By Ryan Shelley
The Marketing Mix, also referred to as the 4P’s of Marketing, has been a staple for business leaders over the years. But is this”traditional approach” out dated? In this video, I’ll share how you can leverage the marketing mix in our digital era to produce a higher ROI for your business.
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As we said in the intro, we’re going to be talking about the marketing mix today. And specifically how does this apply to the digital economy that we’re in? So the marketing mix is also known as the 4P’s, and it’s a foundational model for many businesses. It allows a business to set some objectives and then the tools that they’re going to need to help them meet those objectives and really get their target market. Now, it’s been around quite some time and the reason why is because it works.
I’m a big believer, not trying to reinvent the wheel, but using what works and adapting it to our current situation. So we’re talking about the 4P’s of marketing. These are the P’s we’re addressing. Product, Plays, Promotion, and Price. Product obviously refers to what you’re, you’re selling. It’s something that satisfies the consumer’s needs or their wants. Place is how you provide access to that product. How you engage, where you engage with your users. Price, it’s going to obviously refer to the cost. This is something that has direct impact on revenue, and is very important when we’re looking at marketing because if we don’t understand pricing, then we can’t make sure that we’re using our marketing budget effectively. And then promotion, this is all of the elements like advertising, PR, what you would normally consider digital marketing or marketing activities. But the reality is all four of these has a significant role to play in marketing.
So let’s get into product. Products can either be a tangible good or it can be a service that fulfills a need or want. So traditionally you had things like product design, product of sorts. Branding, you had packaging and label. Now you do see that today and a lot of different places. There’s still obviously physical goods being sold. But even in the digital arena, so today’s digital marketing instead of really product design, we have more user experience and these are where we have to think about the look and the feel of the product itself, how people interact with it digitally, product assortment. We still have that today. Uh, you can have, you know, different tiers of a product if it’s a SAS product, if you …read more
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