The rapid growth of technology has taken over our daily lives, moreover, the way we do marketing. To define, digital marketing is marketing activities that are done online, for example, email marketing, social media, blog posts, mobile marketing and websites. In marketing we were taught that the 4Ps are a fundamental part of marketing, does that still hold true even in the digital age? Naturally, everything evolves, so why not the 4Ps. How does digital marketing affect the 4Ps of the marketing mix?
There is a considerate amount of marketers that’s moving from traditional marketing to digital marketing to keep abreast with time. Besides, it’s cheaper to advertise online than offline.
The marketing mix is the basic framework for any marketing strategy. How can you plan without knowing the product, price, place and type of promotion? By making use of the marketing mix one can plan for the future.
Before we dive into the relevancy of the 4Ps in digital marketing, let's first go back to the old school method and define each element.
In traditional marketing, the first element of the marketing mix is the product, which is either a tangible or intangible item. It is something that the consumers get in return for monetary value.
The second element of the marketing mix is price, this is the actual monetary value of the product or services. Price can affect the product's position as well as the profit margins.
Promotions are the third element of the marketing mix. This is the contact point between the product and the consumer, where the brand is introduced to the consumer. Promotions can be anything from a press release, billboards, magazine publications or even TV ads.
The last element will be Place, also known as distribution. Distribution is the process of getting the product to the consumer, either via air, sea or, a courier company? Another aspect of Place is where the item will be sold, the physical store and location.
The evolution of technology has affected the way we communicate to consumers. As technology has evolved so has marketing. Traditional marketing is fading at a rapid pace, and digital marketing is taking over.
With digital marketing, you’ll be advertising products that cannot be touched at the moment of purchase. The consumer will only experience the product once they have received it. Even though products are sold online, the product quality still plays a vital role. By providing a high-quality product, end-users will experience this and provide positive feedback, leading to positive word-of-mouth about your company's brand.
Price can also be affected when it comes to digital marketing. Consumers can compare prices online, as this is also a major selling point. Due to the internet and its vast network of information, it has come to a point where the consumer can compare your brand and prices to your competitors. So, as a reseller, it's imperative to justify your high cost. With an online store, you’ll be able to cut certain distribution cost, due to the fact that you do not need to transport stock to certain stores.
Nowadays, marketers can promote directly to consumers by personalising their messages. A more specific target audience can be reached with the help of Facebook insights and GA. Some of the popular ways to promote are through social media postings and email marketing. Further options could be AdWords, your website, or mobile marketing. Consumers spend a vast amount of time on their smartphones, thus they can be reached 24/7. They are also doing research about your brand, this is where a sound review will help with closing the deal.
Finally, place or distribution. Consumers spend so much time on the internet that they even do their shopping on certain websites. With regards to place, resellers can either have a Brick and Mortar store with an online store or they can have an online-only store(e.g. Takealot). Consumers visit these virtual stores, where they choose their items, check out and pay. No more long queues or driving to different places for a specific item. Some companies don't hold stock and only order from the supplier when the consumer orders from them.
Organisations are moving away from traditional marketing and following the digital marketing way. Even if you are still using traditional marketing, you’ll have to adapt to digital marketing eventually to keep up with the ever-changing technology.Â