The Marketing Mix
The marketing mix, or the elements available to the marketing manager are commonly known as the 4 P’s – Product, Price, Promotion, Place.
Also, with the move towards more and more service based offerings, there are the additional elements to consider – People, Processes, Physical Evidence. 7 P’s in total.
This post takes a brief look at these in the context of Mobile Marketing and shows how mobile technology can add significant elements to a marketing plan based on the 7 P’s. Further posts will look at each of these in more detail.
Mobile technology provides a platform for the delivery of a new product to complement existing products in the market or even develop a new line of business. The product can take the shape of a mobile optimised website or a mobile app, or a service delivered through the mobile phone such as SMS text based voting.
Prices for mobile products typically come in at under £5. Premium and exclusive products can charge more. Many mobile apps are free and sell add-ons within the app (in-app purchasing). Many mobile apps use only banner advertising within the app to generate revenue. Rates such as £1 per 1,000 page impressions can be achieved and so popular free apps with millions of impressions can generate thousands of pounds per month.
Mobile provides many promotion opportunities. Mobile users interact with text messages, MMS messages, mobile internet sites, mobile email, and mobile apps. Opt-in text messaging currently commands most of the mobile advertising budgets but banner ads within mobile web sites and mobile apps is a fast growing business.
Mobile provides a new place to interact with your customers. Your mobile products can be discovered in the mobile phone manufacturer app stores such as Apples’s iTunes or the Android Marketplace and mobile commerce from mobile websites is growing in popularity.
Mobile can change the dynamic around the people involved in delivering a service. Mobile apps can remove the need to make a phone call and talk with someone for example.
When delivering a service the process the customer is expected to follow is key. Mobile offers alternatives which can be very personalised based on knowledge of the customer.
Mobile can be used to provide additional substitutes for physical evidence of delivering a service. Examples include mobile ticketing where an SMS message, bar code or QR code can be provided to the mobile phone of the customer.
In the last few years the use of mobile phones for more than just making calls and sending text messages has dramatically increased. The above examples shows a wide range of options for integrating the marketing 7 P’s into the world of the customer’s mobile phone experience.
Each of the above P’s will examined in more detail in future posts and the benefits explored further.