This is a guest post from Alissa Zucker, marketing manager and writer. You can find her reading classical philosophy and writing short fiction in her spare time.
It’s predicted that by the end of 2020, businesses will have spent ~$110 billion on digital advertising alone in the US. To put that into context, that’s more money spent on digital advertising than what would be spent on both television and print ads combined.
This just goes to show the importance of digital advertising in the modern marketing communication mix.
It is essential that every business know how to effectively market their products and services in order to not only survive, but to grow and prosper in a competitive global market.
It’s not uncommon when questioned about marketing, that a business owner will simply produce a business card, a brochure stitched together using a Microsoft Office template, or a barely functional website with little to no traffic.
In this Process Street post, I want to provide you with an overview of everything you need to know about the marketing communication mix, including:
Before diving into the specifics of the marketing communication mix, let’s first discuss the 7Ps of marketing.
You may be familiar with the 4Ps of marketing:
Product Price Placement Promotion
In the 1960s, Canadian author Jerome McCarthy referred to these 4 Ps as the marketing mix, which he defined as:
“dialogue between business unit and its present and potential customers that takes place during pre-selling, selling and post-selling stages” (Trehan and Trehan, 2011, p.42).
Also known as the communication mix, or promotion mix, the 4 Ps were considered to be a fundamental aspect of business marketing initiatives.
However, over time the 4 Ps, while an excellent framework for product development and design, had become outdated and was in need of an update in order to maintain its relevance in the modern market.
In 1981, Booms & Bitner added three new Ps to allow the newly extended marketing mix to include products that are services (not just physical objects).
So, in addition to the 4 Ps (product, price, placement, and promotion), three more Ps were added:
People Process Physical evidence
An example of one of the companies that uses 7 Ps is HubSpot, founded in 2006. Currently, Hubspot has amassed 86,000+ customers across 120 countries. They offer services such as, Marketing Hub, Sales Hub, Service Hub, CMS Hub, and a free CRM, so it’s clear HubSpot is providing their customers with value that encompasses all of the 7Ps.
First of all, you should evaluate your product in order to understand if it is suitable, useful, and in demand for the current audience. In this case, you should compare your product/service(s) with your customers’ wants and needs. Then you can work out your marketing campaign or introduce new products to your customers.
Next, you should evaluate your prices. Sometimes you may need to lower them to help your products sell or vice versa. It can also help you understand whether your products are bringing profit or not, so that you can better determine how to most effectively improve your marketing campaign.
It’s also important to find the most appropriate places to sell your products. For example, in emails, catalogs or even telemarketing. Whichever option you choose,Continue reading