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Running head marketing mix for docu signmarketing mix for

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  1. 1. 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
  2. 2. 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 fr om image marketing to service marketing, establishing a strong and long-lasting relationship, integrating marketing intelligence,
  3. 3. 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
  4. 4. 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 prici ng 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
  5. 5. $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,
  6. 6. 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 organizati on’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
  7. 7. 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). Running head: HOW DOCUSIGN MADE PROFITS DURING THE PANDEMIC 2 HOW DOCUSIGN MADE PROFITS DURING THE PANDEMIC 2
  8. 8. How DocuSign Made Profits During the Pandemic Submitted by: Vishwas Podishetty NEW ENGLAND COLLEGE Course: Marketing Strategies It is an American company with its headquarters in San Francisco in California. It is a company that works by allowing most organizations to have electronic management agreements in place. The agreements entered by DocuSign preferred e- signatures hence electronic signing on many devices. Globally, the corporation claims to have around half a million clients and many millions in varied countries, approximately 180 states. The company is effective since its e-signing is in accordance with the US ESIGN ACT and complies with the European Union regulations known as eIDAS. The company works as per the European union advanced, and the European union qualified signatures (Nadikattu, 2020). As per the year 2018, the company had signed its IPO, and the leading shareholder was the Sigma partners at the time, and there were also larger individual shareholders. It is true to say that the company was among the best performers during the 2019 and 2020 coronavirus pandemic. This is because the e-signing or electronic signing was advocated for due to social distancing, and the lockdowns there were imposed by different countries. It is true to say that since DocuSign has its presence in approximately 180 countries, the countries' lockdowns and cessation of movements led to the DocuSign work to be the last option and the last resort. The company had made sure that the DocuSign was well shared to allow e-signatures and played a vital role in time, resources,
  9. 9. and other efforts being saved. It made sure that there were considerable time and essential efforts applied in streamlining apprehending signatures electronically. The company made a considerable profit by integrating with diligent entities in 2019. The collaboration with the digital entities allowed the company to effectively gather e-signatures for effective resolutions and standardization of documents before 2019. The signatures were only requested based on the location and the signatures gotten were a wet link that came from workers who were only located in Australia Melbourne. The pandemic era made most people work from home and made them avoid crowded places; hence, most of the workers and clients decided to work from home on a full-time basis ("Agile treasury operations during COVID-19," 2020). This strategy of working from home came into its own. Hence, the workers in DocuSign were able to access and get the available document signed remotely without wasting essential and necessary valuable time. The company, during the pandemic, attracted many clients, and the trend in the market favored them since they had speeded up and streamlining processes .the effective streamlining procedures and the better speed actions were done made it attract many customers. There is a likelihood that DocuSign will continue making profits since it will be more valuable even during occasions where many documents need to be signed, like when it comes to yearly statements. They can be signed electronically in the shortest time possible, and multiple documents can get signed in a shorter duration. There is the likelihood that the profits accrue is as a result of being appropriate and in line with the client's demands since it shortened time experienced in annual approval procedures. In the ancient era, the process used to take a long since it involved printing, scanning, and a longer time to wait for signings, and it was time-consuming. The documents again used to be waited for arrival to the post, rescanned, and well saved in the entities and the original copies filed. The company via DocuSign managed to enjoy elements of
  10. 10. approved security and also to have the versions well controlled. There has been a significant security improvement via the usage of DocuSign in the signing of documents (Ocepek & Aspray, 2020). Documents that require signing from other offices have improved security features, and sensitive and personal information has a limited chance of suffering illegal and unauthorized interceptions. It has made it challenging for hackers to breach and intercept or even compromise email security hence becoming favored by many clients. The DocuSign security elements have permission settings that allow only relevant persons to access the information or documents. It works by appending electronic signatures or e-signature that does not replicate the actual signature in a copy-pasting form. Still, it embeds a conspicuous code for identification in the documents (Nadikattu, 2020). The codes ensure that it is the right and genuine person that has signed the documents and the exact location of where the signing took place. The use of e- signature and the documents get changes. The signatures are invalid hence making it difficult to sneak changes later. The setup also plays a role in attracting customers in that there is a limited chance that people can accidentally refer to a version of essential official data already superseded. Documents cannot go astray after being stored in a diligent entity. The DocuSign target Market consisted of all genders and people above the age of 18 years. The target market does not factor in the individual's location since it can reach anybody anywhere provided; there is a network. According to the company records, most of the clients were youths up to 37 years of age, and the organization is investing more to capture them and make them see the organization's relevance. The company made its design simpler t=yet mire secure to make it able to be used by the literates and semi-literate who are often semiskilled and make up a larger market composition. Another factor contributing to the profits making of DocuSign during the pandemic is its straightforwardness. The answers from correspondents in various countries, including the US, UK, and Australia, concur
  11. 11. with the assertion that it is straightforward. It is easily adopted, and the admins can use it less effort. The use of DocuSign is time-saving hence saves on time able to effectively manage strategic activities. It has also brought in a chance to collaborate with others for efficiency reasons. References Agile treasury operations during COVID-19. (2020). https://doi.org/10.1596/33649 Complete agreements in hours or minutes. (2020, September 2). Retrieved from https://www.docusign.com/products/electronic- signature Nadikattu, R. R. (2020). undefined. COVID-19 Pandemic update 2020, 148-156. https://doi.org/10.26524/royal.37.13

