4Ps (Product, Price, Place and Promotion) in Digital Marketing
In 1960, Edmund Jerome McCarthy, a marketing professor, introduced 4 P’s in his book and defined them as the critical elements involved in marketing a product or service. They are the price, product, place, and promotion. He turned these elements into four invaluable tools that one can use to guide their marketing skills.
It is often referred to as the marketing mix that interacts remarkably with each other. The 4P’s are used by the companies to recognize the critical factors for their business. It also includes the requirements of the customer and how they can stand out from their competitors.
4Ps Role in Digital Marketing
The internet has supported various businesses in the present age to achieve exceptional integration between businesses and customers. People, Physical evidence and Process are the extended factors of primary 4 Ps, which are more relevant to the current business marketing strategy.
This marketing mix gives you a framework to secure Digital marketing basics and ensures that you have a clear idea of the product and customer’s needs.
Essential aspects of Digital Marketing:
How the 4Ps of Digital Marketing work?
The product can either be a tangible product or an intangible service that a company offers to the customers. A product is defined as the bundle of utilities that consists of physical aspects such as brand name, design, volume etc.
A company can improve its after-sales service, packaging and warranties to meet its objective and expand its market. For success, marketers should understand the cycle of a product, whereas Business Executives should plan and build strategies to deal with the products life cycle at every stage.
It involves choosing a place to sell your products and make them available for sale. It is unsure whether your product is available to the customer at the right place and time. Decisions regarding the placing and pricing of the product in retail or outlets are taken in this element. Advertising the product in films, television shows or on web pages garners the attention of the audience.
It is the price that customers pay for the product, how much you charge for the product, and how much the customers are ready to pay. Supply costs, seasonal discounts, and competitor’s prices should be linked to the product’s actual value that will draw in more customers. Therefore, it is vital to analyze and advertise the offers only when required.
It includes marketing, public relations, advertising and promotional strategy. Its primary goal is to tell the audience why they need to purchase your product. To reach the core audience, Digital Marketers tend to tie promotion and placement elements together. It helps to persuade customers to choose a particular product over others in the market. Major online distribution channels used are:
- Search engines
- Display ads
- Digital word of mouth
- Social media
How to use 4Ps of Digital Marketing?
4Ps model can be used when you are planning to start a business. At the same time, it helps to optimize your sales with your target audience. Furthermore, it can be utilized to test your current marketing strategy. Here are a few steps to improve your marketing mix.
- To start by identifying and analyzing your product or service.
- To know the status of your product in the market.
- To know the customer’s perspective on your product.
- To make changes, optimize your marketing mix and keep the audience informed with your product or service’s facts and features.
- To review your marketing mix by regularly improving and growing.
Thanks to modern technology that businesses now have more channels than ever to communicate. A Business can segment its audience based on mobile devices, operating systems, browsers and more. Therefore, digital marketing channels allow personalized marketing.
The primary advantage of 4Ps in Digital Marketing is that an enormous audience can be reached effectively and measurably. Furthermore, it includes increasing brand loyalty and driving online sales, which is vital to create a successful business plan.