The 4 Ps have been a successful marketing strategy for over half a century, and that’s a lot of time. Marketing has changed from what it originally used to be 50 years ago. Now there is a more prevalent form of marketing, called digital marketing. This type of marketing is done on digital mediums like social media, search engines, and ads on various apps. In digital marketing, these 4 Ps serve the same purpose, i.e., formulating great strategies.
Digital marketing is an excellent field of work. You can find digital marketers around you everywhere. It is a great source of steady income for many people. The reason why digital marketing is so popular is that mobile phones and laptops have now replaced Televisions and newspapers entirely. With digital marketing, your product or service can reach the other part of the world, without even you leaving the house.
To become a digital marketer, you need to know about the basics of digital marketing. The 4 Ps: Product, Price, Place, and Promotion are the basis of every digital marketing strategy. To define a better digital marketing strategy, a marketer needs to have a clear idea about his project on all these 4 points.
Studies show that a majority of people do complete research about the product and its alternatives online. For successful marketing, you need to provide valuable information about the product and not just the product but also other information that a customer needs to know. After all, nobody likes to straight-up start reading about a product.
No successful digital marketer works in the absence of a plan. Planning is the 1st step of marketing, and so, let us first read about how to start formulating a digital marketing strategy, and in the latter part, we will discuss the 4 Ps of digital marketing.
How to make a digital marketing strategy?
Digital marketing is a wide field of marketing. It is not at all like the traditional forms of marketing. The 6 pillars of digital marketing are Content marketing, PPC advertising, Native advertising, Email marketing, Social media marketing, and Search engine optimization. To formulate a digital marketing strategy, you can consider the following points:
- Know your targeted customers: Knowing the interests and location of your customers will help you to better determine the budget and the type of digital marketing.
- Determine goals: You need to set goals for our strategy. You should know whether you want to make a sale or create customer awareness about the product.
- Focus on content: We already told this before in this article that nobody likes to straight up about a product, always produce valuable content.
- Analyze the channels: You might be using some tool or asset for marketing. You need to analyze the marketing channels of the product before working on it,
- Reach mobile phones: Mobile phones constitute a huge part of the digital marketing world. You need to target mobile users more. However, it may still depend on what you are marketing.
- Make it easy to reach you: Your customers should not find it difficult to know more about the product or brand. If they do, it will reduce the effectiveness of your campaign.
- Use the latest technology: The Digital world changes faster than everything else out there. You need to know better about the advertising mediums.
- Monitor your progress: Even when you do everything right, you should not for even a moment stop tracking your campaigns.
Well, now that you know how to start formulating a digital marketing strategy, let us now read about the 4Ps of Digital marketing.
Everything you need to know about 4Ps of digital marketing
The 4 Ps of digital marketing are the most important aspects of digital marketing, which you need to be clear about before formulating a digital marketing strategy. These are:
This is the first and most important P of marketing. The product part is related to finding who your targeted customer is, what he needs, what his interests are, and how your product can be a part of his life.
If you are successful in solving a problem of the customer, then there is a certainty that the customer will buy the product. This is not only concerned with products but the services too. The lavish services and products require more time to sell, as they are demanded only when the customer has extra money to spend.
You should have full knowledge about the product, its features and the differentiative qualities that it has. If the product is not distinguishable from what’s already available, your competitors will have the upper hand.
Price is an important determinant of sales for a product. If the brand keeps the price too high, then the customer will hesitate while buying. If the prices are too low, then the profit margin will be less, and the product can also be considered inferior. Studies indicate that the products that have an exceptionally lower price than what is prevalent in the market are more likely to be considered to be inferior. Pricing of the product should always be somewhere around the market price. A bit lesser is recommended.
Nowadays, due to the presence of e-commerce sites and tons of price comparison sites, the customers are now more aware than ever about the pricing and ideal features of the product. The pricing needs to be decided with utmost care.
The place is about determining where your potential customers can be found. This part is more concerned with selecting the right medium for promoting the product or service. If you are promoting your marketing consultancy service, then it should be obvious to you that you won’t promote it on Tiktok. Tiktok is not a place where people are looking for something like this. You will need to go to some more serious medium like Linkedin, Facebook Marketplace, or Google to promote the services of that kind.
The Place part is also concerned with the geographical location of the customer. You need to have control over the campaigns you make, it should only target the customers where you can deliver your product and services, because, even if you get a conversion, you won’t be able to make a sale.
After balancing all the first three Ps of marketing, now finally comes the promotion. The intent of promotion is of two types, to create awareness or to generate revenue. Both of the intents have separate targeted customers. To run a successful promotion campaign, one needs to provide adequate details about the product or service in a short and effective way. Most of the customers don’t like to watch more than 15 seconds of an Advertisement and more than 50 words of the product description.
Effective promotion is the one that is low on cost, reaching more customers and best describes the product or service.
Most of the things that are done without a plan are not successful, and if they are, it is just pure luck. The 4 Ps of digital marketing is extremely crucial for a successful digital marketing strategy. Once you have definite knowledge about all four of them, it is only a matter of time that you will start seeing the tremendous growth in your campaigns.