I believe that Place has evolved into Pervasive Coverage. Why? Businesses can no longer simply encourage customers to come into the store or drive traffic to product-focused web pages. Now businesses must become active participants in
the experience of their customers. They must become part of their customer conversation, everywhere that is important to the Customer.
The landscape is fragmented – so much that a target audience will leverage email, others will be most responsive via SMS text, other audience members only read electronic news(not print), some prefer a Loyalty Program and, finally, there are people who prefer to interact via social media marketing sites like Facebook. Since there is no single way a business can get complete coverage with one channel, business owners now must find new ways to effectively harness the many channels that are now available (Pervasive Coverage).
And finally, Price. Price has evolved into Price Performance. Margins are declining and your competition is no longer just the other establishments in your neighborhood. You are competing with virtual businesses on the other side of the country or even the globe. Superstores or direct online suppliers are raking in your customers. With pervasive use of smart phones, your customers may even be(quite frankly, probably are) doing their comparison shopping right in your own backyard – at your store or location and all in front of your very eyes
In businesses today, operational budgets, including the cost of producing a product or service as well as the costs involved in marketing, sales and customer service, are almost entirely spent. And employees in every company are being asked to do more for less. Keep in mind that in this scenario, the company with the most efficient marketing program and lowest cost of goods is more likely to not only survive - but thrive at the expense of its competition.
Businesses must save on their marketing dollars, increase efficiencies and supercharge their marketing efforts to boost response rates and, ultimately, sales conversions. By orchestrating their campaigns in a low cost manner, business owners can drive the highest level of performance at an affordable price. The alternative is simply to watch your business die a slow death at the expense of marketing dollars that are not well spent or managed.