Back in college or at some point in your career, you learned about the 4Ps of marketing: place, price, product, and promotion. Though nearly 60 years old, the 4Ps still hold weight today. However, the marketing landscape has been undergoing drastic changes.
Legislation, like the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA), have been among the most recent changes. Brands now face challenges implementing key marketing tactics such as personalization, which relies heavily on gathering consumer data.
Today, marketers must shift even more to a permission-based data strategy to fuel their personalized marketing strategies.
The new 4Ps of marketing—privacy, permission, personalization, and performance (ROI)—are the way forward for marketers looking to earn consumer trust and loyalty.
1. Privacy: The Cookie Crumbles
Not too long ago, privacy had stopped being a top concern for most US consumers. Today, because of scandals like 2018's Cambridge Analytica debacle and one data breach after another, that attitude has changed. Trust and transparency are now top of mind for consumers, and lawmakers are taking notice.
New legislation like GDPR and CCPA forces brands to take a hard look at how they collect, use, and secure data. More often than not, they also need to make significant changes or face consequences such as heavy penalties, fines, and customer churn.
For years, the cookie served as the reigning king of digital marketing. Unfortunately, the cookie is on its way out. Google announced changes to its Chrome browser that would offer users additional insight into how they are tracked across the Web through cookies.