You might be asking yourself how all this new digital ‘stuff’ fits in to the traditional marketing mix: the venerable four Ps of Product, Price, Promotion and Place. Well, it breaks down something like this.
Place
Let’s start with the obvious one: it’s the internet. It’s the 2.4 billion plus people around the world who have decided it is better to be connected... whether it is accessed through a computer, a mobile device, internet protocol television (IPTV) or whatever else might come along. That’s really it.
Price
Pricing is critical online. You have to be competitive: this is the internet, and pricing is transparent. You don’t necessarily have to be the cheapest – but to compete you need to make sure your overall value proposition to the customer is compelling. Overprice your product and a host of price comparison sites will soon highlight the fact, as will the countless peer review communities where consumers actively debate the relative merits (or otherwise) of everything from financial products to wedding stationery.
Product
This is what you have to offer – your unique value proposition to your customers. A good product, of course, is the cornerstone of all successful marketing, but it is particularly crucial in the digital arena. A product that delivers tangible benefits and fills a real need in the marketplace – something that leaves the customer with a genuine perception of value – gives marketers the scope they need to do their job effectively. When you’re promoting something viable, it’s much easier to engage with consumers and to convince them to buy.
Conversely, the best marketing minds in the world will struggle to promote a product that doesn’t deliver the goods. And this is where the all-pervading, viral nature of the internet can really come back to bite you. If you promote a product online and that product doesn’t deliver, you had better be prepared for the backlash.
Digital consumers are no wallflowers – they are vociferous and well connected. They won’t keep the shortcomings of your product or business to themselves – they’ll shout about it from the tallest building in cyberspace, and others will quickly pick up the cry. Once that happens you can pretty much shelve your marketing ambitions and go back to the drawing board. So, it is important to make sure your product and the entire customer value chain associated with it is right from the start. You need a solid foundation if you’re going to build a sustainable online business, and that all starts with a sound product.
Promotion
Promotion is everything you do, online and offline, to get your product in front of your prospects, acquire new customers and retain existing ones. Examining those options will you in a better marketing position. Here we have the main elements in order to whet your appetite:
