Impact of Digital Media on the Marketing Mix

Impact of Digital Media on the Marketing Mix

In this lesson, you’re expected to:
– understand how the 4 Ps are affected by the digital world
– learn about key elements and channels to include in your digital marketing mix

Do you remember the 4 Ps that make up the marketing mix? Here’s a quick recap:

The core 4 Ps of the marketing mix are Product, Price, Place and Promotion.

The extended marketing mix or service mix includes: People, Process and Physical Evidence.

Enlarged image: http://bit.ly/2jUHCHW
The digital marketing mix is essentially the same as the traditional marketing mix. It is simply the adaptation of product, price, place and promotion to the digital marketing context.
The 4 Ps of marketing have been a staple in brand strategy of all successful businesses since the term “marketing mix” emerged in the early 1960s. The advent of the Internet, however, has changed the consumer like never before.

There’s no doubt that brands need to rethink the 4 Ps of Product, Price, Place and Promotion to stay relevant in the marketplaces of today.

Let’s take a quick look at some of the new facets of the 4 Ps in the digital world:

Digital Marketing Mix
1) Product

In the digital marketplace, the focus on the product has remained, but has been supplemented by the user experience (UX). While the digital marketplace may sell the same products as a physical store, the customer experience is vastly different as it lacks several components of the buying experience, such as touching the product, talking to an assistant etc.

This has been replaced by the focus on the digital user experience, like customer base preferences and product comparison, thus emphasizing the importance of UX.

[Optional] The Importance of User Experience for Digital Marketing: 5 Key Tips
2) Price

While this is among the least changed element in the marketing mix, the increased visibility of competitor pricing has also caused a significant change in the overall brand strategy of a successful business.

New trends include price offers, discount offers on continuous purchases and the increasing relevance of competitive pricingas consumers expect better product pricing from digital marketplaces.

3) Place

Places for brand visibility and customer outreach in the virtual world are largely dependent on the positions at which the brand appears in search engine ranking pages, organic as well as paid visibility and the overall brand presence on social media.

4) Promotion

Promotion is perhaps the most widely affected component of the 4 Ps. With increased marketing intelligence and insights into consumer behavior, marketers and brand managers are today able to target their communication with extremely high degrees of precision and accuracy.

The ability to target brand communication has definitely changed the way marketers conduct promotional activities.

[Optional] Digital Marketing Mix
Watch this 2-minute video to learn more.

Link to the video: https://www.youtube.com/watch?v=N9Jjt2iH_Zg

Key elements of Digital Marketing Mix
Business owners, from small businesses all the way up to large corporations, struggle with what needs to be in their own combination of digital marketing.

It can be a challenge because the options continually change and evolve.

You need to focus on a variety of marketing channels in order to be successful (the omni-channel strategy) and you need to reach out to your audience several times (multi-touchpoint).

You can’t expect just one interaction with a potential customers to result in a sale.

It’s important to have a consistent marketing plan that includes a variety of digital strategies. This allows you to connect with customers multiple times, consistently, and in unexpected ways.

Let’s explore the main marketing channels that should be in your digital marketing mix, irrespective of your company size.

1) Email

Email needs to be part of your strategy. Whether you are using it for loyalty building with an established audience, or being proactive in email marketing with third-party lists, you need to have a strategy in this digital channel.

The truth is that email is not going anywhere. In fact, as new digital channels emerge, email has stayed as a constant form of digital communication, and people check their email at least once a day.

A solid email marketing strategy will include multiple email sends at strategic times of the day. You’ll also want to make sure you use strategic lists based on data that fit your key demographics.

[Optional] Why Email is THE Digital Channel for Business
2) Social Media Ads

There are a couple of ways to approach social media: from a purely organic marketing perspective and from a paidperspective. Social media advertising can provide viable solutions for digital advertising, and at very affordable costs.

Not all social media channels are effective for advertising yet, but they are constantly evolving. The best part is that these social media channels are constantly fighting to be #1, which means that they are constantly improving their advertising capabilities.

3) Display Ads

Display ads are another powereful tool in a marketing mix. There are so many different applications to place display advertising, and when combined with retargeting* strategies, these ads have an exponential effect.

You can literally follow potential customers around and serve ads to them on websites they visit, videos they watch, and social media sites they visit.  An infographic created by Wishpond shows that users who are retargeted are 70% more likely to convert. That’s a good reason to include retargeting in your marketing mix.

Retargeting, also known as remarketing, is a form of online advertising that can help you keep your brand in front of bounced traffic after they leave your website.
[Optional] 7 Incredible Retargeting Ad Stats
4) Geo-Fencing

The mobile nature of our digital world allows marketers to follow and track their consumers. Users inadvertently “tell” the world where they are, which allows you to be strategic.

For example, a car dealership can serve up ads via mobile apps while consumers are at nearby dealerships or after they’ve visited a particular dealership.

5) Content Marketing

People are savvy these days and have learned to ignore many ads, whether in a magazine or online. But give them something of value and they are definitely paying attention.

Infographics, blog articles, instructional or entertaining videos, and e-books are just a few examples of “content” that can grab your customers’ attention and get your brand in front of them.

The Content Marketing Institute* is a great resource to help your small business get started on reaching your audience.

* Check out their website to learn more: http://contentmarketinginstitute.com/
[Optional] Content Marketing Made Simple: A Step-by-Step Guide
Check out this article by Neil Patel to find out more:
http://neilpatel.com/what-is-content-marketing/
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