In the world of marketing, the 4 P’s have come to be known as Product, Price, Promotion, and Place. With the emergence of social media, marketing now has a fifth “P”, for “People.” The “people” strategy has a deeper and more profound consumer targeting. It involves listening and engaging with people that could possibly touch or influence your potential customers. This fifth “P” is a new, but important, addition to the marketing mix with the large, growing world of social media.
In order for marketers to reach their targeted audience with social media, it involves being more engaged and interactive with their current clients, with the intention of drawing in new and potential clients. Social media sites allow for this interaction and the interaction is crucial in today’s changing world. So when you are ready to launch your new marketing or advertising campaign, don’t forget the new addition to the P’s, because it will be important for your success.