He is the CEO and co-founder of Catchpoint , an internet hosting company .
In today's rapidly changing digital world, the traditional marketing mix of the four songs (product, promotion, positioning and price) is no longer sufficient. In the age of the Internet, with ever-increasing competition, marketers must now incorporate a fifth element, performance, to stay (and stay) ahead. The increased performance reflects the importance of technology and the ever-changing digital landscape.
Digital products today are not as widespread as music (iTunes, Spotify), applications (Apple, Google Play), software, and e-books, but we believe that all businesses rely on the Internet to do business. It takes our lives
The importance of performance
As digital channels expand, so do customer expectations. They need a smooth and efficient online experience. A slow or unresponsive website can quickly lead to lost leads and revenue.
Various studies and statistics show the impact of website speed and performance on customer conversions, user experience and sales:
• 40% of users abandon websites that take more than three seconds to load.
• 74% of users abandon a mobile website that takes more than five seconds to load.
• A page response delay of one second can result in a 7% drop in conversions.
Lead conversion rates are higher when the website takes a second or two to load.
85% of B2B buyers expect mobile-optimized content.
Businesses must focus on optimizing the performance of their digital assets to meet ever-changing consumer needs and gain a competitive advantage.
What is controlled improves
Increasing the role of Internet Performance Monitoring (IPM) is critical to enabling tight optimization to improve the user experience. By proactively measuring, analyzing and improving the performance of their digital channels, organizations can improve customer satisfaction and achieve higher conversion rates.
I've seen this many times in my career, working with some of the world's leading organizations to develop robust IPM strategies, accurately understanding their current digital performance from an end-user perspective, and developing marketing strategies. It can be highlighted.
When I created the first QoS department at Google DoubleClick before I created Catchpoint, we did that. By developing a performance-oriented mindset and tracking the performance of our ads from a customer perspective, we can take steps to be faster than any competitor.
Performance oriented marketing mix
To integrate performance into the marketing mix, companies should consider:
Product performance
Make sure your products and services deliver the level of performance you need. This includes evaluating things like website load times, app responsiveness, and user experience from a holistic perspective across multiple devices and platforms. (Your website might load in less than a second, but it might take 23 hours for someone to answer the phone at a call center.)
Promotion performance
Track the effectiveness of your promotional campaigns by analyzing the impact on website traffic, conversion rates and other key performance indicators (KPIs). Use this data to optimize your promotion strategy so it doesn't hinder performance and learn how to allocate resources more efficiently.
Position performance
Evaluate the performance of your distribution channel (in today's digital age, positioning is tied to a product's online visibility) and identify areas for improvement. SEO is a big part of that, and Core Web Vitals play a big role in determining whether you rank high or low on search engine results pages (SERPs).
Explore how to optimize your website for mobile devices, how to improve your content delivery network (CDN) or how to invest in new technologies to not only speed up your website and increase your website's SERP ranking, but also to simplify the purchasing process.
Performance measurement and optimization
Develop a robust Internet performance monitoring strategy to identify and resolve potential problems caused by various Internet stack issues. Regularly evaluate and optimize the performance of your digital channels to ensure you are delivering the best user experience.
Improve performance to ensure competitive advantage.
In today's digital age, incorporating performance as the fifth P of the marketing mix is essential for businesses to remain competitive. By prioritizing performance optimization and closely monitoring KPIs, marketers can improve customer satisfaction, achieve higher conversion rates, and achieve better results.
Businesses must adapt to the ever-changing digital landscape and prepare to constantly improve their marketing strategies. Integrating performance into your marketing mix is an effective way to align your organization with the demands of the digital world and ensure a sustainable competitive advantage.
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