Understanding Effective Marketing Mix in Digital Marketing
Learn all about digital marketing, we have built this glossary to help you understand everything to thrive in online marketing and promoting your website or business.
What is Marketing Mix?
The Marketing Mix is a business tool, a fundamental model used in marketing that outlines the four key elements of any marketing plan. These elements are often referred to as the 4Ps, comprising Product, Price, Place, and Promotion. In digital marketing, an extended marketing mix, incorporating three additional elements — People, Process, and Physical Evidence — is often used, particularly in service-focused businesses.
The Marketing Mix is crucial as it helps you understand what your product or service can offer and how to plan successfully for a combination of these factors. This can greatly help your business take the right steps towards achieving your objectives and driving success.
Nevertheless, the Marketing Mix isn't a one-size-fits-all solution. It should be adopted flexibly and should evolve with the changes in market conditions or customer preferences.
Marketing Mix's Role in Digital Marketing
In digital marketing, the Marketing Mix plays a crucial role in defining your brand's image and positioning, while helping to develop effective marketing strategies. It assists in identifying the key attributes of the product, defining the suitable price point, determining the optimal place to reach potential customers, and choosing the right promotional techniques to communicate your brand message.
With the evolution of marketing to an online-based paradigm, the marketing mix helps businesses in adopting effective digital marketing strategies. By employing the 4Ps, businesses can build an efficient e-commerce strategy that ensures the product is adequately accessible, is priced attractively, and is strongly promoted in a manner that appeals to the target audience.
Moreover, the extended marketing mix — People, Process, and Physical Evidence — play a vital role in enhancing the customer experience in digital marketing. People and Process relate to how an online service is delivered, whilst Physical Evidence refers to tangible or intangible proof of a successful transaction or action.
Marketing Mix Examples
Amazon implements an effective marketing mix in its digital marketing strategy. Its Product mix includes a wide variety of offerings, from books to consumer electronics. It Price them competitively to attract a broader customer base. The Place includes its website and mobile app. Promotion is carried out through various channels like targeted email marketing and specialized online advertisements.
Similarly, Google's marketing mix is also noteworthy. Its Product includes services like Search Engine, Google Docs, Google Drive, etc. The Price is often free for the basic services and charges for premium or business services. The Place is available worldwide via the web and mobile apps. Promotion is done via its own platform and other online channels.
Finally, Netflix's marketing mix constitutes their Product, their streaming service. The Price varies depending on the subscription plan. The place is through their website and app. Promotion is via personalized email recommendations, social media, and other online channels. In each example, companies are leveraging the marketing mix in their digital marketing strategies, proving its effectiveness and relevance.