Marketing Plan Paper and Presentation - DOCUSIGN

Running HEAD: Marketing Mix for DocuSign

Marketing Mix for DocuSign

Vishwas Podishetty

Marketing Strategies

NEW ENGLAND COLLEGE

Introduction

According to Thabit & Raewf (2018) a marketing mix refers to a company or an organization's tactics and action to its products and services in the market. The 7Ps that are generally used to describe these actions or tactics include price, product, place, promotion, people, and physical assets/evidence and process (Thabit & Raewf, 2018). They help to answer several questions related to marketing and promotion projects. For instance, how can the company develop its products and service? How can the company change its price model? What are emerging distribution options are there to experience the services or product in the best way possible? How will the organization/facility use different promotion channels such as paid, owned, and earned media? How will the firm reassure its customers? Is it through impressive premises, well trained/highly professional staffs, or online services? Which is the target audience, and will the firm experience skills gaps? Is the firm seeking new partners, and does it manage the present partners well? This article focuses on describing the 4Ps element to understand how they influence DocuSign marketing and promotion processes in healthcare market. The assumption in this project is that healthcare facilities operate and run on contracts/business agreement documents. Therefore, they require transforming how they prepare, sign, act on and manage this document using DocuSign

Factor influencing DocuSign marketing strategies.

Thabit & Raewf (2018) suggests that an effective marketing approach must have an in-depth investigation/evaluation of the needs and address these needs even when consumer have not necessarily requested for them. Moreover, businesses today face dynamic changes and evolution that demand for digital document and business agreement signatures. DocuSign Fiscal. (2020) suggests that due to the change in businesses and organizations, it is crucial to automate and connect the entire agreement processes with all stakeholders involved. In this context, the notion is that there is significant demand for electronic signature, contract analytics, contract lifecycle management, document generation and negotiation. Therefore, DocuSign must design a marketing strategy that creates awareness for its DocuSign Agreement Cloud as a service and a product that address this needs.

One of the best ways to plan for effective marketing strategy for the company is to evaluate marketing mix elements such as the 4Ps elements. Before describing the 4Ps element for DocuSign marketing mix, it is also essential to note that the current business environment has multiple marketing trends that influence marketing process over time. According to DocuSign Fiscal (2020) these trends include shifting from mass marketing approaches to personalized/specific approaches, shifting from image marketing to service marketing, establishing a strong and long-lasting relationship, integrating marketing intelligence, and implementing advanced technology.

DocuSign marketing mix

The element of the Product

The product elements in healthcare refer to applications and cloud services provided in the DocuSign Agreement Cloud for automated and online contract/agreement processes (DocuSign, 2021). Given that business today are shifting to digital environment, the marketing parameters here may include providing better automation and accurate services that allow organization and business to lower costs, save time and improve customer experience. Thabit & Raewf (2018) suggest that the product element must deliver a minimum performance level for the marketing mix to be effective. This implies that our Agreement Cloud must be capable to improve agreement and contract process for business in the digital environment and encourage others to transform their business to the digital and cloud based organizations. The capability for the DocuSign Agreement Cloud in the digital industry is as demonstrated in the table below:

DocuSign Agreement Cloud	Rate capability
Digital applications	More than 12 digital applications
Integration	More than 350 integrations digital approaches
APIs	Highly flexible and advanced

The element of Price

The marketing mix's price element in the digital refers to the final costs involved in digital contract and agreement processes. Thabit & Raewf (2018) suggest that the price element is linked to product or service real/perceived value, including other factors such as supply cost, competitors' price, and seasonal discounts. With this in mind, the organization's most common price-based marketing approaches include raising the price or lowering it to influence consumers' choice. The table below demonstrates the percentage of each approach that can be used to market DocuSign Agreement Cloud.

Pricing approaches	Pricing rates monthly
Individual based pricing	$10
Professional based pricing	$20
Business based pricing	$30
Enterprise based pricing	Negotiable/flexible

The service provided in the DocuSign Agreement Cloud usually involves a broad category of industries that require digital product and services for contract and agreement processes. It is also essential to implement flexible pricing approaches that allow the company to cover the cost without compromising consumer’s capability to pay for those services (DocuSign, 2021). Based on this perspective, the company’s future pricing approaches may have the following changes in its pricing approaches:

Pricing approaches	Pricing rates per week
Individual based pricing	$2.5
Professional based pricing	$5
Business based pricing	$7.5
Enterprise based pricing	Lower and negotiable pricing

The element of Promotion

It involves advertising initiatives such as using social media and public relations to promote automated and digital agreement/contracting processes. Thabit & Raewf (2018) describe promotion as a marketing element that focuses on attracting consumers' tendency. Traditionally, businesses and other organization used different marketing channels such as radios, newspapers, print material, public campaigns, and television sets. But due to technology changes in the industry, other approaches such as social media and multimedia have emerged with a new perspective. Some of the changes related to this emerging channel include applying online or website based advertising and promotion channels. The diagram below shows the percentage of advertising budget allocated to our current marketing and advertising channels compared to conventional and digital channels.

Category of Adverting channel	Percentage of advertising budget
Conventional advertising channels (newspapers, radio, TVs, and public campaigns)	30%
Digital advertising channels ( online platforms, smartphones, websites, and social media)	70%
Total	100%

The table above shows that the highest budget is allocated to the digital advertising channel. The rationale in this context is that although people will always use convectional channels such as radios and TVs to access information, the highest percentage of people have shifted to digital means such as Facebook, Twitter, Instagram, YouTube to access information globally.

The element of Place

According to Thabit & Raewf (2018), an element of marketing refers to the internal and external environment. It allows an organization to determine how and where it will distribute its services or products. With this in mind, our organization’s goal is to establish the best approaches different categories of clients. Our company offer both products (application/platform and software) and services such as contract lifecycle management, document generation and negotiation and contract analytics (DocuSign, 2021). Therefore, the best placement must focus on consumers' experience and satisfaction for both its product and services. Examples of place-related factors in the environment include the distance to the healthcare facility, the facility's physical appearance, and client past and present experience/awareness. Each of these factors allows a healthcare facility to determine where and how they should deliver their services to the society or a particular community (Abedi et al., 2019). The table below shows different place-related factors that can influence healthcare services' marketing and their anticipated impact rate.

Place related factors	Rate of influence
Accessibility	High
Internal environment ( suitable heating/cooling system, internal decorations, the appearance of the hospital)	High
External environment ( patients experience, communication channels)	High

Conclusion

The 4Ps of marketing element for DocuSign Company include DocuSign Agreement Cloud (products and services) that provides that meet current demand for digital agreement and contract process through electronic signature, contract lifecycle management and document generation and negotiation. The pricing approaches that is best for DocuSign Agreement cloud include four categories of pricing which include personal based, business based, professional based and enterprise based pricing.

References

DocuSign (2021). Keep your business moving forward. https://www.docusign.com/

DocuSign Fiscal. (2020). The Agreement Cloud Company. AnnualReports.com. https://www.annualreports.com/HostedData/AnnualReports/PDF/NASDAQ_DOCU_2020.pdf

DocuSign. (2021). The DocuSign agreement Cloud™. DocuSign | #1 in Electronic Signature and Agreement Cloud. https://www.docusign.com/products/agreement-cloud

Thabit, T., & Raewf, M. (2018). The evaluation of marketing mix elements: A case study. International Journal of Social Sciences & Educational Studies, 4(4).