The traditional market mix explains very well different elements of traditional businesses and companies. The online world and digital technologies have paved the way for modern business, and they require new online marketing strategies. Today, we’ll discuss what is digital marketing mix; 4Ps, and the 7Ps of online marketing.
What is Digital Marketing Mix?
Traditionally speaking, the marketing mix comprises four main elements of market decisions that help businesses and companies to achieve their specific goals and objectives. The four market decisions are in the form of product, price, place, and promotion. You can call them 4Ps of the market; 7Ps are the extended market mix comprising of three additional elements; people, process, and physical evidence.
The elements of the digital marketing mix are the same as the traditional market mixes, but they’re for the online products, pricing, placing, and distribution. Understanding the elements of the online market would help you to develop and execute the right market strategy for your business. By you modifying the traditional market mixes, you can use them for the digital market and online modern businesses.
4Ps of Digital Marketing Mix
Different elements of the 4Ps of the digital marketing mix are as follows;
The product would be 100% digital and have intangible traits and features. For instance, when you sell a tangible product online, then it won’t become an online product. When we say the online product, then every aspect should be online in nature and scalable online. However, when you’re developing the online product for the online market, then you have to keep in mind various aspects of the product. They would help you to develop a better online product, and they’re as follows;
- Quality of the online product
- Features and traits
- Designing the online product and delivery system
- Guarantees of the online product
- End cycle of an online product; update-based and upgradable
- Extra services that the product is offering
- Other relevant online products in the same product line
Some of the main ideas for the online product are as follows;
- Online courses
- Blog article
- Video/audio content
Pricing of the online market mixes is the cost that you would charge from the customer for your online product. While setting the price, you have to keep in mind the perceived value of the online product, and how much time it takes for the customers to acquire it. You should set the right price for the online product by keeping in mind the acquisition of the product, whether it’s instant or takes time. Sometimes, the acquisition of the online product comprises various steps like;
- Registration and pre-registration guidelines
- Length of buying process and checkout
- Downloading times
Usually, long and difficult acquisition time would amplify the cost for customers, and it would decrease the sale. However, some of the online pricing strategies are as follows;
- Free model
- Single purchase model
- SaaS (software as a service) model
Place in the online market is the place or point where you offer access to your customers for the online product. You have got various options to sell your online product on various platforms by using different strategies. The best place to reach is wherever your customers feel convenient. In online marketing, some of the top online places for selling your product are as follows;
- Social media platforms
- Dedicated online Store (Shopify, woo-commerce, landing pages)
- Online Market Place (Amazon, eBay, Etsy)
Promotion means the online communication and advertising tools and strategies you employ to approach your target customers. It comprises elements like sales promotions, direct communications, public relations, and direct advertising. However, there are various types of promotional strategies for different types of businesses and online products.
Before implementing any type of strategy, you should know your target customers. I mean the type of platform they’re using and the time they’re active often; develop the most effective online strategy to approach your customers. You would experience limitations of technology, location, timing, and budget.
A good promotional online strategy comprises practical methods of reaching your goals and setting goals. Innovation and creativity are the main elements of the growth of your online promotional strategy. However, some of the main online promotional strategies are as follows;
- Search engine marketing
- Content marketing
- Social media advertising
- Online Advertising
7Ps of Digital Marketing Mix
The remaining three elements of the 7Ps of digital marketing are as follows;
People play a significant role in the online market. Businesses and companies invest a lot of resources in order to remain in contact with customers. However, the key element here is to correctly answer the questions; maintaining and tracking the online interaction between customers and the company.
When you can’t physically communicate with customers, then it is important to offer customer support service. The customer service would allow you to develop the connection socially and maintain it consistently. Some of the main options for customer support are as follows;
- Online reviews like Google My Business
The process comprises required methods and procedures and optimization strategies in order to deliver online products and other experiences. The necessary tasks that are relevant to the product in order to offer a better experience to the customers.
The process optimization depends on the data gathering and measuring by keeping in mind the important KPIs (key performance indicators). It is significant to track the performance of various operations consistently. If you have got a better process, ready for scalable, documenting every step, then it amplifies the chances for the growth of your business.
Physical or online Evidence
The physical evidence outlines various elements of the service experience like souvenirs, post-purchase artifacts, livery, interior design, and facilities. Online businesses don’t have physical evidence attached to them. However, the brand awareness of companies on various platforms is a very good example of online evidence. It brings likes, followers, and user engagements.
- User Engagement
- Brand Design
- Social Media
Conclusion: What is Digital Marketing Mix? 4Ps and 7Ps of Online Marketing
After an in-depth study of what is digital marketing mix; 4Ps and 7Ps of the online market; we have realized that online market mixes are very important for the growth of your online business. If you’re developing an online strategy for your business, you should follow and practice the abovementioned tips and guidelines.
Ahsan Ali Shaw is an accomplished Business Writer, Analyst, and Public Speaker. Other than that, he’s a fun loving person.