Table of Contents
A successful marketing strategy in the 21st century comprises of 4 p’s: price, product, promotion, and place. These components have been present in the marketing strategies of all the successful firm. A drastic shift in the methods and platforms used for marketing, has however changed how these 4 p’s effect the performance of a firm in online world. In the present digital marketing strategies, the 4 p’s are Process, people, platforms and performance.
The new marketing mix focuses more on building a platform that helps in efficient CRM. CRM refers to customer relationship management. It is a set of techniques that focusing on improving the relationship between customers and service providers. This goes a long way in improving the performance of an organization in the long run.
This article will focus on how the implication of digital marketing techniques and strategies have affected the 4 p’s of traditional marketing mixes.
Process- Define a process for marketing your products/ services
The first and foremost difference is observed in the way marketing processes are carried out. Digital marketing specifically uses more advanced and technical processes. These processes are specifically designed to generate leads and boost the business of organizations. The processes are have also become more automated and mechanical as against the earlier manual processes. This reduces the chances of human error and unnecessary delays. Automation has also improved the output of the firms. The resources can be used more effectively.
People- Identify the needs of people and establish personalized relations
Studies show that 80% customers are attracted to companies that have a personalized campaign to attract customers. Digital marketing seeks to target potential customers using various techniques. A perfect mix of digital marketing strategies help in identifying the correct group of people for a particular product. In fact, digital marketing strategies also seek to planning of various activities and techniques that attract people towards a product. This was a very difficult task in the traditional marketing mixes as analysis of market data was quite a complicated task. But with various analytical sources and platforms, personalized marketing strategies can be devised to attract customers.
Platforms- Identify various platforms such as social media, emails, etc.
Earlier when online platforms and social media marketing was not trending, businesses use the platforms such as newspapers, magazines, and televisions to promote and market their products. However, with the increase in the usage of digital trends, the use of social media platforms and online techniques to reach out to customers has increased. This has not only improved the response of customers but also help businesses in getting more customers in less time. Platforms that boost direct relationships between owners and users of business services have increased sales for businesses. Social media platforms such as YouTube marketing, Instagram marketing, email marketing, etc. have largely helped in boosting the reach of small businesses with limited resources.
Performance- Regularly analyzing the results to understand conversion rates, lead generation, ROI, etc.
The best platforms in the world won’t help you much unless you’re collecting data on your company’s success. Customer service, engagement, response speed, conversion, loyalty, and advocacy are some of the most important key performance indicators (KPIs) for measuring the success of your CRM.
Creating a successful CRM solution entail organizing and bucketing the business processes and technologies that support targeting, audience insights, consumer acquisition and retention, and, most crucially, conversion and loyalty. Only then, and only then, can an organization relate all of this to the consumer lifecycle and lifetime value in order to effectively monitor performance.
While technology has progressed since the original 4Ps were introduced, customers’ basic demands have not. They want to be valued as well as buy items that are valuable. As the pace of technology and big data accelerates, CMOs must demonstrate that they are offering value to customers across all touchpoints. They must also tie performance to business goals like revenue and market share. The New 4Ps of Digital and CRM serve as a road map and a link between the original 4Ps and today’s dynamic marketing strategies.