If you’ve spent any time thinking about marketing, then the chances are fair that you’ve encountered the term ‘marketing mix’.
The mix was summarised in the early 1960s by American marketing professor E. Jerome McCarthy, in terms of the four Ps – these being product, price, placement, and promotion. Businesses ever since have largely taken this same view.
But the world of business has changed considerably since the 1960s, and most of that change has been technological. So, how has technology impacted the mix, and what further changes might we anticipate?
How Technology Has Impacted the Marketing Mix
Some of the changes here are obvious. We’re buying things using our computers, mobile devices, and smart speakers.
We’re also using social media to decide what sorts of products we might want to buy (which has created an entire ecosystem of influencers).
The products themselves have also been influenced by technology, with microchips being introduced into everything from toasters to wristwatches.
Technology has driven down the cost of production, too, with the result that the prices of certain products have trended downward over time.
What About Promotion?
Modern marketers have access to an incredibly varied selection of tools. We’ve already mentioned social media.
But this, for the most part, has acted as a supplement, rather than a replacement, for existing methods of getting a message across.
In fact, certain time-honored marketing staples have been improved using technology. Just think of the classic business card, which can now be printed in various colors and emblazoned with a QR code – providing a digital component for a quintessentially physical product.
Choosing your channels
The precise method you use for your marketing will tend to depend on the nature of your business. Where your audience is local, maintaining a physical presence might be essential.
So, if you’re selling fish and chips to customers within a five-mile radius, things like menus through the door will be hugely effective.
What about pricing?
Customers today have access to online price comparison tools. This has helped to drive down prices overall and to force businesses to compete based on other criteria.
If you know that you can’t compete with Amazon and its economies of scale, then you might aim to make your product or service more personalized and generally high-quality.
Strategical social media
It’s worth finally dwelling on social media and how it can serve a modern business. To get the best from social media, you’ll want to first devise a strategy for dealing with it.
This means understanding your audience, your competition, and your existing presence on social media. Think about where your would-be customers are placing their attention and prioritize your online marketing efforts accordingly.