The term “marketing mix”, as it applies to companies, is simply a framework model for organizations, historically focused on price, product, location, and publicity. In recent years, however, the marketing mix has evolved, as companies have become aware of the need to adapt to changes in consumer behavior and their businesses. In essence, the marketing mix is a combination of the different elements within the organization that work to create and promote the organization’s products and/or services. The marketing mix is designed to attract new customers and retain existing customers. It is the basis of the company’s marketing strategy.
When determining the correct marketing mix for a given business, two things must be considered: what are the needs of the current customer base, and what are the competitors’ interests? The answer to these questions can provide the foundation for a successful marketing strategy. However, with the advent of internet marketing strategies, determining the correct strategy can seem almost impossible. For example, you can easily buy Instagram likes, but you should also focus on reaching the correct audience. How can you know if you have the right people, the right products, or the right location? Internet marketing gurus often make this mistake and I will show you why it is wrong.
There are 4 reasons why the Internet Marketing Mix you should use to build your Internet marketing strategy. These are price per impression, promotion size, competition level, and traffic. Price per impression is simply the amount of money that you pay per view in the PPC campaign. This includes clicks, impressions, cost per action, cost per million impressions, and cost per thousand impressions. The amount of money per impression is typically the strongest consideration for an Internet marketing mix.
Promotion size is the overall marketing mix for an entire marketing campaign. This includes paid search marketing, contextual advertising, and pay-per-click. This strategy focuses on giving your product visibility over the Internet by using SEO techniques to gain high search engine rankings and getting direct access to the Web’s audience. It focuses on targeting the specific audience who may be interested in buying your product or service. The competition level in this strategy is based on how well your PPC campaign is performing compared to the competition.
The competition level is used primarily as a measuring device for testing Internet marketing strategies. A company’s performance in an Internet marketing mix is based on whether or not its prices and PPC efforts are more expensive than those of its competitors. Therefore, if you compare prices of similar products or services in your market and then include PPC marketing in the comparison, you will measure the price per click and the cost per sale. In addition, the 4ps scale represents the percentage of customers who purchased a product from your website versus the total number of customers who visited your website. The sales decline phase of this Internet marketing mix gives you an idea of the results so far and helps you make changes to your marketing strategy.
The fourth PPC marketing mix component is the customer acquisition cost or CAC. This is based on the total cost incurred to acquire new customers through paid marketing or free marketing strategies. The higher the CAC, the more expensive it is to acquire new customers. The calculation of the CAC is done by dividing the total cost of acquisition of a new customer by the number of customers who have purchased something from the advertiser or marketing executive. Ideally, the higher this number is, the more profitable your Internet marketing campaign is.
The fifth and final Internet marketing mix factor is the profit margin. This refers to the difference between the total cost of producing the service or product and the total profit earned from selling it. Ideally, the higher this number is, the more profitable your Internet marketing mix becomes. It also means that your Internet marketing mix needs to target products and services whose profit margins are high enough to justify the investment necessary to maintain the venture.
Overall, the Internet marketing mix involves several different components. The first four Ps are used to identify which specific products and services you should focus on and which you should avoid. The fifth component is where you implement strategies based on these Ps to drive more customers to your website. Finally, profit margin and the associated cost per sale are using to calculate the profitability of your Internet marketing mix.