In a previous video, I discussed the details of 4Ps of marketing: product, price, place, and promotion. The 4Ps have been in existence for some time and still hold value. There’s an upgraded version of the 4P’s called the S.A.V.E. framework. The reason for this upgrade is due to the fact the 4Ps of marketing places a heavy emphasis on a product and communicating the value of that product. In today’s marketing economy the focus has shifted from a product focus to content marketing such as teaching or content creation. Content marketing holds value, but a product is not always being sold, sometimes the content being created to eventually leads to a sale.
These reasons gave birth to the SAVE framework:
The good news about what was covered with the 4Ps is still valid and there’s is now an opportunity to build on top of that knowledge and make your marketing more effective.
Solution (Upgrade of Price)
Too many times in marketing the mistake is made where someone is communicating all of the features of a product, bragging about how cool it is and the look at all the bells and whistles. They talk as if the product is a Swiss Army knife of features. The real question to focus on is “what is the problem the client is having and how can it be solved?”. Once you focus on the solution now you can start with a problem and then walk users through how to solve that problem by showing them where your product/service helps to solve that problem.
For more information on this check out 8 ways to validate your business idea. In the first point, I mention once you focus your business around solving a problem marketing comes a lot easier.
Access (Upgrade of Place)
The Internet has created a space for instant access and availability. Gone is the absolute need of a brick and mortar store, wherever there is an internet connection there’s access. However you choose to facilitate where you operate a business, a website is absolutely a necessity. Once you have a web presence understand that’s not the only place where you’re going to have interactions. Each interaction with your brand should reinforce the fact you have a solution. People need to be able to easily access your solution to their problem and you should decide on how many channels will you be available through? Social Media? Email? Live Chat? Phone?.
Recently a Fitbit was given to me as a gift, since that time the Fitbit broke and is no longer working. I simply went to the Fitbit website started an online chat told them my issue and immediately they shipped out a new Fitbit. In the past, this level of access was not possible, but not only was my problem solved the positive experience renewed my trust in the company.
Value (Upgraded from Place)
If you accurately communicating the fact that you have a solution to someone’s problem then getting the consumer to understand the value should be fairly easy. The key is to so clearly define the problem that your solution is virtually invaluable. Don’t get too caught up on the price:
you never want to get into a pricing war with your competition, if you’re going to get into a war get into a value war.
When you show that you can produce more value than everyone else pricing is only a reflection of the amount of value someone places on your solution. So the price is the price and if you’re truly solving the problem people will be happy to pay whatever price you set within reason.
Education (Upgraded from Promotion)
Promoting an item is taking a product in trying to inform someone why they should buy instead of that method try teaching a particular subject. As you teach someone you can show how your solution addresses all objections. Your potential clients may see through your education that choosing your solution is a no brainer and also gives you a way to connect with them without looking like you want something in return. Capitalize on the rule of reciprocity: you’re giving away valuable information and in return, people feel drawn to return the favor.
The goal is to become an authoritative voice in a specific niche for your target audience.
If you can become and authoritative voice on a particular subject then people already trust you and whatever you recommend will be trusted as well.
All in all the 4Ps is still useful, but this upgraded version of the 4Ps the to SAVE framework will be more relevant to your business if you’re into content marketing. When merged together a full marketing plan will come to light. I recommend defining both because you cannot truly appreciate the SAVE framework until you’ve defined the 4Ps and learn its limitations.