Any marketing whiz worth their salt is familiar with the four Ps of marketing. Even more talented are the advertising mavens who know that these pillars are ever-evolving. While in the midst of a pandemic, the four Ps have undoubtedly altered, which means marketing strategies are expected to follow suit. According to industry experts, here are some ways that the four Ps of digital marketing have transformed.
Product
Though often thought of as a tangible asset, these days, a brand’s product refers to anything that adds value to the customer experience. If it can be provided as a business, it qualifies as a product. In other words, something that can fulfill a desire or need. The most effective strategy is to think of a product as a way to solve a problem. Marketing specialists maintain that if your product can resolve an issue that consumers didn’t even know existed, you’ve succeeded. Most importantly, when designing a new product, it’s essential to consider its functions, appearance, and concept before bringing it to market.
Price
Given our current economic downturn, establishing a price for your product is no mindless task. Above all else, you want your rates to be competitive. Even if your product promises more quality and durability than another, it’ll always be eclipsed by something similar that costs less.
In the same breath, you also don’t want to set your price too high for the sake of gaining revenue. With considerable thought, you can find the balance between too cheap and too expensive. Some factors worth taking into account include margin, perception of value, and competition. From there, you can identify the median price.
Presence
Now more than ever, it’s never been more crucial to have a digital presence. Not only does this promote consumer engagement, but it also makes it simple to advertise your product. When your brand is accessible, it bodes well for increased sales. However, there’s an art to promoting your products online.
You don’t want all of your content to be sales-based, so for every post that contains a promotion, post two others solely for the public’s interest. This happy medium will ensure that you captivate audiences without coming across too strong. For optimal results, you’ll want to determine which one of your social media platforms gains the most traction.
Promotion
Promoting your product extends well beyond the social media stratosphere. In our current climate, this form of advertising isn’t enough. To make a splash with audiences, you need to sell your product with purpose. With that said, don’t be afraid to explore the unknown. Is it within your means to do billboard advertising? Is commercial advertising a viable option?
Whatever conclusion you reach, it’s critical to ask specific questions while developing a campaign strategy. For instance, how does your product impact consumers? How will your product solve problems? With answers to these questions, you’ll effortlessly devise a profit-driven marketing scheme.
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