Product, Price, Promotion and Place were the all important cornerstones of retail marketing in the past Century. According to Ranjeet Laungani, writing in Nielsen’s Insights (081017), they are becoming fashionably old school. ‘In a world where consumers are more aware, spoiled for choice, connected and disloyal, marketers need to lean into what the new five Ps of marketing: Precision, Purpose, Partnerships, Pace and Personalization.’

Precision: Managers complain about the complexity in marketing today, The toolkits that most marketers have at their disposal to navigate all of this complexity are equally compelling and sharper than ever. Data sets that were earlier disparate are not coming together to drive more illumination. Advanced analytics, AI and algorithms are helping accelerate performance as you can now manage retailer fill rates, build look-alike digital audience, and respond to negative online reviews in real time. Technology stacks, like data management platforms, are enabling individual and device-level activation of your brand message. Your ability to leverage this precision tool set to make a definitive plan is one of the biggest opportunities in marketing today. The killer question for your business: ‘Are your teams empowered and enabled to make the journey from a mass-marketing past to a precision-marketing future?’

Purpose: A brand without a purpose, a mission or a social role to play is increasingly seen as unreliable and will be soon forgotten. Millennials are more vocal than any previous generation about what’s important to them, and they expect brands to engage in conversation and take a stand just like they do. Make no mistake as you think about tomorrow: You’re not saving the planet because you sell potato chips, but you may be selling potato chips because you save the planet. The killer question for you business: ‘Is your marketing strategy passionately anchored in an authentic way around purpose that you consumers and constituents care about?’

Partnerships: Going at it alone isn’t smart anymore. Partnerships are all about fostering the right connections and alliances to complement your current strengths and blunt your weaknesses. It cals for openness, comfort with vulnerability, and a belief that together more can be accomplished. You don’t have to work withy your biggest competitor (although you may want to), but the big idea is to ensure that you stay open to every possibility for collaboration and more so seek out opportunities to partner outside of the traditional definition of your industry. The killer question for you business: ‘How can we culturally evolve into an organization that is increasingly comfortable with forging seemingly unusual partnerships, both inside and outside of our industry, to take everyone forward?’

Pace: What is common to Xiaomi, Groupon and Slack? They all got to $1 billion+ valuations, or unicorn status in Silicon Valley parlance, in less than two years and disrupted many businesses along the way. Any competitive situation can upend itself or cause a business model to evaporate in a few weeks. Moreover, you may be addressing yesterday’s problems if you don’t move fast. Social media response expectations tell you why pace is more important that it ever has been. An Edison Research study found that 42% of consumers expect a brand respond to their social media post in under an hour. In the same study, about one in 10 consumers wanted that response in five minutes or less! Finally, take the recent United Airlines debacle: It only took hours for a PR crisis to turn a mega disaster with big financial implications for stock owners. The killer question for your business: ‘How do we culturally empower folks on the front lines to have the confidence to take risks, manage situations wth agility and interpret our values as they see right?’

Personalization: The advent of mar tech, predictive analytics and AI are now enabling marketers to engage intimately with their consumers 1:1 and activate they creative content and messages with laser-guided precision. Single-source panels (where retail and media consumption data sets come together at the individual or household level) can shed light on what specifically consumers want to hear, how they’d like to hear it, where they’d like to be reached and what will that mean for the bottom line. consumers will increasingly demand personalized experiences and the challenge for marketers will be to do this well and at scale. The killer question for your business: ‘Are each of your consumers getting the personalized consumer experience you have come to expect as a consumer for the brands you love?’

Are you adapting?