The marketing mix is a fundamental concept in business and marketing. The key to success is understanding the various aspects of this “mix” so that you can find the right balance between product, price, place, and promotion.
In recent years, there has been an explosion of new technology, which has had a significant impact on all four marketing mix elements. There are many ways technological developments have impacted these areas, but one place where it stands out is with promotion.
This article will explore how using new technologies as part of your promotional strategy offers advantages for small businesses and large corporations alike.
Customer Relationship Management Systems
Customer Relationship Management (CRM) is a marketing strategy first introduced in the late 90s. It has since become an essential part of effective marketing, with CRM software now an integral part of many companies’ marketing budgets.
CRM software functions by allowing marketers to track customer behavior patterns to deliver the most relevant promotional message at the right time.
Social Media Platforms
Many companies are now using social media platforms, which function much like CRM software, for this exact purpose. By monitoring customer behavior patterns on social media networks, marketers can tailor their message to a meaningful way, increasing their chances of receiving the desired result.
A great example of this is seen in targeted advertisements. By monitoring users’ social media posts and listening to feedback through surveys, the social network systems created client-focused campaigns that improve user experience and reduce churn rates.
Another example of how technology is improving promotional techniques is through review systems. A customer expresses satisfaction with a company by providing them with four or five-star ratings on their website. Displaying these reviews in a prominent location on their website encourages other visitors to trust the business and become customers themselves.
In addition, a company can set up a review system on their website which is tailored to visitors’ individual user experiences. Companies can also monitor the number of times users return to the site and how long they typically spend there through this system.
AI Online Chatbot Software
An AI online chatbot software offers 24/7 customer support. It also allows a company to track patterns of user concerns more effectively and improve both customer experience and the business’s bottom line.
Today, consumers demand fast and personalized support, and chatbots provide just that.
Email Marketing Automation Systems
The modern world has witnessed the explosion of email use, and this trend shows no signs of slowing down. According to a recent study, most marketers say email is their top channel for generating revenue — and it’s an area where new technologies are playing an increasing role.
One of the most significant technological developments is in the field of email marketing automation. Through this technology, companies can send personalized emails (based on individual customer behaviors) at precise times, increasing the chances that users will be receptive to promotional content and potentially become customers themselves.
Another way that technology impacts promotional strategies is through the use of affiliate advertisements. It involves sending ads to third-party websites hoping that users will click them and convert them into customers.
These advertisements are typically personalized, using cookies to track user behavior patterns. It allows companies to communicate promotional messages in a way (time of day, language used, etc.) that is most relevant for each customer.
This technology has seen considerable growth in the last few years, and many marketers are currently using it.
This promotional technique involves placing a brand’s product in an environment where people would be most likely to use it. For example, a company might want to put their products on the set of a television show about a family with children.
Product placement has been around since the 1920s, but this practice has become much more targeted in recent years. It opens up new possibilities for marketers to use products unexpectedly and helps companies create a more positive brand image.
A generation ago, companies would have to rely on big-name endorsements from celebrities or athletes to advertise their products. Things changed when online influencers began appearing in ads, helping the retail industry increase sales.
Today, influencer marketing is even more effective than traditional advertising techniques. It is because online influencers are seen as having authenticity (they can directly connect with consumers).
As we can see, technology has had a significant impact on promotional techniques in recent years. Companies are now using social media platforms, review systems, AI online chatbot software, email marketing automation systems, and affiliate advertisements to reach potential customers. By tailoring their messages to individual customer behaviors, companies increase their chances of receiving the desired result.