Marketing is one of the strongest pillars of business. A business might work without a proper marketing strategy. An efficient marketing strategy has always been one of the most important reasons for the success of a business. The advancement in technology has changed the dynamics of marketing strategies but there is no chance of a decrease in the importance of marketing.With the advent of eCommerce, certain changes in marketing dynamics were observed but the fundamental rules of marketing are still intact. B2C (Business to Consumer) industry has gained a lot because of the rising trend of eCommerce. However, for any business from any industry, having an effective ‘Marketing Mix’ is really important. The overall trend of business online has transformed marketing into digital marketing. Fundamental rules for marketing are similar in the case of digital marketing as well. Marketing strategies were based on 4 components for a long time ago. These 4 components were called the 4 Ps of marketing. The 4 Ps rule still stands true in the case of digital marketing. These 4 P’s are Product, Promotion, Price, and Place. We will discuss how these 4 P’s are still working in digital marketing and how a business could build its digital marketing strategy around these 4Ps. Also Check: Advanced Digital Marketing Corse in Delhi The detailed discussion of 4 P’s with respect to digital marketing is given below:
The very first P amongst 4 P’s of digital marketing or simply marketing is the Product. The term product refers to physical products and services as well. Products are the foundation of marketing. One thing is obvious that all the details about your product should be clear, there should be no loophole. In the era of digital advancements, it could be a disadvantage for your business.Consumers today are more vigilant while purchasing products. There are plenty of options for consumers and if they find something about your product as a false flag, you may face consequences. The reason for that is the internet has given a lot of power to general consumers. If your product doesn’t satisfy consumers or their shopping experience with you wasn’t at par, then they can give reviews about you. These reviews enable them to tell the whole world about your product or service. A couple of negative reviews can destroy the reputation of a business.Considering these facts, it is really important to provide clarity about your product or services to consumers without any ambiguity. Knowing about each and everything regarding your product is a necessity. You should use the right method to display your products. It is better to upload graphics describing your products visually. Putting a video for display and use of products is even better. These things would help you in targeting the right type of consumers. In the age of the internet, you should be clear about the fact that meeting the demands of consumers are just not enough, you should offer exceptional products or services to stay ahead of your business competitors.
The meaning of place has changed since the advent of eCommerce. It now means the positioning of your products or services on various platforms. The use of your own website for the display of your products and descriptions about the product is an obvious thing.However, displaying your products on your business website is not substantial. You need to position your products on various other platforms. For example, major search engines like Google and Bing are great places for the display of your products. Positioning on search engines is really an important aspect, B2C businesses don’t hesitate to invest in SEO for better positioning on Search Engines. The ideal positioning would be the first index on the first page of search engine results. however, being on the first page of search results is also regarded as a success. Search engines are not the only place to look for, there are billions of social media users around the world. Positioning your product on social media while targeting relevant consumers can do wonders for your business. Instagram, Facebook, and Pinterest are some of the popular social media platforms.Another type of effective display place is major eCommerce online stores like Amazon, eBay, And AliExpress. You can offer your product on these major online stores to gather more consumers.
Pricing is an important factor in marketing. It needs a substantial amount of research before placing a price tag on a product. You need to analyze the demand and prices offered by competitors to stay in business. Consumers are still concerned about prices while shopping. This customer behavior is consistent throughout time. Pricing of a product will always be a key criterion in the decision of purchasing a product. To make your offered price attractive, you need to apply some ‘offline’ business tactics. Offline business used to lure consumers with the help of special offers and sales. This tactic is also effective in the case of online business or eCommerce. Try to lure consumers with the help of special discounts and exclusive deals. This targets the ideology of consumers and paves the way for a great business. You can also use voucher codes and referral discounts to gather more consumers. If you offer a high-quality product then there is no need to lower the prices of your product. People tend to pay more for products of high quality.
The last P of marketing is also very important. You need to promote your business and products offered by your business to earn a profit. In previous decades, the promotion of products was done through yellow pages, radio, TV, and outdoor marketing. Although, these mediums are still available. In the case of digital marketing, you have plenty of options to promote your business. Promotion in digital marketing is a broader term that includes content creation, SEO, social media promotion, email marketing, and various other things. Promotion in digital marketing consists of brand awareness and conversions. Promotion in digital marketing can be enhanced through audience engagement in a similar way to word of mouth strategy in the offline promotion. You can take help from micro-influencers like bloggers and vloggers to engage an audience which would be really effective to enhance your brand awareness. Just sit back and let analytics know if your promotion strategy is working.
We have discussed some fundamental concepts of marketing which are still applicable in digital marketing strategies and work for you. All you have to is to join these pieces together to make a great ‘Marketing Mix’ for your business. We hope this would be helpful in getting an idea about the importance and application of basic marketing rules in the internet-era. Best of luck with your business!