The marketing mantra that has underpinned the industry for decades – the four Ps – is redundant, with brands urged instead to adopt the four Es, a senior music executive has said.
Universal Music Group new business head, Oliver Robert-Murphy, told the Mumbrella Entertainment Marketing Summit yesterday, that the “days of the four Ps are over”.
Speaking during a discussion on brand integration, he told delegates the focus on price, product, promotion and placement should be ditched in favour of the 4 Es – engagement, experience, exclusivity and emotion.
“We as marketers are trained with the four Ps. The four Ps are over,” Robert-Murphy said. “Information is everywhere, so forget the four Ps. Welcome to the four Es.
“Engagement is a fundamental principle of any interaction with the consumers [and] give the consumer an experience they will remember.”
Exclusivity will give the consumer a product that makes them “feel special”, he added, while emotion is the vehicle, be it music, film or sport.
“If markers can adapt to this technique “you create an intimate relationship with the consumer”, Robert-Murphy said.
Nicholls: “Be honest with each other about what you’re trying to achieve from the outset”
Kate Nicholls, head of promotions for 20th Century Fox, told the panel she adopted “three rules of engagement” when discussing the prospect of the movie studio working with brands.
She told delegates it was critical for both 20th Century Fox and marketers “to be clear about their objectives”.
“Making sure you are honest with each other about what it is you are trying to achieve from the outset is so critical,” she said.
Nicholls said there was “no point in trying to force a brand and movie together”. “It has to feel authentic,” she said. “There must be a brand fit.”
“My old boss used to say that he didn’t work with anyone he didn’t like. I really love that principal because these partnerships are not always easy.
“There are bumps in the road in any partnership and if you can find people you like working with it’s a massive bonus because you collaborate and you overcome any obstacles.
“If you get a sense that it’s hard in the first meeting, it may not be worth going there.”
Earlier in the discussion, Universal’s Olivier Robert-Murphy added, that “if you want to touch the heart of millennials it’s not through material anymore”, adding the use of humour and honestly will also help with the connection.