The New 4P's of Marketing to connect with Gen-Z and Millennials

The world of marketing is constantly evolving and as such, new approaches to connecting with consumers are emerging. With the rise of Generation Z and Millennials as the largest demographic in the world, marketers must understand their values and preferences to effectively reach them.

Traditionally, the four Ps of marketing (product, price, place, and promotion) have been used as a framework for marketing strategy. However, in today's digital age, these Ps need to be updated to better align with the values and preferences of Gen Z and Millennials.

So, what are the new 4 Ps of marketing to connect with Gen Z and Millennials?

Purpose

The purpose is the driving force behind a brand and its products. This generation values transparency and authenticity, so companies need to clearly articulate their mission and values to connect with them. Consumers want to know why a brand exists and what difference it is making in the world. Brands that have a strong sense of purpose are more likely to attract and retain Gen Z and Millennial customers.

One example of a brand that is utilizing purpose for Gen Z is Patagonia. The outdoor clothing company is well-known for its commitment to environmental activism and corporate responsibility. In addition to making high-quality outdoor gear, Patagonia is actively involved in various initiatives to protect the planet, including advocating for government policies to address climate change and donating 1% of its sales to environmental organizations.

Personalization?

Personalization is key to connecting with Gen Z and Millennials. They expect a tailored experience, from the products they purchase to the content they consume. Brands need to understand their customers' preferences and use data and technology to create a personalized experience for each individual. This could include customized recommendations, personalized content, and even custom-made products.

The beverage company: Coca-Cola embraced personalization as a way to better connect with this demographic and provide a unique and personalized experience for its customers. For example, Coca-Cola has introduced the "Share a Coke" campaign, which allows customers to personalize their Coca-Cola bottles by adding their names or the names of their friends and family. Another such campaign is Milke hi Manegi in India.

Participation

This generation is all about active involvement and engagement with brands. They want to be a part of the brand's story and contribute to its success. This can be achieved through co-creation, user-generated content, and social media engagement. Brands can also encourage participation by providing opportunities for their customers to give feedback, suggest improvements, and even help design new products.?

The energy drink company: Red Bull has made participation a central aspect of its marketing strategy, engaging customers in various events, activations, and initiatives that align with their interests and values. By incorporating participation into its marketing strategy, Red Bull can connect with Gen Z consumers who value experiences and engagement. This approach helps the brand build a loyal customer base and reinforces its position as a leading energy drink brand.

Privacy

Privacy is a major concern for this generation, especially in light of recent data breaches and privacy scandals. Brands need to prioritize their customers' data protection and be transparent about how they use and store their information. Gen Z and Millennials are more likely to trust a brand that values their privacy and takes steps to protect it.

The search engine: DuckDuckGo has made privacy a central aspect of its marketing strategy. DuckDuckGo offers a privacy-focused search engine that does not track its users' searches or personal information. The search engine does not collect or share any personal information with advertisers or other third-party entities. By emphasizing privacy in its marketing strategy, DuckDuckGo can connect with Gen Z consumers who value privacy and security in their online activities and build a loyal customer base, and reinforces its position as a leading privacy-focused search engine.

The new 4 Ps of marketing - purpose, personalization, participation, and privacy - provide a roadmap for brands to connect with Gen Z and Millennial consumers. By focusing on these key areas, brands can create a meaningful and impactful connection with their target audience, establish trust, and build long-lasting relationships.?

The key is to understand the values and preferences of this generation and use these insights to guide your marketing strategy. By incorporating these new 4Ps into their marketing strategies, brands can effectively connect with Gen Z consumers and stay ahead of the competition in today's rapidly changing digital landscape.?