Understanding the 4 Ps In Online Marketing
DIGITAL MARKETING ESSENTIALS
2 min read
If you have ever taken a marketing class at school, or launched a marketing campaign of any kind you are probably aware of this framework…
This simple framework can be applied to ANY marketing strategy.
In fact, it can be applied to any business model…
Expert marketers often refer to this framework as “The 4 Ps”.
Unravelling the intricacies of the 4Ps:
1. Product
This is the heart of any online marketing strategy. If you are creating your own product, it is important to determine what sets it apart. And if you are planning on selling someone else’s product, it would be wise to select your product based on a micro-economic analysis, i.e based on its demand and supply. For example, if you are selling products on an e-commerce store, it would be wise to select products that are already in extremely high demand. It’s like dipping your hands in a pond of water that is already full.
2. Price
Going hand in hand with the product is its price. Price is not just a number: it's a strategy in and off itself. Consider your target market, your competitors, and perceived value. Whether you're aiming for premium pricing or a more budget-friendly price-point the right pricing strategy is essential in making the cash register ring.
3. Place
In the online realm, 'place' refers to the channels through which your product reaches its audience. Whether this is on your website, social media platforms, or third-party marketplaces, strategically placing your product at a high “traffic” source is cardinal.
4. Promotion
As goes the saying, there is little point in opening a shop if no one knows it exists. Promotion refers to the methods you use to communicate your message. Paid traffic is always a powerful option as it can result in a sudden EXPLOSION of sales right from the moment you press the “launch campaign” button.
Understanding these 4 Ps provides a roadmap for a well-rounded online marketing strategy. They're not just elements; they're the architects of your digital success story.
If you are having trouble converting the followers on your social media pages into actual sales you most likely need a more effective marketing strategy? Use the link below to book a FREE digital marketing strategy session.
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