The days of the old marketing mix are passing away. While product, price, place and promotion are still essential for success in many industries, a new mix is replacing them on the internet.
How the old mix doesn’t work like it used to:
- Place: E-commerce on the internet eliminates the importance of the physical location of the business.
- Product: Knowledge about products is rapidly disseminated through the internet and manufacturing cycle time is at an all time low. Creating a better mouse trap and marketing it on the basis of uniqueness alone is more difficult today then ever and copycats abound.
- Price: The internet is the great equalizer in pricing because information about it is so easy to come by. It is incredibly difficult to offer a great distinction in pricing because every competitor can get this information and react instantly.
- Promotion: Traditional marketing focused on impressing a prospect as many times as possible in order to sway the buying decision. In today’s media saturated environment, prospects have learned to tune out messages that are not relevant to what they are doing. Also the sheer volume of messages causes prospects view the validity of each “offer” with a degree of skepticism.
The new marketing mix
- Content: The information do you provide about yourself and your value propositions to the consumer.
- Context: The find-ability of your information when it is needed. Like when your prospect needs to make a buying decision or research a solution.
- Connection: Your relationship with your prospect? What the people connected to your prospect have to say about you.
- Community: An environment that engages prospects and customers and elicits referrals, knowledge, and resources from them by bringing them together in a way that causes them interact with each other.
The game is changing and it’s a great time to market your business. While these new channels require more time energy and commitment they are far less expensive the the old traditional mix.
– Joel Caton