Once we are going to start a digital marketing strategy or plan, there are some important aspects that we have to take into account from the very beginning, namely: price, promotion, product, distribution… concepts that, surely, are already included in your analysis.
What you may not know is that these concepts are part of what are known as marketing mix strategy variables.
It is of vital importance to know these variables that are part of the marketing mix, to know what they consist of and of course how to manage these concepts that are the basis of marketing.
Generally speaking, they will help you to contact your target audience, improve your brand image or reputation and, above all, achieve a good number of sales.
Table of contents
Marketing Mix: Definition
The marketing mix refers to the set of tactics or actions that a company can use or implement to promote your brand and your products in the market.
It is made up of the marketing mix variables, known as the “4Ps”, namely: Product, Price, Place and Promotion.
What is the Marketing Mix for companies
The Marketing Mix, in general, consists of playing the concept of the 4Ps properly, that is, making the right product available to the public, at the right time and at the fairest possible price.
To do this correctly, first of all, we will need to know in detail the variables of the Marketing Mix, which we will see below.
In this way we can say that the Marketing Mix is made up of four very important pieces that together help enormously to the success of a business.
These four variables, price, place, promotion and product, known as the “4 Ps”, form the basis of what your company is all about.
At the end of the day, selling the right product at the right price is how good business is done.
Marketing Mix Strategies: The familiar 4Ps
The Marketing Mix, as we have already mentioned, is made up of 4 fundamental elements: Product, Price, Place or distribution and Promotion. All these elements have a close relationship with each other, we explain it in a simple way.
The company will need to sell its value proposition, this is understood in the product, which has to satisfy a real need of the consumer and of course in exchange for a price. To verify that this solution to the consumer’s problem is reliable, a correct promotion will be necessary and finally it has to be available so that it can be put in the hands of the users.
These four ideas have to be in flat agreement for sales to be positive, both for the company and for the consumer.
Next we will see each one of them separately, it is important to know each one of them in detail.
Product
The product, we can say that it is the cornerstone of any digital marketing campaign, in general everything revolves around your product, what you want to sell and promote.
The product is created to provide a solution to a possible problem of a particular sector or market niche, so that the process of creation and design has to be detailed based on the market niche and therefore the target audience that we are going to address.
When we want to launch a new product or service to the market, we start a process that already includes several stages. It is necessary to make a previous analysis of the market to which we are going to address, work in parallel with the brand image and, based on this, design a sales strategy, after-sales service, product packaging and everything that can influence.
It is of vital importance for you, the seller, to know the needs of consumers, but also to know how to assess and change your catalog, so that you can not only adapt to the changing market, but also stimulate demand if the interest of the target audience has decreased.
Generally speaking, it is vital to cover all the points linked to a product so that it really becomes a success.
Price
Price is one of the variables in the marketing mix that causes most concern or frustration when it comes to developing a marketing strategy.
This is due to the fact that price, if we think about it logically, is one of the most important variables for the consumer and the one he pays most attention to. Determining a fair and logical price or value for what you want to sell is of vital importance.
One of the most common mistakes when determining a price, is to put by intuition. Before setting any price value to our products, it is necessary and even essential to know very well the public you are going to address.
In the same way, it is essential to make a study of the marking situation, to echo how is the marking in the sector that we are going to address and the trends or imposed rules that govern it. Additionally, it is important to know your competitors and see what prices they usually charge for their products
For example, if you are going to sell high quality or luxury products, a high price will serve to position the brand and reinforce its image and reputation. On the other hand, if you set a high price for a standard quality service, you will show a regular image.
You have to know where you stand in the market and at the same time know how consumers perceive you. The way to set a price is to base it on a thorough analysis of this type.
Place or Distribution
This section includes all the actions or activities that can be implemented to make the product or service available to the user or rather to our potential customer, we will determine the most advisable place with the clear intention of increasing sales.
The concept of accessibility in the distribution is extremely important, we always have to keep in mind that the distribution must be done in accessible places.
The nature of your article has a great influence on this aspect. Logically, something physical or a service that can only be enjoyed online is not the same thing. Thus, even if your product offer is excellent, it does not necessarily have to work well everywhere, it is important to make a prior analysis of the places where you will achieve greater profitability.
You will have to pay attention to some very important points, such as that the supplier is close, the storage of the products, the transport of the merchandise, the shipping costs, minimum quantities to place an order, the waiting time until the buyer acquires the product.
Promotion
This variable refers to all the activities that the developing company undertakes to make its product known to as many people as possible within the sector or market niche to which it corresponds.
The primary objective is to increase the possibilities of obtaining sales and consequently income, at this point where the advertising and commercial diffusion actions are put into practice.
Nowadays there are many channels through which to carry out product promotion actions, since the Internet has expanded the possible options to attract attention or contact potential customers.
Such as social media strategies, email marketing, blogs, a wide range of product catalogs, etc..
It is necessary to analyze the available options in relation to our target audience, to implement those that we consider that will give us better results.
4Ps and 7Ps Marketing Mix Model
In a more generic way, the Marketing Mix strategy, as we have seen, is associated with the 4Ps model. But in turn, when we talk about services and not physical products, it is normal to see a 7Ps model.
Thus, in addition to the original 4Ps of price, product, distribution and promotion, people, process and physical evidence are added.
The first point, people, refers to the employees and the company’s corporate culture, which will determine the service to be provided.
The process will help us to know or identify how our service is consumed, as well as to verify if the process is correctly adapted to the company, in order to maximize the benefit.
Finally, we have the physical evidence, this refers to the fact that all services have some physical element even though they are intangible, such as digital files, invoices, etc…
Conclusions
The digital environment has drastically changed the way we visualize or promote services and products, how to analyze the market or our potential customer, in order to generate products or services tailored to their needs.
Considering the variables of the Marketing Mix, the product, the price and the promotion is of utmost importance for marketing; and if you choose to adapt it with the elements and determining factors in digital marketing, it does not sound unreasonable to say that you could be facing a winning strategy.
With these elements in your hand, you will capture the attention of potential customers and at the same time, influence them in a positive way so that they believe in your brand and become your fan.
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