The 7 Ps’ For modern businesses, the digital marketing model expects all marketing mix elements to use digital technologies. Understanding how various aspects of an online marketing mix relate to your organisation is critical for developing and implementing an effective digital marketing strategy. Every business model has unique requirements; some can profit directly from fully online approaches, while others require a more hybrid approach to thrive.
You may be familiar with the 7 Ps’ of the marketing mix, which is commonly used in marketing businesses. Although these strategies are most widely used in general marketing, they can also be used in the digital world.
Understanding Marketing Mix
The marketing mix refers to the strategies used to meet the needs of consumers and effectively position our offering in their minds. It includes the 7Ps (Product, Price, Place, and Promotion) and three additional aspects that assist us in addressing marketing service issues. This paradigm’s 7 Ps version, which includes physical evidence, people, and process, is currently more widely used. This is especially true for digital marketing, a business rather than a tangible commodity.
Product
To begin, adopt the mindset of an outside marketing consultant brought in to assist your company in determining whether or not it is in the right business at this time. Pose probing questions such as, “Is your current product or service, or a product and service combination, viable? Are they relevant and appropriate for today’s market?” When you’re not selling as many of your products or services as you’d like, make a habit of honestly assessing your business and asking yourself the following questions:
- Are these the most appropriate products or services for our customers right now?
- Is there any product or service you’re currently offering that, knowing what you now know, you wouldn’t provide again today?
- Is your product or service significantly superior to anything else on the market when compared to your competitors?
- If so, what exactly is it? If not, could you carve out a niche for yourself?
- Should you offer this product or service at all in today’s market?
Price
Price is the second P in the formula. Develop the habit of constantly examining and reexamining the prices of your products and services to ensure they remain appropriate to market realities. Prices must sometimes be reduced; other times, you may need to raise your prices. Many businesses have discovered that the profitability of specific products or services needs to justify the time and effort required to produce them. They may lose some customers due to raising their prices, but the remaining percentage generates a profit on every sale.
You may need to modify your terms and conditions of sale from time to time. Sometimes, by spreading your price out over months or years, you can sell far more than you are now, and the interest you can charge will more than compensate for the delay in cash receipts. You can sometimes combine products and services with special offers and promotions.
Promotion
In the digital marketing mix, promotion includes advertising, promotional strategies such as discounts, and communications with your target audience. There are numerous effective promotion strategies available through digital marketing services, but the best methods for each business vary. Buying display ads on various websites, pay-per-click advertising, and building a social media following are some methods.
However, you cannot and should not invest in some available channels simply because they exist. Time, budget, and technology are all factors that will limit the type of promotion you can do and on which platforms you can do it. For example, if you own a small business, you may need more time or money to invest in pay-per-click ads, SEO optimisation, and content marketing.
Place
The actual location where your product or service is sold is the fourth P in the marketing mix. Make it a habit to go over and reflect on the exact location where the customer meets the salesperson. A shift in place can sometimes result in a surge in sales. You can sell your product in a variety of locations. Some businesses use direct selling, sending salespeople out to meet and talk with prospects. Some people sell by telemarketing. Some businesses sell via catalogues or mail orders. Some sell their wares at trade shows or in retail stores. Some sell in collaboration with other companies that sell similar products or services.
In each case, the entrepreneur must make the best decision regarding the best location or location for the customer to receive critical purchasing information on the product or service required to make a purchasing decision.
People
The term “people” in digital marketing does not only refer to the target audience or customers, it includes you and your employees. You’ll want to ensure that everyone in your organisation works together to provide the best possible customer experience. A customer support system is critical to allow your customers and employees to interact seamlessly and efficiently. Responding to your customer’s questions and concerns can make or break your online business. For example, an e-commerce website should have an easily accessible LiveChat feature. Social media can also be used to provide customer service.
Process
As a marketing decision in the online marketing mix, the process defines the necessary procedures and optimisation of delivering online products and core experiences. What tasks are required for a product to provide its users with its core experience? Process optimisation is based on data collection and measurement with key performance indicators (KPIs) in mind. To have an optimised process, you must constantly track the success of your operations in your marketing mix.
The better the process, the more ready we are to scale. Documenting every step we take increases our chances of understanding the health of a business from the perspective of online marketing. Tracking processes and overall system performance allows us to detect critical errors before they occur or, at the very least, detect them very early before any significant failures occur.
Physical Evidence
Physical evidence refers to the various elements of the service experience, such as facilities, interior designs, livery, and post-purchase artefacts, in the extended marketing mix (souvenirs). This evidence will not have a physical component in an online setting. However, the digitalization of this physical evidence is still a viable option and an important marketing decision.
An excellent example of online evidence is online brand awareness across multiple channels. The number of followers, likes, and other social engagement metrics can indicate how well these channels expand service experiences. The design of a website is important online evidence because, in most cases, it is the most important channel for an online business. Your website’s design elements significantly impact your customers’ non-human service experiences when interacting with your online business.
Conclusion:
Incorporating the seven Ps of digital marketing into a company’s marketing decision-making process will result in a more effective marketing strategy for your company. Businesses that understand how to integrate all marketing elements can increase their competitive advantage in the marketplace. Marketing decisions concerning the product, price, location, promotion, people, process, and physical proof have numerous benefits.
Digitalmediaads.co.uk is a leading digital marketing agency based in the UK that can help you plan and strategies your marketing efforts based on factual data and calculations to meet your objectives and create happy customers. Many businesses in various industries have benefited from our assistance in improving their marketing strategy. Our digital marketing services in London have aided brands in connecting with their customers by utilizing a multi-channel marketing approach.