How to select the right digital marketing mix
Your online marketing and promotional effort must be multi-dimensional. To cover the vast area of the internet, you will have to work on different and varied channels of internet marketing to reach out to potential customers. These different channels or platforms of online marketing that you make use of to communicate with customers and promote your products, services and brands, are referred to as profit channels. For example, most online businesses make use of social media networks, PPC campaigns and SEO. These are called profit channels. To hit optimum online sales, you need the perfect recipe of these profit channels in correct percentages into a digital marketing mix that works best for your business.
Digital Marketing Mix Selection: Segregation of Customers
Before working on your digital marketing mix, you will have to identify your customer base and then segregate them according to the kind of customers that they are. In broad heads, the first group of customers are those who spend some time in planning to buy a product or service. These are usually high priced items like a TV or a foreign holiday package. These is considerable discussion, debating and then comes the decision making. The second customer group is of instant and instinctive purchases. Businesses selling clothes or watches must target this group. The third group consists of customers who need to be engaged and entertained before they plan to buy a product or service. Social media networking is necessary for this group of consumers.
Factors Affecting Digital Marketing Mix
Other than the segregation of customers into broad categories, there are some factors of the company itself that affects composition of profit channels in the digital marketing mix. These factors are:
Investment: How much is your company willing to invest at this stage of your online business marketing mix? Campaigns like PPC cost some serious money while SEO takes time to throw up results, which means you have to keep plugging money before finally breaking even after some time. You have to decide on your profit channels keeping the cost factor in mind.
Brand Value: Social media networks bring in results only when your brand value is of some substantial worth. A largely unknown brand will not have the kind of impact on social media that demands it to be the leading profit channel. On the other hand, a popular brand will find it easier to reach out to customers on social media platforms.
Competitors: The profit channels used by your competitors will be crucial in your own choice of digital marketing mix. You cannot allow your competitors to monopolize a particular profit channel because you are focussing on others. In the same vein, you have to think beyond the profit channels being used by your competitors as that will give you a first movers’ advantage.
Future Plans: Some profit channels, like SEO rankings, take some time to show results but if you have a long term goal in mind, dominating the search engine rankings will do a world of good to your online business. If that is the goal of your company in the long run, you can spend time investing in profit channels like SEO that are more durable and stable.
Digital Marketing Mix: ROI, Effort & Cost by Channel
Choosing the Right Channel for your digital marketing mix
The Four Ps of the Marketing Mix
The classical formula of building a marketing mix (developed in an offline context) originated from E. J. McCarthy in 1960. It called the Four Ps of Marketing: Product, Place, Price and Promotion. These factors are very much in vogue in the world of internet marketing as well. The profit channels that you choose to build up a formidable digital marketing mix has a lot to do with these four Ps. As mentioned above, the kind of Products or services that you sell will affect your marketing mix and choice of profit channels. Similarly, the Place where the customers buy from, an online destination or an offline store, is integral. The Price of the product and service will have a bearing on which profit channel you will pick to engage and convince the customers. The kind of Promotion you want for your products and services equally important in the formulation of the digital marketing mix.