How To Apply The ‘Marketing Mix’ In The Online Business World

Marketing Mix History

In 1960 (the year I was born) Jerome McCarthy broke down Neil Borden’s famous phrase into what later became known as the four P’s of marketing:
1. Product
2. Price
3. Place
4. Promotion

At that time it might have taken semesters of study to fully grasp the fundamentals of several different business operations responsible for the ultimate outcome of producing and selling.

History also shows how specialized each business operation has become and how a single operation now contains scores of specialized career fields.

The Four P’s In The New World

Fast forward 50 years and we find entrepreneurs with unique business ideas who are able to outline an entire online marketing funnel during a single consulting session with an internet marketer.

Whether the product is a physical commodity, an idea or a service every aspect of the marketing mix is contained within the ‘Online Business World.’

The product can be comparably priced with similar items found on the internet. It is most certainly promoted and sold online either via E-commerce or contracted service.

Applying The Marketing Mix Online

The breakdown is also quick and easy after a few specific questions are answered regarding the product.
• How popular is the product within a well defined niche? Is the competition doing a good job or have they left enough room to leverage the benefits you intend to highlight?
• Is there any clear representation of what the price point should be? Is there disparity between low cost and high quality?
• Since we’re focused on selling online, is anything similar available offline? Other than convenience, why is the online option more enticing?
• Can this product benefit best from visual, audio, social, viral, casual, comparative or descriptive promotion?

Let’s face it, DRTV (direct response television) is more effective online than on certain allotted time slots on obscure cable channels.
Every imaginable medium ever invented for promotion is part of the online business world and available to anyone with a cell phone.

Where Does Your Business Fit In The Mix?

If you run a local business, a home business or you’re ready to start a business there are many ways to educate yourself and research exactly how to apply the marketing mix to the online business world.

More fortune 50 companies are expanding their businesses by entering the virtual world completely amazed at how fast everything can be implemented. They have the advantage of hiring someone who knows enough about web design or internet marketing to take advantage of the business structure currently in place.

It’s like hiring a tour guide to show you how your business can grow on the internet.

Go Mobile Or Go Home – How Technology Has Changed The Business World

In a time when a company like Apple can sell 9 million iPhones in three days or less, you know our world has gone completely mobile and perhaps more than a little mad in the process. There’s no denying the obvious fact we want instant images, videos, messages, tweets, conversations… not yesterday but immediately, this very instant. No more waiting, no more holds, no more get back to you tomorrow… we want everything done today, this very moment.

We also want to be connected to the web to keep us informed of what’s happening on the world stage and in our own neighborhoods. We want the latest terror threat, the latest celebrity twerk, the latest viral video and the latest gossip from Aunt Sally. Instant communications available anywhere and at any time.

We want/demand these instant communications in our personal lives, and now we are also demanding them in the business world.

We want to be totally connected at all times, not only to our friends and family, but to our business colleagues, clients and customers. We demand a work force that’s totally in sync, completely connected and working on the same page. A sales force which can be flexible, dynamic and mobile.

In order to have this mobility, technology has given us all the gadgets we need – from smartphones to netbooks, from laptops to iPads to PDAs of every description. More importantly, technology has also given us the services we need to do business in this mobile world. We now have online fax providers, remote data storage, virtual PBX office phone systems… to make all your business transactions portable and instant.

Any modern company or business can now use these online providers or services to completely connect/sync all their business transactions, sales, communications to their computers and the web. Giving the recipient total access, instant communications and complete mobility, which could not be imagined, just a few years ago.

These new technologies have simply changed how business is now done.

Lets take a few concrete examples and apply them to the business environment. First, online fax or faxing has been a major game changer for many companies. Now instead of being directly tied to your traditional fax machine in the office, one can use the Internet and your email system to receive/send all your faxes. This process is easier, more secure and much more cheaper than conventional faxing. Plus, since we now have smartphones, netbooks and laptops, these services are completely portable and accessible anywhere, anytime. There is even an app which allows one to sign or initial an important document/fax directly on your smartphone.

Another game changer has been the introduction of virtual phone and PBX (Private Branch Exchange) systems for your office or company. These online PBX systems can give any company a quick cheaper alternative to costly landline systems. One which comes with all the bells and whistles of a PBX system… call forwarding, instant messaging, call parking, online fax, intercom, voicemail… and in many instances, you can have a virtual receptionist to handle all your messages.

Needless to say, all these services make your company much more mobile and accessible, regardless of the location. It also makes your company reachable at all hours of the day, 365 days of the year. In a broader way, it also seamlessly ties your company or business to all your computers and the Internet. Most successful businesses these days have a solid presence on the web for doing sales, customer support or for promotion of the company brand.

These days, it seems like everything is going mobile. Your company must have a presence in this mobile environment if it wants to be competitive. Mobile advertising or promotion is said to be the next big thing… just imagine capturing a customer’s attention on their smartphone with your latest sale while they’re at the mall, steps away from your store and ready to buy. Or just imagine, having the latest company memo or client communication instantly directed to all your workers in the appropriate department or division.

These are just a few examples of how going mobile can make any company more efficient and much more competitive. Those progressive company owners who quickly realize going mobile is the wave of the future, are the ones who will truly prosper in the coming years. Many business operators have discovered this new reality and have acted accordingly. They are also the ones who won’t need convincing, they won’t need anyone telling them any time soon you simply have to go mobile or go home.

Home Business World

There are advantages of working in the home business world is that you save money on travelling to and from work. If you previously had a long commute you know how expensive this can be whether you travel by car or use public transport. This is better for your pocket as well as the environment. You also save time that you would normally spend travelling, so you can have more time with your family and enjoying yourself.

Other advantages of the home business world are being able to have more flexibility over your working hours. If you prefer to work early or late in the day it is more likely that you will be able to do this if you are working at home. You can fit work more easily around family life and always make up time over the weekend if necessary. It makes it easier if children are ill and have to be home or if you have appointments that you need to work around. It is also an advantage not to have to wear office clothes every day. This can save you money and make you feel more comfortable when you work.

You are likely to work harder at home as there are less distractions than there are in big offices with phones ringing, the sound of chatter, and colleagues coming up for help or just a chat. If you are running your own business you are likely to be more motivated as you will directly benefit from all the extra money you make, unlike in a large business when often you are paid a fixed salary despite how hard you work.

The main disadvantage of the home business world is that you will spend a lot of time working on your own. It can be hard spending most of the day alone and it sometimes can be difficult to motivate yourself to work without your colleagues around. It can feel quiet and isolated, especially if you don’t have any family or friends near to where you work. You will need to make sure you get out in the evenings and weekends so that you have some company.

Other disadvantages of the home business world are not necessarily having all the resources you normally have like you do in the office. There are also expenses you may have, like the cost of phones, and heating or cooling your home office. You may have to invest in furnishing a room to use as an office, or at least a new desk and good computer. You’ll need to figure out if you will quickly make enough money to pay for these items or whether you will need to wait a while before investing in things like this.

Now you can see some of the advantages and disadvantages of the home business world.