Digital marketing goes beyond traditional marketing tactics. It works on the WWW (World Wide Web) through multiple digital channels. It includes social media platforms, email marketing, websites, search engines, and apps on handheld devices, along with others.
Trends in Digital Marketing
- 81 percent of the buyers do online searches before purchasing anything online
- 18 percent of them search for local convert into a sale online.
- 90 percent of those buyers only decide on a specific brand after searching online.
- 84 percent of them go for online reviews and friends’ suggestions.
- Last but not least, 92 percent of them make a subsequent related purchase after searching for relevant information.
However, a successful digital marketing strategy depends on a well-thought-out marketing mix, usually called the P’s of digital marketing. The marketing mix combines the products sold in its relevant market with the right price by targeting the right audience and convincing promotional tactics.
The marketing mix
the marketing mix is the P’s of digital marketing. Using marketing mix as a framework for decisions and business makes better strategies like:
- strengthens the merchandise and minimizes the weaknesses
- leads the competitors
- innovation and flexible merchandise
- enhances team collaboration
If you are wondering what P’s are, continue reading until the end.
The first P in the P’s of Digital Marketing is for PEOPLE
who is your target audience?
Your audience/customers are why your brand exists. as a brand, you are responsible for catering to their needs. The target audience is a segment of the community to which the agency wants to sell its items and offer services along with sales.
It goes around like this:
- creation and management of the product that you need to sale
- pricing of that product
- sales of that product
However, the categorization of the target audience is based on these factors:
- employment status
- and other categories
Are included in the demography of the market.
Geographical aspects in the P’s of digital marketing
it consists of the location of the target audience. However, it is divided into different sections:
Henceforth, you need to target the audience and define your market based on the target’s location.
Psychographic factors in the P’s of digital marketing
Market sections can be divided as per psychographic factors. You can categorize them according to their:
- general interests
The second p in the P’s of digital marketing is the PRODUCT
What do you intend to sell?
Regarding the digital marketing mix, the product must be 100 percent online with no physical features. For instance, selling a traditional product via a digital store is not a good option.
You should select products that are scalable by nature and whose process revolves around being online, like:
- the management and creation of the product/item
- pricing of the item/product
- distribution of the item/product
While creating a digital product in a digital marketing mix, you should consider all the facts and figures surrounding it.
The third P in the P’s of digital marketing stands for PRICE
what the target marketing is willing to pay for a particular product?
Before putting any price on your product, think if it is worth the price tag you want to put on it. Pricing is a unique selling proposition for your merchandise.
Henceforth, you must have a robust pricing method that should be transparent and clear on other charges. It is one of the main 5Ps of marketing that needs to be carefully crafted, so the customers access your website thoroughly and make a purchase.
What to consider when deciding the price?
- The overall value of the service or the product
- is the price matching the value and quality of your offering?
- Is the target audience willing to pay the amount?
- Will a slight increase affect your audience?
- What discounts or promotional offers can you offer?
Time spent on attaining products and customers in the pricing tactic helps develop better product pricing. However, there are multiple steps to it:
- purchase and checkout
- download times
Pricing tactics for digital marketing
There are three typical pricing tactics:
- The SaaS is elaborated as “software as a service” or a model where a subscription provides access to a digitally present product.
- Single purchase model, where one product has one price for a one-time purchase
- The free model is where the product is monetized through other channels. However, both of them have their pros and cons.
The subscription model is beneficial if the product is not static, i.e., upgradeability, level of complexity, and updates.
A one-time purchase is only suitable for the finished products. However, you must include that the finished products require customer support and onboarding.
The fourth p in the P’s of digital marketing stands for PLACE
where can the customers find you?
PLACE refers to the channel or location of your services and products, i.e., the distribution of your offering. Remember that visible and more accessible services and products have a wider chance of the target audience purchasing them.
A place is a virtual channel to display and sell your brand in digital marketing. However, there are multiple places where you can sell and let people access your brand anytime they want.
SEO (Search Engine Optimization) helps in ranking and attaining more traffic. Henceforth, your customers should find you easily.
Social Media Marketing Tools are not for fun and promotion. You can also sell your products there.
social media channels
you can use the following channels for your work
- Facebook has an estimated 2.85 billion monthly active users.
- Instagram has one billion monthly active users.
- Twitter has 186 million monthly active microbloggers.
- Pinterest has 478 million monthly active users.
- LinkedIn has over 756 million monthly active users.
video and image hosting channels
- Daily Motion
These are some digital avenues where you can buy and sell your products.
- Big Commerce
- Big Cartel
- Email marketing
- Direct advertising
Identify the channel or place
- where you can find most of the customers.
- Which platforms do the buyers use often?
- Are you using mainly used social media?
- How can you access the best and right distribution channel?
- Are you having direct access to the customers digitally?
The fifth P in P’s of digital marketing stands for PROMOTION
what do you have in there for your customers?
Promotion in the digital marketing mix uses communication tools to reach your target market. It includes:
- online advertising
- public relations
- direct communication
- sales promotion
These methods are best to influence and reach a specific audience.
Moreover, it is all about informing your customers about your services and products to entice them to purchase. You can produce THE BEST PRODUCT in the market, yet its success depends on the proper method of promotion. Henceforth, ensure to stand out of the competition regarding product promotion.
Ways to market online and promote for consideration
- Search Engine Marketing (Google, Bing)
- Search Engine Optimization (SEO)
- Content Marketing
- Online PR
- Social Media Advertising
- Email Marketing
- Learn more marketing channels
How to craft the right promotional campaign
- ways to send messages to the customers
- is your offer attractive enough to entice customers to make a purchase
- do you have promos, limited-time offers, or discounts?
- What is the best time to promote? Are your services or products seasonal?
- Strategies to compete with the competitors
while producing an online product, consider all the aspects surrounding that product.
- The online brand of the produced product,
- does the brand have a set of products on a product line in range?
- What other services are there?
- How will you deliver the products to the respective customers?
- How are you planning to design the product?
- Which features will you include?
You can produce high-quality products online if you can answer all these questions.