Does your marketing mix still matter?

Does your marketing mix still matter?

How has the traditional marketing mix fared in the digital world of sales ? In the changing landscape of marketing here are six ways in which the marketing mix has evolved:

1. Expanded definition of product:

In the digital era, the definition of a product has expanded to include digital products and experiences. This includes software, apps, and other digital products that can be delivered online.

2. Shift in promotion:

Promotion has shifted to digital channels, including social media, email marketing, and digital advertising. Digital channels allow marketers to reach a wider audience and target specific demographics.

3. Changes in pricing:

Digital marketing has led to changes in pricing strategies. For example, dynamic pricing, which adjusts prices based on demand, is now possible due to the availability of real-time data.

4. Importance of customer communication:

The rise of digital marketing has made it easier for customers to communicate with brands. As a result, customer communication has become an essential part of the marketing mix. Brands must communicate effectively with customers and invest in digital marketing communication.

5. Incorporation of new concepts:

The marketing mix has incorporated new concepts such as relationship marketing, customer relationship management, co-creation, salesforce automation, and digital marketing.

6. Expansion of the marketing mix:

The marketing mix has expanded from the original 4Ps to include additional elements such as process, physical evidence, and participants. In the modern business landscape, the marketing mix has evolved into 10Ps that are part and parcel of the marketing strategies of many modern businesses.

The mix has evolved in digital marketing to reflect the changing landscape of how your customers communicate and source information via digital channels.

If you are not sure if your marketing mix is as strong as your competitors, why not contact HMA today.