The Fifth P Of The Modern Marketing Mix: Performance
CEO and co-founder of Catchpoint , an online sustainability company.
In today's fast-paced digital world, the traditional four-element marketing mix (product, promotion, place and price) is no longer sufficient. In the internet age, with ever-increasing competition, marketers must now consider the fifth element, performance, to stay ahead (and stay). Productivity growth reflects the importance of technology and the ever-changing digital landscape.
Currently, not only digital products such as music (iTunes, Spotify), applications (Apple, Google Play), software and e-books are widespread. it directs our life. .
Importance of performance
As digital channels expand, customer expectations continue to rise. They require uninterrupted and efficient use of the Internet. A slow or unresponsive website can quickly lead to lost leads and lost revenue.
Various studies and statistics show the impact of site speed and performance on customer conversions, user experience and sales:
• Forty percent of users leave sites that take longer than three seconds to load.
• Seventy-four percent of users will leave a mobile site that takes longer than five seconds to load.
• A one second page response delay can result in a 7% drop in prospects.
• Lead conversion rates are highest when the website loads one to two seconds.
• Eighty-five percent of B2B buyers expect mobile-optimized content.
Companies must focus on optimizing the performance of their digital assets to meet changing consumer expectations and gain a competitive advantage.
What is controlled gets better
It is very important to strengthen the role of Internet Performance Monitoring (IPM) to include powerful optimizations to improve user experience. By proactively measuring, analyzing and improving the performance of their digital channels, organizations can increase customer satisfaction and increase conversion rates.
I have encountered this many times in my career working with some of the world's leading organizations to develop robust IPM strategies that enable them to clearly understand the current state of digital performance from an end-user perspective. and develop marketing tactics. it might work. .
When I created the first quality service department at Google DoubleClick in my last position before founding Catchpoint, we did just that. As a result of developing a performance-driven mindset and monitoring the effectiveness of our advertising from the customer's point of view, we are able to take meaningful action faster than any competitor.
The marketing mix focuses on results
To integrate performance into the marketing mix, companies should consider the following aspects:
product performance
Make sure your products and services deliver the desired level of performance. This includes evaluating factors such as website load time, app responsiveness and user experience, not only across devices and platforms, but also in a broader perspective. (Your website can load in less than a second, but it can take up to 23 hours to answer a call from the call center.)
Promotion efficiency
Track the performance of your ad campaigns by analyzing their impact on site traffic, conversion rates and other key performance indicators (KPIs). Use this data to optimize your advertising strategy, prevent performance degradation and learn how to allocate resources more efficiently.
Placement efficiency
Evaluate the effectiveness of your distribution channel (in the digital age, location depends on product visibility on the web) and identify areas for improvement. SEO is an important part of this, and Core Web Vitals play a big role in determining whether you rank high or low on search engine results pages (SERPs).
Explore options to optimize your website for mobile devices, improve your content delivery network (CDN) or invest in new technology to speed up your website and not only improve your search rankings, but also simplify the checkout process.
Performance measurement and optimization
Develop a robust Internet performance monitoring strategy to identify and resolve potential problems caused by various aspects of the Internet stack. Regularly evaluate and optimize the performance of your digital channels to ensure a smooth user experience.
Increase your productivity to give yourself a competitive edge
In today's digital age, including performance as the fifth component of the marketing mix is essential to keeping companies competitive. By prioritizing performance optimization and closely monitoring KPIs, marketers can improve customer satisfaction, increase conversion rates, and achieve better results.
Companies must adapt to the ever-changing digital landscape and be prepared to constantly improve their marketing strategy. Integrating performance into your marketing mix is a powerful way to align your organization with the changing demands of the digital world and ensure a long-term competitive advantage.
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