The traditional marketing mix was established and popularised by marketing experts Philip Kotler and E. Jerome McCarthy in the 1960s. It has been helping businesses ever since to achieve their goals through effective marketing strategies designed to influence target customers. However, with the penetration of the Internet and the growing use of Smartphones, marketers started struggling to grab the attention of the audience.
The need to emulate the traditional process for digital platforms became a necessity and gave birth to the digital marketing mix. The original concept applies to the dynamic and competitive landscape of the Internet. Here is a simple business guide on digital marketing mix and the 4P’s that help build a repertoire of techniques to accomplish marketing goals. Let us understand how the mix can be used for high visibility and online engagement.
The digital marketing mix comprises four elements or the 4 P’s – product, price, place and promotion. As the name suggests, products are the goods you are selling, price is their selling price, the place is the market where you promote them, and promotion is the strategies used to market them.
These elements are used to create an online marketing plan that caters to the needs of the target audience and makes them purchase the products. SEO experts in Gold Coast insist on developing a digital marketing mix because it helps to make the campaigns and promotional efforts more productive.
It is beneficial in identifying the strengths of the plan for making further improvements and determining its weaknesses to get rid of them. Using a combination of the elements helps gain a competitive advantage in the online marketplace. Small businesses can challenge the big players by effectively utilising the digital marketing mix and acquiring a trusted position. Please read ahead to understand the significance of the 4P’s in the marketing plan.
The marketing mix uses the 4P’s to create a unique selling proposition for its brand and stand out from the crowd. Here is how they help to avoid digital marketing mistakes.
1. First P of Marketing Mix – Product
The product is the commodity or service that the business is selling and is in demand among the target audience. These can be tangible goods or intangible services, such as toothpaste, soaps, chocolates, legal consultation, accounting services, hairdressing, etc. Although the target audience needs these products, they must be satisfied with them to continue to purchase them.
Business owners need to ensure consistent demand for their products despite the competition in the market.
Thus, they have to develop a product that is better than others. Businesses need to assess buyers’ pain points and desires to improve their offerings. They must communicate their unique selling proposition and showcase their ability to solve a pressing problem to ensure sales. The product’s name, packaging, and usage are all a part of this element and must be carefully organised to grab the attention of the buyers.
2. Second P of Marketing Mix – Price
The pricing of the product is determined by evaluating the total cost of manufacturing, marketing, distributing and selling it. Also, the business owner needs to add the profit margin to the cost to achieve the revenue goals. They need to consider the pricing of the competitors to ensure the product is able to compete effectively.
One thing that must be kept in mind is that the product price should not be too high or too low. Buyers can switch to competitors’ products if the product is expensive and they are getting the same value at a lower price.
Similarly, if it is too cheap, buyers may suspect quality issues and refrain from purchasing. Pricing should be according to the value offered. For example, Apple prices its products in the premium segment because it offers the highest value to customers in terms of features and resale value.
3. Third P of Marketing Mix – Place
The place is the platform where the brand is visible and products can be accessed by the consumers. In the digital world, there are several places where customers can look at the products, such as company websites, social media pages and shops and e-commerce marketplaces like eBay and Amazon. Other online places include marketing emails, Google Ads, Facebook Ads, Instagram Ads, etc.
SEO experts in Gold Coast create easy-to-navigate and immersive websites to improve the shopping experience of buyers for the same reason. Entrepreneurs need to choose online places for promotion and distribution effectively to increase their online presence and generate maximum views. The reach of the brand is higher when more channels are used to showcase the products.
Also, the digital marketing strategy should focus on improving the engagement on these platforms by promptly responding to questions and comments.
4. Fourth P of Marketing Mix – Promotion
Promotion involves using efficient online communication tools to send marketing messages to potential buyers. Promotion is used with the other three P’s to create an integrated marketing plan that helps persuade customers. Businesses must promote the brand through multiple channels to increase conversions.
The common ways of promotion include sending customised emails through email marketing, search engine ads, display ads, social media posts and ads, blogs and forums. It must be preceded by market research to identify the digital channels used by the customers and the type of content consumed by them. The marketers create a content calendar and media plan according to the data gathered through surveys, interviews and industry reports.
The online promotion tactics are also based on the trends in the industry and the practices used by competitors to grab the attention of the buyers. Social media marketing, search engine optimisation, content marketing, influencer marketing, affiliate marketing and email marketing are a part of this element. The business can follow a multi-channel approach to reach a wider audience and increase traffic to the website.
Using the 4P’s of the digital marketing mix to decide the marketing strategy of the business ensures effective planning and competitive advantage. It fits perfectly in the digital environment and helps attract buyers through cost-effective techniques. Make sure you follow this approach to market products online and gather maximum traction.