Rethinking The 4 P's In The Digital Marketing Mix
Digital marketing strategist, linguist, tech-savvy traveler, jazz and salsa lover. Frank @ Good Media .
Every year in 1960, E.J. Jerome McCarthy Four principles of marketing: product, promotion, positioning and price. This model has been popularized and taught in Marketing 101 courses as a basis for developing marketing strategies. However, in the age of the Internet, the traditional model has been influenced by the importance of technology and the ever-changing digital landscape. In this article, I will analyze and give examples of how P is redefined in the digital generation.
project
The concept of “product” has changed dramatically in the digital age. Digital products such as music (iTunes), apps (Apple and Google Play), software and e-books are examples of products that did not exist in the age of traditional marketing. Moreover, digital products are often offered through digital platforms and distribution channels, requiring different marketing strategies.
For example, Spotify offers a personalized product experience by using extensive data about users' listening habits to create playlists and recommend new music to users. As another example, when one of our clients, a software company, wanted to expand their product offering to reach a wider audience, we focused on optimizing their websites and product pages to provide a better user experience.
elevators
Presentation has always been an important part of marketing strategies and continues to be so in the digital age. But the shift from traditional marketing (TV ads, billboards, print ads) to digital channels (search engines, social media, websites) has changed the way advertising is done.
Today, digital channels give businesses the ability to target specific demographics, track user behavior, and analyze data to improve ad campaigns. For example, Instagram gives businesses the ability to create sponsored posts that appear in users' feeds based on their interests and behavior.
When one of our luxury real estate clients wanted to increase their online presence and reach high-end clients, our comprehensive digital marketing plan included targeted advertising campaigns from Google and social media, as well as search engine optimization and email marketing. By leveraging the power of digital channels, brands can increase brand awareness and increase quality traffic to their website.
position
In the digital age, the concept of classification has undergone significant changes. Conventional placement refers to the physical arrangement of products on store shelves. In the digital age, positioning refers to the appearance of a product on the web. Search engine optimization is an important factor in the positioning of websites on the Internet. A high ranking on search engine result pages (SERPs) has a significant impact on product visibility and sales.
When one of our clients, a home renovation company, was struggling to rank high in the SERPs and drive organic traffic to their website, our SEO audit showed us that the structure and content of the website had not been fully optimized. We also help them build quality backlinks to their websites and build local online business listings. These are just a few of the ways companies struggling with SEO can start getting more leads from organic traffic sources.
price
The digital age has also changed the traditional pricing model. Digital platforms have allowed companies to offer flexible pricing, with prices depending on market demand, competition and other factors. For example, airlines and hotels often use variable prices to adjust their prices based on supply and demand. What's more, digital platforms like Amazon and eBay allow companies to set their own prices and compete in the global marketplace.
In addition to testing dynamic pricing, I recommend that businesses use data analytics and the Google Merchant Center price comparison tool to spot trends and improve category pricing. We have seen this lead to increased customer sales and a more competitive pricing strategy.
The four elements of marketing remain the basic foundation for developing marketing strategies. However, the advent of the digital age has changed the definition of how each P is realized. The product definition has expanded to include digital products and experiences, advertising has moved to digital channels, distribution has moved online, and pricing has become flexible.
By following the latest digital marketing trends and leveraging the power of digital channels, you can help your customers achieve their marketing goals and stay ahead of the competition.
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