Businesses have far greater challenges to consider than they had to face a few decades ago. The digital revolution has brought them closer to their target audience, but the mushrooming of competitors is making it hard for them to survive the clutter. Thus, besides the traditional marketing strategies, now they have to pay attention to digital promotions as well. Consequently, SEO in Gold Coast is becoming increasingly popular among marketers who want to achieve higher visibility.
Grabbing the attention of customers online has become quintessential for businesses to thrive in the current world where everyone is hooked to the Internet. Whether browsing the web to find a product or service or compare various offerings in the product line, consumers rely on online data, reviews, and ratings.
Thus, digital marketing has become an indispensable part of every marketer’s strategy. While the 4 P’s of marketing are price, product, promotion and place, the rules are slightly different for the digital medium. Let us understand the 4 P’s of digital marketing that help entrepreneurs to develop customised and targeted communication as per their needs.
1. Product
Similar to the P of traditional marketing, a product in the digital medium is the same tangible or intangible offering that aims to fulfil the needs of the customers. On the company website, the marketer gets to showcase the product as well as describe its attributes in detail. The use of product descriptions, customer ratings and reviews help the customers to understand the viability of the offering.
However, to start promoting, the marketer needs to evaluate the uniqueness of the product to be able to differentiate it from the clutter. The consumer needs to understand how this product is different and how it meets their desires in a perfect manner to get influenced to purchase. Also, the product must be developed while keeping the demands of the target audience in focus. If the consumer is not likely to buy the product, it leads to sheer wastage of resources and capital.
Thus, it is essential to conduct market research that involves finding out the expectations of the consumers from the product. Analyse if your offering will be able to meet the expectations of the consumers before putting it on the market. So, besides making your presence felt, you need conversions to get the end result. In addition, branding and customer service need to be customer-centric to create customised messages that evoke the right reactions. Therefore, a clear understanding of the product is the essence of digital marketing.
2. Price
The amount paid by the consumers for your product defines the price, and it must be decided carefully by the marketer. The pricing of the products is usually dependent on the product category, cost of raw material, cost of manufacturing, competitor’s prices, market trends, etc. It is the first thing that buyers notice about a product, so the marketer should not make the mistake of either pricing it too high or too low. If the product is too expensive, buyers will most likely choose cheaper alternatives. On the other hand, if it is too cheap, the business will have to bear losses as it will not be able to get the desired return on investment.
On the digital medium, consumers can compare prices quickly, and it can be challenging to stand out. Thus, you need to justify the price through features of the product that make it valuable in the eyes of the customers. The business can work on reducing overheads to cut down the price of its product while maintaining profits. It is especially advantageous for businesses running online retail stores because they do not require spending on a physical office and its expenses. For example, Apple is able to charge a premium price for its products because it is positioned as a high-quality brand that is unlike any other. The brand value allows the tech giant to keep its pricing high. Thus, the final price must be decided after a lot of brainstorming and research.
3. Place or Platform
Digital marketing has opened up a variety of avenues to display the product and make it accessible to buyers. However, to find the right platform for selling, you need to know which place is preferred by your target audience. Also, you need to identify the time of purchase and the method of transaction that is used by the customers. It will help you to identify the right distribution channels that will ensure successful lead generation and conversions. The common places to reach customers online include the company website, social media pages, online ads, organic search results, forums, influencers, business listings, and emailers.
It has become imperative to be present on all the channels online to answer the queries of customers, pacify the disgruntled buyers, and offer gratitude for appreciation. It is essential to know what the customers are talking about on discussion forums and social media networks to keep the negativity at bay. Also, responding immediately to customers has become a necessity in the competitive and public digital space. Brands have to work harder to make the customers follow them and maintain relationships so that they offer positive word of mouth online. It helps to make the loyal customers the brand ambassadors of the company.
4. Promotion
Promotions include advertising, public relations, sale promotions and personal selling in the traditional setup. However, with digital marketing, promotions have become easier as the budget has reduced considerably. Marketers can now use blogs, articles, case studies, and social media posts to make announcements and inform the customers. Videos on YouTube help in creating demonstrative content or tutorials that help customers to understand the usage of the products. Infographics and images can help in entertaining the customers. Thus, the marketer can inform, educate, and attract the target audience at a fraction of the cost of TV and print advertisements.
Paid ads and search engine optimisation further aid in increasing exposure, generating website traffic and amplifying sales. Digital marketing agencies utilise email marketing, influencer marketing, content marketing, social media marketing, online reputation management, and SEO in Gold Coast to get the desired conversions. However, while developing these campaigns, the entrepreneur needs to know the best media channels for communication and the ideal time of promoting the content.
Conclusion
Marketing is the most crucial part of running a business. The advent of the Internet has brought about a paradigm shift in the old marketing mix, with a new definition for each P. Thus, marketers must ensure that their strategies are in sync with the latest digital trends and technological advancements to stand away from the rest.
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