When you study marketing in college or university, you are taught a set of marketing tools that help to market the product most effectively; the four p’s.
The 4 p’s include:
Philip Kotler elaborated these as “a set of marketing tools that the firm uses to pursue its marketing objectives in the target market”. This concept arrived in the 1960s and since then has been implanted by many firms to achieve goals.
Perhaps, with the advent of the internet and mobile phones, this concept needs some changes to fit in the modern world.
So given that everything has become online, how can we utilize these 4p’s effectively in the new digital era? Well, let’s get into some details and discuss each content.
Earlier, before purchasing any product, customers used to touch it and analyze it by looking at its quality and value. Perhaps, this is the aspect that sellers need to take into account when offering goods and services virtually.
Since customers, or say, potential buyers cannot physically see the product you intend to sell, therefore, the quality and value should be up to mark.
The basic concept of marketing still lies in the position, however, the approach to achieve that has to be smart. Even selling virtually, the seller should know what is the target audience, what do they need, and what nature of products they prefer.
In fact, in the age of the internet and social media, a poor quality product and a bad experience can get bad reviews. The review ranking by customers can get the business in serious trouble since people can search before considering to buy.
Perhaps, making yourself a brand is not enough in the world of digital marketing. You have to provide quality and standards to sustain yourself in the competitive market.
Let’s look into some elements to consider before designing and selling a product:
Making a quality product is sometimes not enough. It is essential to analyze the customer’s needs. What is the use of such a product if you have not researched well on its demand?
It’s wise to research the customer’s need as they are the end-users to whom eventually product is provided,
It’s vital to ask yourself some queries so answering them leads you to an end product with fulfilled requirements. Such as:
Price is the element that attracts the customers, whether it’s an online or physical purchase. Perhaps, it looks like a simple and easy formula to understand but it’s a deep concept that is implied while setting a price for customers.
In online shopping, it becomes even more tricky to set the prices. Not too high that customers run away and not too low that your business bears the cost.
Sellers need to understand the opportunity cost of the customer to buy their product. Since the pricing lies with the customer’s perceived value of a particular product or service.
It has become an easy task to compare prices of different products and then purchase that is feasible. Perhaps, online competition is not as easy as you think it is.
Businesses have to keep a balance. They have to choose a price that has an edge over its competitors, yet provide a sustainable quality to its end-users.
The place is the platform where the goods and services are available for the customers. Earlier, the place consisted of shops and newspapers. However, digital marketing has changed the concept of place.
There are so many places to offer goods and services on the internet. Along with ease, it has become quite difficult to fill the spaces. It has rather made the concept of place more complex.
Businesses try to solve the puzzle of the best platform to generate maximum leads.
Social media is one of the major platforms to build customer and seller relationships. It is easy to interact with the users on an instant basis.
Additionally, the use of smartphones has become a means of online shopping.
Multiple shopping applications and the use of a 24/7 marketplace have urged businesses to stay connected and available on all platforms.
Digital marketing has changed the concept of promoting goods and services. The evolution of technology has turned the tables and the marketing of goods has switched to the internet.
Let’s look into some ways of promoting through the digital market:
The product ads have two sides to generate leads. Businesses optimize through the use of keywords in search engines to drive leads. Additionally, they use sponsored ads to show in high rankings for their products.
Animation has become an interesting concept of marketing products.
This is a visual two-dimensional presentation in a video. They often grab your attention with humor and rapid message delivery. Perhaps, many agencies offer 2D animation services that businesses can use in marketing.
These are a bit expensive forms of three-dimensional visual presentations. It is best to acquire 3D animation services if the businesses intend to create a large-scale marketing video.
This animation shows the static images being drawn in a video. This is an incredible tool to use in your video marketing. This is a focused animation, perhaps, the message is clear.
Therefore, businesses often outsource whiteboard animation services to promote their products and services.
To conclude, the use of 4p’s of marketing still holds the same concept. However, the advent of digital marketing has evolved the marketing mix platform.
The use of marketing tools has fit in the digital era, and businesses need to expand their vision while implementing them.
There is no doubt that the nature of customers is always the same while purchasing goods. Whether it’s physical or digital, they tend to buy a quality product with not too high prices.
Perhaps, it is up to businesses to build trust by selling quality products with competitive marketing in multiple platforms with attractive promotions.