years, technological advances have transformed how marketers go about doing their jobs.
For instance, she said customers now have the means of expressing their views to a large number of people.
As a result, they can have a bigger role in setting the agenda than marketers themselves.
“Marketing is no longer about what businesses want to tell their customers,” she commented.
“It is about businesses listening to their customers and responding in a way that offers a meaningful solution to them.”
The big debate: Are the ‘4Ps of marketing’ still relevant? Marketing Week