Marketing on digital platforms has become extremely important in the current world scenario. Regardless of the type or size, different companies are taking it to online mediums to promote their business. And not only that, but your customers are online too. Whenever any present day consumer has a query related to a product/brand/business, they look it up on the internet. Therefore, it order to capture your target market and compete efficiently with your competitors, effective digital marketing is a must.
But how to do that?
That’s what we’re going to help you out with today! Read on to find out what are the 5 P’s of effective digital marketing.
From past few years, the digital market has grown exponentially. However, the events of 2020 have accelerated this growth more than ever. The number of consumers shopping online has increased dramatically, and so the businesses going digital. Hence, having a strong online presence is important for your business. For that, effective digital marketing is necessary.
However, before beginning with that, it is important to understand digital marketing thoroughly. Hence, we have broken the down this concept into 5 key points that will help you market your business better.
So, with no further ado, let’s hop onto…
5 P’s of Effective Digital Marketing
If you’ve been any familiar with the theory of digital marketing, “marketing mix” might ring a bell. In any case, “marketing mix” comprises of 5 P’s namely— Product, People, Price, Place, and Promotion. And that’s what we are going to elaborate in the list below.
A product is basically a good, service, or an idea provided by a business in exchange of something. It can be either tangible or intangible, or both. The revenue earned by selling the products is generally the main source of income for a business. The course of your marketing strategies is greatly dependent upon the type of product you are selling.
For Product decision, following things are taken into consideration:
Functionality, i.e., the functions and features of your product
Appearance, i.e., how your product looks
Quality, i.e., the kind of material/elements used to make the product
Packaging, i.e., the technology and material is used to enclose and protect your product
Warranty, i.e., the guarantee made by the manufacturer regarding the quality of a product
People are the essential part of any business. The main idea behind doing business at all is to serve a particular group of people. Whatever product you develop or the mode of promotion and distribution you choose, all of this is aimed at your target customers—the people. They are the main reason that your business exists at all.
The People marketing mix can be broken down into these broad categories:
Demographics i.e., factors such as age, gender, race, education, career etc. of your target market
Geography i.e., the city/state/country/region your target customers are from
Behaviour i.e., the target market’s mood, brand loyalty, responsiveness to price, reaction to alternatives or substitute products, and so on
The price of the product plays a very significant role in the buying decision. Customers examine and analyse a product to decide whether or not it is worth paying the given price for it. If the price of a product surpasses its perceived value, customers may find it over-priced and hence not buy it. On the other hand, if a product is too cheaply priced, it may cause loss to the business. Moreover, the price of a product is not just based in the cost of production, there are many other factors affecting it.
Customers want to feel that the price they are paying is worth for the benefits they are getting. Therefore, Price plays a very big role in marketing. It is dependent on the following:
Cost of production i.e., the money and resources spent on producing a product
Cost of distribution i.e., the expenses involved in distribution on the product
Selling price i.e., the price a product should be sold for
Cost of promotion i.e., the cost involved in promotion, marketing, and advertising of the product
Discounts i.e., to spot the scope for deduction in the product’s price of better sale and/or marketing results
Payment system i.e., to define the modes, methods and gateways of payment and all the decisions related to it
‘Place’ in marketing defines where and how your customers can find your business. For a business, it is important to make sure that their target customers can easily find and reach them. However, in the case of digital marketing, these places are essentially virtual.
There are certain digital channels and platforms where businesses display and/or sell their products, and connect with their customers. Some of such mediums are:
Search engines– where your customers can find you when they search for your targeted keywords
E-Commerce platforms i.e., the points where your customers can buy from you (Example- Shopify, Volusion, Big Cartel, Big Commerce)
Social media channels– such as Facebook, Twitter, Instagram, LinkedIn, and so
Direct marketing channels– through which businesses can directly communicate with customers like direct advertising, email marketing, telemarketing, etc.
Video channels– like YoutTube, Daily Motion, TikTok, and so
Image platforms– where people share different types of images like Pinterest
All the activities and methods a business uses in order to make its brand and products known to the target market come under Promotion. After having dealt with the Place part of marketing, this is another fundamental thing in marketing.
Promotion in digital marketing can include the following:
Search engine optimization i.e., to optimize your online sources in a way that your target market can easily find your business on the search engine
Social media marketing i.e., to promote and advertise your business on social networking sites like Facebook, Instagram, Twitter, etc.
Email marketing i.e., to reach your target market directly by corresponding with emails
Video marketing i.e., to reach your customers on video sharing platforms like YoutTube, Daily Motion, etc.
Marketing on digital platforms is important for a business to thrive in the present day market. This is why having an effective digital marketing strategy is important. For this, it is essential to understand the 5 P’s of digital marketing. For high Returns on Marketing Investments, it is important to be thoroughly familiar with these 5 P’s namely Product, People, Price, Place, and Promotion. How you manage and employ these elements play a great role in defining the success of your marketing campaigns.