Today, professional managers are aware of the digital marketing mix or four Ps. So, let us briefly discuss the key elements of the marketing mix, what they consist of, how to apply these to your marketing strategies, and improve your bottom line. The marketing mix as explained by Philip Kotler is nothing but a group of marketing tools that businesses employ to chase their goals in the targeted segment or market.
Each business is made of four components including price, product, place, and promotion. They are popularly called the four Ps of marketing, an idea coined in the 1960s, which has become a go-model for marketing tactics then and now. With the advent of smartphones and the web, the ideas associated with the four Ps also changed.
According to an article published on Marketingtechnews.net, in the digital landscape, customers are connected socially with each other in parallel webs of communities. The marketing mix is the best tool to help businesses plan what to provide and how to provide to the consumers. So, read on to learn more about the four Ps of digital marketing.
It means the things that people want. It could be a tangible product or an intangible service. Your products could be things like a computer mouse to tires, scuba diving, or health insurance. You are doing business because you are offering something useful to your targeted audience. Your first job is to ascertain what your product offers or for that matter its unique selling proposition or USP. Why customers should buy your product?
When you are offering some products, think of the customers first. You need to realize whether the customers need your product or not. For example, you want to set up affordable food delivery services near offices. People will have a demand for your service in this case. Then, 80 percent of new businesses fail to thrive because they do not know whether customers will need a product or service. They realize it after launching the product.
Price is the number of money consumers is willing to pay for a product or service. Moreover, pricing has profound psychological connotations that all businesses need to adopt. Pricing is a tricky matter for businesses because a high-cost item will drive customers away and they will look elsewhere for an affordable substitute. Then, if you price your products extremely low, it will affect your profit margins. Therefore, you need to understand your targeted customers, what price they are willing to pay for a commodity is effective in ascertaining the best pricing policy for your product or service. If you have products or services to sell, ask experts from digital marketing agency Auckland to figure out the pricing strategy for what you have on offer.
Online pricing is another aspect to mull over, these days. On the web or digital platforms, consumers have the choice to check and compare product prices, including deals and offers. Therefore, display your prices online.
Place means to where the customer is capable of accessing the products and services you have on offer. It means placing the right item in the correct place. Conventionally, it includes retail stores or newspapers.
However, as far as digital marketing is concerned, there are several channels obtainable to meet the customer’s precise requirements. It makes product placement demanding, as there are numerous choices for customer experience. Digital businesses have added to the intricacies, especially when it comes to ‘places’ in the marketing mix. Today, marketers need to figure out which of the distribution channels will possibly change into a lead or an effective sale.
Platforms like social media, emails, and online forms have more relationship aspects, changing the way modern businesses are conducted. It means the ability to respond to Facebook users asking questions, reply to negative feedback on Yelp, and include useful suggestions or answers on Quora.
Many businesses spend much effort and time on the promotional aspect of the digital marketing mix. Then, it is merely one-fourth of the whole scenario. Promotion does translate to marketing. Brands must include their marketing technique and integrate all the four Ps of marketing. That is the only way a business can expand and develop its market share.
Today, marketing communications are employed to ensure the consumers know the specific offer. The tactic is to convince buyers to inquire about the products or services before making a purchase decision. It includes Google My Business, Instagram posts, paid ads, and email newsletters.
Today, with advanced technology, businesses have more platforms and tools to communicate their brand message to customers. Businesses can segregate their consumers based on browsers, devices, social media sites, operating systems, and things like that. In simple words, modern digital marketing channels are making way for customized marketing based on individual consumer needs.
Now that you know about the four Ps of marketing or digital marketing mix, build the solid strategies, understand your audience, launch products, do correct pricing, and implement the right marketing tactics at the right place and time.