Updated: Where does social media fit into the traditional marketing mix?
Our social media marketing services Denver team believes that the most successful businesses are those that combine traditional marketing strategies with new ones. Adding digital marketing to your existing strategies does not mean you should toss old marketing methods. Instead, take the time to learn how you integrate the new ones with traditional marketing.
One way is by fitting your company’s social media into a traditional marketing mix, also known as the four P’s of marketing. This marketing concept can help you better advertise your new business, optimize sales, reach a target audience and even test your current marketing strategy. As one of the best social media marketing services Denver has to offer, here is a breakdown of how social media fits into the traditional marketing mix.
What are the four Ps of marketing?
The four Ps of marketing refers to the marketing concept summarizing the factors that every marketing should include. Those P’s are product, price, place and promotion. This marketing strategy was first popularized in the 1950s by Neil Borden, an advertising professor at Harvard University. Today it is a concept widely used by companies to advertise their products and services.
How to fit social media into the four P’s of marketing
Product or service
The first P in the four P’s of marketing refers to your product. This essentially is about what your company sells. Social media does not change your product, but it does boost its visibility. A well-planned social media strategy can increase people’s awareness of your product. They might not make a purchase right away, but they may remember your product when they need it.
Price
The second P is price, which is the amount of money your customers will pay for the product or service. Again, social media does not change your product or service’s price. What does change are the consumer’s shopping habits, which social media can influence. For example, Gen Zers would rather discover new products via social media. 71% of Gen Zers report discovering new products on social media.
Place
The third P is the place, which is where your product or service will be sold on. Social media can fit into this strategy. Today’s technology now enables businesses to sell their products through their social media platforms, with features like Instagram and Facebook shops. This process makes it quicker and easier for consumers to buy products. However, you can still use social media to get people to visit your website or physical store location with a simple post.
Promotion
The final P is promotion, which is the advertising that makes your promotional strategy for your product. Social media fits into this stage because it helps reach your target market. According to a report, 76% of consumers buy products that they see on social media. You can create a social media strategy that promotes your products without making them sound too salesy. There is also the option of using influencers who can post on their social media and help you promote your products to their followers. Thus, increasing your audience reach.
Let our social media marketing services Denver experts elevate your social media!
At Denver Media Group, our social media experts can help incorporate social media into your existing marketing strategy. We can help with everything from creating powerful inbound marketing strategies to managing your social media accounts. Contact us today to learn more about our social media services.