Description

Running head marketing mix for docu signmarketing mix for

Transcript

  1. 1. 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
  2. 2. 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 fr om image marketing to service marketing, establishing a strong and long-lasting relationship, integrating marketing intelligence,
  3. 3. 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
  4. 4. 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 prici ng 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
  5. 5. $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,
  6. 6. 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 organizati on’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
  7. 7. 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). Running head: HOW DOCUSIGN MADE PROFITS DURING THE PANDEMIC 2 HOW DOCUSIGN MADE PROFITS DURING THE PANDEMIC 2
  8. 8. How DocuSign Made Profits During the Pandemic Submitted by: Vishwas Podishetty NEW ENGLAND COLLEGE Course: Marketing Strategies It is an American company with its headquarters in San Francisco in California. It is a company that works by allowing most organizations to have electronic management agreements in place. The agreements entered by DocuSign preferred e- signatures hence electronic signing on many devices. Globally, the corporation claims to have around half a million clients and many millions in varied countries, approximately 180 states. The company is effective since its e-signing is in accordance with the US ESIGN ACT and complies with the European Union regulations known as eIDAS. The company works as per the European union advanced, and the European union qualified signatures (Nadikattu, 2020). As per the year 2018, the company had signed its IPO, and the leading shareholder was the Sigma partners at the time, and there were also larger individual shareholders. It is true to say that the company was among the best performers during the 2019 and 2020 coronavirus pandemic. This is because the e-signing or electronic signing was advocated for due to social distancing, and the lockdowns there were imposed by different countries. It is true to say that since DocuSign has its presence in approximately 180 countries, the countries' lockdowns and cessation of movements led to the DocuSign work to be the last option and the last resort. The company had made sure that the DocuSign was well shared to allow e-signatures and played a vital role in time, resources,
  9. 9. and other efforts being saved. It made sure that there were considerable time and essential efforts applied in streamlining apprehending signatures electronically. The company made a considerable profit by integrating with diligent entities in 2019. The collaboration with the digital entities allowed the company to effectively gather e-signatures for effective resolutions and standardization of documents before 2019. The signatures were only requested based on the location and the signatures gotten were a wet link that came from workers who were only located in Australia Melbourne. The pandemic era made most people work from home and made them avoid crowded places; hence, most of the workers and clients decided to work from home on a full-time basis ("Agile treasury operations during COVID-19," 2020). This strategy of working from home came into its own. Hence, the workers in DocuSign were able to access and get the available document signed remotely without wasting essential and necessary valuable time. The company, during the pandemic, attracted many clients, and the trend in the market favored them since they had speeded up and streamlining processes .the effective streamlining procedures and the better speed actions were done made it attract many customers. There is a likelihood that DocuSign will continue making profits since it will be more valuable even during occasions where many documents need to be signed, like when it comes to yearly statements. They can be signed electronically in the shortest time possible, and multiple documents can get signed in a shorter duration. There is the likelihood that the profits accrue is as a result of being appropriate and in line with the client's demands since it shortened time experienced in annual approval procedures. In the ancient era, the process used to take a long since it involved printing, scanning, and a longer time to wait for signings, and it was time-consuming. The documents again used to be waited for arrival to the post, rescanned, and well saved in the entities and the original copies filed. The company via DocuSign managed to enjoy elements of
  10. 10. approved security and also to have the versions well controlled. There has been a significant security improvement via the usage of DocuSign in the signing of documents (Ocepek & Aspray, 2020). Documents that require signing from other offices have improved security features, and sensitive and personal information has a limited chance of suffering illegal and unauthorized interceptions. It has made it challenging for hackers to breach and intercept or even compromise email security hence becoming favored by many clients. The DocuSign security elements have permission settings that allow only relevant persons to access the information or documents. It works by appending electronic signatures or e-signature that does not replicate the actual signature in a copy-pasting form. Still, it embeds a conspicuous code for identification in the documents (Nadikattu, 2020). The codes ensure that it is the right and genuine person that has signed the documents and the exact location of where the signing took place. The use of e- signature and the documents get changes. The signatures are invalid hence making it difficult to sneak changes later. The setup also plays a role in attracting customers in that there is a limited chance that people can accidentally refer to a version of essential official data already superseded. Documents cannot go astray after being stored in a diligent entity. The DocuSign target Market consisted of all genders and people above the age of 18 years. The target market does not factor in the individual's location since it can reach anybody anywhere provided; there is a network. According to the company records, most of the clients were youths up to 37 years of age, and the organization is investing more to capture them and make them see the organization's relevance. The company made its design simpler t=yet mire secure to make it able to be used by the literates and semi-literate who are often semiskilled and make up a larger market composition. Another factor contributing to the profits making of DocuSign during the pandemic is its straightforwardness. The answers from correspondents in various countries, including the US, UK, and Australia, concur
  11. 11. with the assertion that it is straightforward. It is easily adopted, and the admins can use it less effort. The use of DocuSign is time-saving hence saves on time able to effectively manage strategic activities. It has also brought in a chance to collaborate with others for efficiency reasons. References Agile treasury operations during COVID-19. (2020). https://doi.org/10.1596/33649 Complete agreements in hours or minutes. (2020, September 2). Retrieved from https://www.docusign.com/products/electronic- signature Nadikattu, R. R. (2020). undefined. COVID-19 Pandemic update 2020, 148-156. https://doi.org/10.26524/royal.37.13

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