The advantage of including a digital marketing mix in your business model is that it aids in your understanding of every aspect of your digital marketing strategy, allowing you to build a better, more efficient, and more successful online business.
You might wonder how the same marketing mix might benefit several companies. Some companies can gain immediately from the best digital marketing agency, while others need a more varied marketing approach to flourish because every business model has various requirements.
We’ll go through the seven P’s of digital marketing in this blog, which thoroughly model and anticipate that every aspect of marketing will take place online, and how to use digital marketing tools to develop a marketing mix for contemporary businesses.
What Is a Digital Marketing Mix
Four fundamental marketing choices that help corporate objectives reach a particular target market make up the standard online marketing mix. Product, Price, Place, and Promotion are the four key considerations in a digital marketing strategy for a brand.
These were the fundamental marketing choices that were successful. To make it a stronger tool for business, the digital marketing mix has expanded to now incorporate more fundamental marketing choices.
The extended digital marketing mix, which includes the original four as well as additional elements like “people,” “process,” and “physical evidence,” is sometimes known as the “7 P’s.”
Online and digital marketing both benefits the most from the broader marketing mix.
Let’s investigate the 7 P’s that contribute to the expansion of online marketing chances.
The product or service must be present online in a digital marketing mix, which means that even though it has physical attributes, it must be promoted online. Digital marketing can be used, for instance, to sell conventional goods online.
You must consider the product or service as something with scalable characteristics, whose online-centric procedures include:
- Creation and management of the product or service
- Pricing of the product or service
- Distribution of the product or service
You can actually create a scalable online product or service if you can make every stage online.
Some services and goods, like software, e-books, online courses, and many more, don’t need to be physically present.
Businesses can now offer customers a totally digital experience thanks to the digitization of some services. For instance, digitally-based online consulting services.
Price in a digital marketing mix refers to the price your clients must pay for the good or service. Secondary considerations like the customer’s perceived value for an online product and taking into account how long it takes a user to acquire a product or service are also taken into account when determining a product’s or service’s price.
It will help you establish a more appropriate price for your goods or services if you factor in the time a customer spends purchasing your product when developing your pricing strategy.
Online purchases can occasionally be made instantly, but most of the time a consumer must go through a number of procedures, including:
- Pre-registration and registration
- Checkout length
- Download times
Long acquisition times might raise the price of the goods for consumers and decrease sales.
The phrase “great pricing strategy” refers to a price plan that uses discount coupons, flexible payment options, and allowances.
The location where you give your clients access to your goods or services is referred to as the place in the digital marketing Plan. To sell your goods and services using a variety of platforms and techniques, there are numerous alternatives in digital marketing.
Discovering the location of your customers’ hangouts is the greatest way to locate it because it will make it easier for you to interact with your target market there.
There are numerous locations where you can market and sell your goods or services, including:
- Social media platforms (selling directly on social apps such as a Facebook shop or by referring traffic to your channel)
- Through a dedicated online store such as Shopify, or WooCommerce.
- Online marketplaces (Amazon, eBay, Etsy, or any other niche marketplace)
Your target market can help you make judgments about locations and the optimal distribution strategy for your goods.
You should consider how much of the target market you can reach inside the chosen area when choosing placement chances for the digital marketing mix.
Utilizing digital marketing services to connect with your target audiences is considered promotion in the context of digital marketing. In order to attract and sway audiences, promotion comprises the use of direct communication, sales promotion, and online advertising methods.
When putting together a marketing mix, online advertising offers a variety of efficient tactics to choose from. Every business needs a unique strategy to reach its clients.
However, just because a digital channel exists does not mean that you should invest in it. Before developing and putting into action an efficient digital marketing strategy for your company, you should first identify your target market.
Your company’s objectives and effective strategies for achieving them are part of a great digital marketing plan. To continue expanding, marketing decisions must be innovative.
There are several methods for digital marketing promotion such as:
- Search Engine Marketing (Google, Bing)
- Search Engine Optimization (SEO)
- Social Media Marketing (SMM)
- Content Marketing
and many more.
The advantage of adopting these internet marketing channels is their ability to use the web analytics function to track the outcomes of initiatives in real time.
People play an important part in the digital marketing mix because firms and products need them for the online distribution and customer touch.
In digital marketing, people are employed to monitor and assess client interactions with businesses via online platforms.
In general, a brand’s values are represented by the employees of the company.
Using social media platforms to offer customer care to your customers is one approach to make it possible for people to contact your brand.
The steps a company should take to optimize and supply its goods and services online are laid out in the digital marketing mix method.
Based on the obtained data and keeping the key performance indicators (KPIs) in mind, you can optimize your business process.
You must continuously monitor the effectiveness of your activities if you want a highly efficient process. By monitoring your performance and procedure, you can identify any important problems far in advance of their occurrence.
7. Physical Evidence (Online Evidence)
Physical evidence is a term used to describe various service components including buildings, interior layouts, and post-purchase artifacts in the traditional marketing mix.
These pieces of evidence, however, do not have a tangible component when it comes to online marketing.
This tangible evidence may be converted to digital form and may adhere to a digital marketing strategy.
Online brand awareness is the ideal illustration of online proof across various marketing platforms. Through the quantity of followers, likes, and other social media interactions, these digital platforms can increase the reach of your online service.
A stronger marketing plan for your brand can be created by incorporating this model of the seven Ps of digital marketing into corporate marketing decisions. These Ps have numerous advantages in marketing, and companies that comprehend how to connect them might use marketing to increase their competitiveness in the market.
If you need help developing your marketing strategy with the 7 P’s in mind, let’s connect or schedule a call with us.