I recently completed the first term of a new course at UCT called “Attention Economics”, where I was working with a group of bright undergrad commerce students who are all interested in learning how to find their place in the world and make a success of their careers. This has been an invigorating and fulfilling process for me, and I think that much of the value for myself and the students has been the shared exploration of the potential within us.
Anyway, this video is for them. And I hope that you enjoy it too:
I see the Marketing page on Wikipedia now includes a sub-section called: “Web 2.0 and Marketing New 4Ps”.
The original 4Ps concept idea was developed to help marketers manage the four most important aspect of marketing (Product, Price, Place, and Promotion). With the Internet and the Web 2.0, marketers have needed to adapt a broader perspective on these elements. Idris Mootee devised a “New 4Ps†model in 2001 to supplement the traditional marketing 4Ps.
Web 2.0 and Marketing New 4PsThe original 4Ps concept idea was developed to help marketers manage the four most important aspect of marketing. With the Internet and the Web 2.0, marketers have needed to adapt a broader perspective on these elements. Idris Mootee devised a “New 4Ps†model in 2001 to supplement the traditional marketing 4Ps.[2] They are Personalization, Participation, Peer-to-Peer and Predictive Modeling.
Personalization: The author here refers to customization of products and services through the use of the Internet. Early examples include Dell on-line and Amazon.com, but this concept is further extended with emerging social media and advanced algorithms. Emerging technologies will continue to push this idea forward.
Participation: This is to allow customer to participate in what the brand should stand for; what should be the product directions and even which ads to run. This concept is laying the foundation for disruptive change through democratization of information.
Peer-to-Peer‘: This refers to customer networks and communities where advocacy happens. The historical problem with marketing is that it is “interruptive” in nature, trying to impose a brand on the customer. This is most apparent in TV advertising. These “passive customer bases” will ultimately be replaced by the “active customer communities”. Brand engagement happens within those conversations. P2P is now being referred as Social Computing and will likely to be the most disruptive force in the future of marketing.
Predictive modeling: This refers to neural network algorithms that are being successfully applied in marketing problems (both a regression as well as a classification problem).
So many great ideas and visions don’t achieve their potential, simply because they don’t spread fast or far enough. It’s such a pity that we don’t spend a little more time designing a structure for our concepts to give them legs.
When Michaelangelo did the David sculpture, one of the most beautiful and enduring artworks of all time, he had to start with the right block of marble. The quality, size and colour had to be right before he even began. This is the vision part.
He then needed to remove all the excess marble on the block to reveal the form that he envisioned within it (what we know as the David). This is the design part.
When you have a great idea, first you need to find the right medium to communicate it with (whether a piece of marble, a business plan, or even a blog post). Then the art comes in revealing it’s value in a way that’s striking, memorable and spreadable.
As Antoine de Saint-Exupery said: “Perfection is not achieved when there is nothing left to add, but when there is nothing left to take away”.
I'm a Digital Media and Marketing educator based in Cape Town, South Africa.
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