Digital marketing strategist, language geek, tech-savvy globalist, jazz enthusiast and salsa pro. Frank @ Mediacode .
In 1960, E. Jerome McCarthy introduced the four elements of marketing: product, promotion, place, and price. This model is widely recognized and taught in Marketing 101 classes as the basic foundation for developing a marketing strategy. However, in the age of the Internet, the traditional model has been overwhelmed by the importance of technology and the ever-changing digital landscape. In this article, I will analyze and give examples of how P has been reinterpreted in the digital generation.
project
In the digital age, the definition of "product" has changed dramatically. Digital products such as music (iTunes), apps (Apple and Google Play), software, and e-books are examples of products that were not available in the traditional marketing era. In addition, digital products are often distributed through digital platforms and distribution channels, requiring different marketing strategies.
Spotify, for example, offers personalized product experiences by using massive data on users' listening habits to curate playlists and recommend new music to users. As another example, when one of our clients - a software company - wanted to expand their product offering to reach a wider audience, we focused on optimizing their website and product pages to provide a better user experience.
promotion
Promotion has always been an important element of marketing strategy and still is in the digital age. However, the shift from traditional marketing (TV ads, billboards, and print ads) to digital channels (search engines, social media, and websites) has revolutionized the way we promote.
Today's digital channels give companies the ability to target specific demographics, track user behavior, and analyze data to improve advertising campaigns. For example, Instagram offers businesses the ability to create sponsored posts that appear in users' feeds based on their interests and behavior.
If one of our luxury real estate clients is looking to increase their online presence and attract more luxury real estate clients, our comprehensive digital marketing plan includes targeted Google and social media advertising campaigns, as well as search engine optimization and email marketing. By effectively leveraging the power of digital channels, brands can increase brand awareness and drive more qualified leads to their websites.
location
The concept of location has also changed significantly in the digital age. Conventional placement refers to the physical placement of a product on a store shelf. In the digital age, placement refers to the online presence of products. Search engine optimization is an important aspect of online publishing. Ranking high on search engine results pages (SERPs) can make a huge difference to a product's visibility and sales.
When one of our clients - a home improvement company - was struggling to rank high in search results and drive organic traffic to their website, our SEO audit showed us that the website structure and content were not fully optimized. We help them build quality backlinks to their website and build local business listings online. These are just a few ways that companies struggling with SEO can start getting more leads from organic traffic sources.
the price
The digital age has also disrupted traditional pricing models. Digital platforms have enabled companies to offer dynamic pricing, where prices fluctuate based on market demand, competition and other factors. For example, airlines and hotels often use dynamic pricing to adjust their prices based on supply and demand. In addition, digital platforms such as Amazon and eBay allow companies to set their own prices and compete in global markets.
In addition to testing dynamic pricing, I recommend that businesses use Google Merchant Center's data analysis and price comparison tools to identify trends and optimize pricing for different categories. We have seen this lead to increased customer sales and more competitive pricing strategies.
The four elements of marketing remain the basic framework for developing marketing strategies. However, the advent of the digital age has redefined how each PP product definition has expanded to include digital products and experiences, merchandising has moved to digital channels, placement has moved online, and pricing has become dynamic.
By following the latest digital marketing trends and leveraging digital channels, you can help your clients achieve their marketing goals and stay ahead of the competition.
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