Kristen D'Arcy, vp/global digital at Coty, discussed this subject at MediaPost's OMMA Audience Targeting Conference, an event held during Advertising Week 2014 in New York.
And she suggested that the long-standing marketing mantra of product, price, promotion and place – or the "4Ps" – is increasingly irrelevant in the new-media era. (For more, including details of all the 5Cs and related case studies, read Warc's report: Coty moves from the "4Ps" to the "5Cs".)
"Because of this digital revolution, the 4Ps of marketing are dead," D'Arcy said. "Truly, we are living in a totally different world."
More specifically, at a time when millennials – a demographic she called the "sharing generation" – are reshaping the rules of business, the "5Cs" seem to offer greater insight.
"We know that the consumer's online experience with us is incredibly important if we want to drive that offline sale in bricks and mortar," said D'Arcy.
In this context, providing a constant stream of engaging content can help marketers forge deeper relationships with their target audience.
"We know we need to have empathy with customers; we know we need to enable experiences with our brands among consumers. And that happens through both content as well as co-creation," said D'Arcy.
Convenience, another key part of the firm's marketing formula, relates to delivering a consistent omnichannel experience and a slate of purchase options that match customer needs and preferences.
"We know that they want seamless accessibility to purchase whenever, wherever – and it's on [their] terms," said D'Arcy.
The desire for curation also plays into this idea. "We said that they want to buy with ease and convenience, but they also want an experience that's tailor-made for them," said D'Arcy.
Such thinking, she added, has inspired innovative campaigns for the fragrances CK One and Daisy by Marc Jacobs, with Sally Hansen another brand set to benefit from this approach with a forthcoming social platform.
Data sourced from Warc