For years marketers have learned and preached about 4Ps of marketing – Product, Place, Price & Promotion. Marketing roles have recently started shifting from growth drivers to more toward the Transformation engine. In the digital era, the role of a CMO have also become very crucial within an organization, along with some huge budget shifts from CIOs to CMOs.
Transformation today is an important survival and growth factor. Companies that do not transform are the ones that will be outpaced and/or left behind. Many executives nowadays question about how we align the 4Ps of core Marketing to Transformation.
The purpose of a business is to generate profits and continue growth. Traditional business models were aligned towards selling Products and/or Services. The industry has slowly started shifting towards Product-as-a-Service and/ or Services Model. Irrespective of how we look at the shift, the business output is still a PRODUCT and/or SERVICE. And that business output stays the same in a pre-digital era or in a digital era.
People sometimes get confused with Business Models and Digital Transformation. Digital Transformation is an enabler for Business. Business Models may have shifted to PRODUCT-as-a-SERVICE, PRODUCT, SERVICE, etc., but the purpose of business still remains the same – profits and continued growth.
Digital Transformation strategy is driven by PEOPLE responsible for implementing successful PROJECTs to optimize and streamline PROCESS. The core foundation of Digital Transformation is the choice of PLATFORM, a Platform that can fit within the existing IT infrastructure or that can integrate with the greater IT ecosystem.
Successful transformational strategy implementation and realization requires re-alignment of organization structures, infrastructure changes, change management, skill development, resources and re-assessment of existing projects. All these require changes to or have a direct impact on the 4Ps – PLATFORM, PEOPLE, PROJECT and PROCESS.