Marketing Mix Strategy Example – The 7Ps of the online marketing mix are a model for marketing decisions that include placement, promotion, pricing, products, and more.
We will go through the 7 P’s of online marketing, which will expect all aspects of a marketing mix to be online and apply digital technologies to create a marketing mix for the modern business.
Marketing Mix Strategy Example
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The benefit of an online marketing mix in your business model is that understanding all elements of your marketing process enables us to create better, higher performing and profitable online businesses.
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To create and implement the right digital marketing strategy, it is essential to understand how the various elements of an online marketing mix relate to your business.
How to use this information, you may ask? Each business model has different requirements and others may directly benefit from fully online methods; Others require a more mixed strategy to succeed.
In this article, we hope to provide an insight into how to build a business model solely through online methods. With a little modification, it can be used and implemented in your business model as well, even if it is not a 100% online business.
First, we’ll look at what a traditional marketing mix is. We will examine each P individually through the lens of internet marketing to leverage an internet business model.
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The marketing mix traditionally consists of four marketing decisions to deliver business objectives to a specific target market. These four marketing decisions are: product, price, place, and promotion (also known as the four Ps).
Since the inception of the marketing mix (as described by McCarthy in his 1960 book, Basic Marketing: A Managerial Approach), the marketing mix has grown to include more important marketing decisions making it a better tool for business.
The extended marketing mix, also called the 7Ps (Booms and Bittner, 1981), includes the original four of people, processes and physical evidence. The 8Ps mean increasing performance as a key decision. A broad marketing mix is more appropriate for marketing services, and therefore also for online services.
In the 1990s, a set of more customer-driven marketing decisions were added as the Cs were added to improve the overall marketing mix: customer, cost, convenience, and communication (via Lauterborn), or goods, cost, channel, and communication (via Shimizu).
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In an online marketing mix, the product must be 100% online, meaning the product has no physical presence. For example, selling traditional products in an online store is not enough.
We should see the online product as scalable in nature, all processes revolve online:
When creating an online product in an online marketing mix, we need to think about all aspects surrounding the product. Let’s think about the topic through questions that help us offer a better product online.
By answering all the above questions, you are closer to building a high-quality online product that will transform your business model.
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Looking at what types of online product ideas can be included in the product category of our marketing mix. There are two choices we can explore.
A great place to start is building software with online distribution. Then there are product ideas around content: such as creating downloadable books (eBooks, online courses) or creating high-quality content that acts as a product, such as a series of articles and blogs.
Digitizing services to some extent helps your customers become a fully online experience, for example, online consulting services. At the same time, when distribution is online, it still requires the physical presence of personnel, making it difficult to achieve scale.
One way to innovate new online products and business models is to redefine existing physical products in a digital space. For example, streaming music and videos have moved from a physical experience to a fully digital product.
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When it comes to transitioning to new online products, combining decisions in your online marketing mix helps you achieve better results. A crucial determining factor of your online products will be your distribution point or pricing strategy.
Price in an Internet marketing mix refers to the price of a product that your customer will pay. In pricing, we need to include secondary factors, for example, consider what the customer’s perceived value is for a product online and how long it takes the customer to purchase a product.
Time spent agreeing your products with your pricing strategy, including customers, helps you develop more accurate prices for your products. We associate online products with immediate purchase, but in most cases, there are many steps involved for the customer.
Proper pricing of online products is a way to increase revenue with scale. Inefficient pricing strategies will ultimately be the end of the product. The more scales, the smaller problems are scaled.
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A subscription model for an online product is useful if the product itself is not static, meaning that there are updates, the level of complexity of its use or its improvement.
One-time purchase is useful for finished products. When using a one-time purchase pricing strategy, you must include that even a finished product requires customer support and input.
A free model is useful when the product offers specific problem-solving capabilities, as free products without real goals do not work. The most common way to monetize free products is through advertising.
Placement in the online marketing mix means where customers have access to your products. In online marketing, you have many opportunities to sell on a wide range of platforms and methods.
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The best place for your customer is the best place to reach and is suitable for your target audience. If we are strictly looking at online products, what are your solutions for selling? Many things like:
One place in the internet marketing mix is to consider convenience factors for your customers. Enabling the most convenient places for your customers to access your products online is critical to the overall experience.
Your target audience should drive your decisions about your locations, and online product distribution comes down to what is the best distribution model for your chosen location.
When deciding on the niche opportunities in your internet marketing mix, you need to understand how much market coverage you can get within that niche.
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For example, marketplaces (like Amazon or eBay) have more initial coverage due to organic views, even if they are not regulated otherwise. An online store can have a wide reach if you have a budget available to reach your audience.
In general, every online business needs an owned channel (website, online store) and the need to expand to other platforms increases your reach globally and how much target audience you can target.
Promotion in the Internet marketing mix is the use of Internet marketing communication tools to reach your target audience. Promotion includes the use of online advertising, public relations, direct communication, and sales promotions to reach and influence audiences.
Internet marketing offers many effective strategies to choose from to include in your marketing mix. Every business and its online products require different approaches when it comes to reaching their customers.
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Some methods revolve around direct advertising on various platforms, while other strategies revolve around building authority with content or gaining followers on social media.
You can’t invest in every channel out there, and because it exists, the need to first understand your audience is critical to building and implementing an effective online marketing strategy.
Whether you are limited by budget, time, locations, technology or something else, any business can find and use effective online marketing methods to increase their results.
You should include your controls in your initial marketing strategy to avoid plans that you cannot execute properly.
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For example, investing in website content to increase your search engine positions takes time, and when your business needs income today, this strategy won’t help you shine.
A good internet marketing strategy includes your business goals and practical methods to achieve them. Innovation in your marketing decisions is essential to achieving growth.
If we look again at the example of search engine placements, even if it doesn’t grow your business today, it will benefit you in the long run by integrating it into your online advertising stream in the future.
The benefits of online marketing are the ability to track results with strategies used in real time using web analytics. Web analytics in online marketing allows continuous strategy optimization.
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Online marketing is rapidly evolving, new ideas often emerge on how to improve your strategies, and better data collection methods are always helping you find new opportunities.
In promotion, it is essential to have clear strategies on how you will display your brand and its messages across platforms. Diverse platforms can lead to disjointed experiences for consumers, which can lead to poor brand awareness.
Online marketing அக்க்குத்திலியுக்க்குக்க்குமும் தியுக்கை The best products and businesses need people involved in online distribution and direct contact with customers.
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