Four p's of digital marketing, product, place, promotion, price

What are the New 4 P’s of Digital Marketing and How Will They Transform Marketing?

For decades, aspiring marketers have learned the four P’s of marketing. These elements have also been called the marketing mix, and they are considered crucial for a business’ success. Since the 1960s, marketers have stressed the important of Product, Price, Promotion, and Place. But times are changing and most organizations have shifted from traditional marketing to a focus on digital marketing. Do the old rules of marketing still apply?

You may be surprised to learn that the new four P’s of digital marketing are the same as before. However, it is time to rethink these elements and update marketing plans to reflect the behaviors and needs of modern customers. By reframing each aspect of digital marketing, businesses can stay ahead of the curve and maximize their success.

1. Product
Technology has drastically changed what is considered a “product.” From digital downloads to virtual services, products are much more than tangible items that customers can purchase. For today’s modern world, it is more appropriate to consider a product as anything a consumer would want to buy, including physical items, services, experiences, and subscriptions.

What was true 50 years ago is still true for marketers today. If you do not understand your product and what makes it unique, you cannot market it successfully. You can have the best product in the world, but it does not matter unless you can help users understand the value of your offerings.

With more customers shopping online, it is essential to provide as much information and detail about your product as is necessary. Consumers conduct a great deal of research before making purchases, and they want to know what they are getting before they buy. As a marketer in the digital age, you have to know what your customers need, what they are searching for, and then provide answers to those questions.

2. Price
The actual pricing of products and services may not land on the marketing team’s to-do list. However, marketers are still essential for conducting competitive and industry research, providing the information needed to make pricing decisions. In 2021, though, pricing for marketers goes a step further.

Marketers must understand the opportunitiy cost required for customers to purchase your products or services. Is your budget better spent on social media ads or pay-per-click ads? Should you focus your efforts on email marketing campaigns or reach customers via SMS? With so many digital marketing strategies and platforms available, you have to find the most cost-effective mix for your business.

3. Promotion
Some marketers make the mistake of considering Promotion to be the only element necessary for digital marketing. While promotion does refer to the communications your business uses to reach potential customers and encourage them to purchase, it is still only one piece of the puzzle.

Modern technology has brought us a wide variety of communication channels, and businesses must choose the avenues that make the most sense for their audience and industry. Your product, price, and place will all help inform your promotion efforts, and vice versa. The distribution channels you choose will enable you to tailor your messages to specific users and effectively communicate about your business and products.

Digital marketing promotion channels include:

  • Organic and paid search listings (SEO)
  • Digital ads
  • Social media marketing and paid ads
  • Digital forums
  • Influencer marketing
  • Online business listings
  • Wiki pages
  • And much more

  • 4. Place
    Where do your customers access your offerings? If your products are not in the right place, you will miss out on selling opportunities and your digital marketing strategy will fall flat. The list of digital marketing channels above is only a fraction of what is available to businesses today, making it a challenge to choose the right marketing mix.

    Digital marketing is not the one-way street it used to be. Television and radio ads, print ads, and billboards only consisted of a business talking to customers. Today, customers can talk back through digital channels and start a conversation. Building these relationships is crucial for success, and where you place your messaging determines how influential you are.

    Are your customers on their smartphones or a laptop? Do they visit Facebook or Twitter more often? Are they watching longer videos or 30-second clips? Do they open and read emails or send them straight to the trash? Asking yourself these questions can help narrow your list of potential Places for your marketing strategy.

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