12 Ps Digital Marketing Mix for Industrial 4.0
5 additional Marketing "P" for the Gen Z
Marketing had evolved from the traditional media to the new digital media for the new industrial revolution. For marketers to reach the new Gen Z and convince them to purchase your products and services is a new challenge.
They are ethical, morally serious generation, Gen Z (born between 1997 to 2012) are mobile, wily, thrifty, and up for the challenge. They demand their brands to speak to them with the level of seriousness and honesty they bring to their interactions with the world, digital or otherwise. These qualities are important ones for marketers to understand.
Gen Z will soon become the largest cohort of consumers-and brands who want a piece of this opportunity will need to understand their tendencies and digital expectations.
With this in mind, we need to reinvent the traditional 7 Ps marketing mix strategies and include 5 additionals Ps to the new digital marketing mix.
Price is the cost of the product that the consumer pays. During product marketing, it is important to set a price that reflects the current market trends and is affordable for consumers, yet at the same time is profitable for the business. Price can fluctuate based on the supply and demand and the product's sales cycle. While some businesses might lower the price to compete with the market, others might inflate it -- especially if they are promoting a luxury brand.
Depends on packaging (including sizes), discounts, timing, location, shipping and other offer-related elements
Products are commodities and services that solve problems and satisfy the needs of consumers. A product can be tangible, such as a vehicle or a piece of clothing, or intangible, such as a cruise or house cleaning service. A successful product either fills a void in the marketplace or offers a unique experience that spikes demand.
Depends on usage, design, packaging, quality, features, colours, size and other variations when possible
This is where and how the product or service is purchased by the customers. It also entails where the product is stored and manufactured. Digital transformation has evolved how products are sold -- online, small local shops or global producers. This marketing plan also considers where the product is advertised and in which format, such as magazines, online ads, radio, infomercials or film product placements.
Distributions channels include retailers, agents, wholesalers, e-shops, online marketplace and integrated distribution channels (Omni-Channel)
Promotion refers to reaching the target audience with the right message at the right time. It gets the word out and is an effective way to conduct a sales promotion and connect with consumers. A promotional strategy aims to show consumers why they would need a certain product and the reasons for buying it over other products. The core of marketing communications, product promotions push out specific and meaningful advertising through popular channels: word-of-mouth seeding, social networking, Instagram campaigns, print marketing, television commercials, email marketing campaigns, social media marketing and more.
Consist of content, communications and messaging to persuade Gen Z to buy.
The company's employees are important in marketing because they are the ones who deliver the service to clients. It is important to hire and train the right people to deliver superior service to the clients, whether they run a support desk, customer service, copywriters, programmers…etc. It is very important to find people who genuinely believe in the products or services that the particular business creates, as there is a huge chance of giving their best performance. Adding to it, the organisation should accept honest feedback from the employees about the business and should input their own thoughts and passions which can scale and grow the business.
Include the right skills staff to execute your business for the Gen Z.
We should always make sure that the business process is well structured and verified regularly to avoid mistakes and minimize costs. To maximise the profit, It's important to tighten up the enhancement process.
Focus on business processes to improve customer experience using marketing automation technology tools.
7. Physical Evidence
In the service industries, there should be physical evidence that the service was delivered. A concept of this is branding. For example, when you think of "fast food", you think of KFC. When you think of sports, the names Nike and Adidas come to mind.
Your company outdoor signage, website, social media channels, physical store/office and online marketplace or community.
A brand promise is a value or experience a company's customers can expect to receive every single time they interact with that company. The more a company can deliver on that promise, the stronger the brand value in the mind of customers and employees.
Keeping to your promise of delivery and service quality.
As any marketer knows, images increase engagement. People don't just want to look at pictures, they want to share them and then they want to see more of them, and in fact, content with images receives up to 40% more shares than content without pictures.
Having a nice picture/video of your products and services encourages follow-through actions.
In marketing, social proof covers a similar idea - when people shop, they look for reviews, recommendations and ways that others have used a product before making their decision.
Providing a channel for potential customers to read/write reviews of your products and services.
A pitch is how the company communicate its solution to the target customers. In the marketing pitch, it informs clients the company is able to solve customers' pain points or emotions.
Personalization is the process of knowing the needs, preferences, and interests of your current and prospective customers so that you can serve them exactly what they're looking for when they're looking for it.
It consists of tailoring a service or a product to accommodate specific individuals, sometimes tied to groups or segments of individuals. It also includes communications personalisation.