One of the problems with today’s generation is their habit of over-complicating things.
The other day I came across a group of marketing professionals who wanted to learn Digital Marketing.
Since I am personally learning the same in a Digital Marketing Training Institute, the topic got me interested.
During my discussion with the guys, I realized how complicated digital marketing has been made to look.
These guys were from the Marketing background and all they spoke was the technical stuff inserted into their mind by the institutes they had visited.
I told them Digital Marketing comprises of the words “Digital” and “Marketing”.
I said the last word aloud to make them understand the relevance of “marketing” in digital marketing.
And that’s where our discussion got interesting. We started discussing what we had learned in marketing and started applying the same to Digital marketing.
Obviously, every discussion in Marketing starts with 4Ps of Marketing. (in this case, we were trying to find 4 Ps of Digital Marketing).
Let’s go back a little in time.
The term “marketing mix” was created by Neil Borden, American Marketing Association president in 1953 and this has been using since then in different forms.
In 1960 E. Jerome McCarthy had formed 4 Ps in Marketing and since then, they have been associated with the Marketing Mix.
The marketing mix (read 4Ps) explains the cluster of activities, or strategies, which is applied by the various organizations to promote its product or service in the market. In fact, the 4Ps help to build a perfect marketing mix – Product, Price, Promotion, and Place.
Definition of 4P’s of Marketing
4P’s of marketing define the activities or strategies, that any organization uses to promote its brand or product in the market. The 4Ps are – Price, Product, Promotion, and Place (wait….don’t get bored. This is not your one of the high fundoo articles talking about marketing. I am just covering basics to make the mapping to 4Ps of DM a little easier for you).
In common language, 4P’s of marketing means, manufacturing the product as per the requirement of the users or people, which fulfills customer’s demand, place rightly (means easily available or visible to customer) at right price (cost of the product should justify the usage of the product) while doing some promotion (promotional activities which are to be done by manufacturers to motivate buyers to buy the same).
Elaborating these 4P’s further:
Product: Product defines the service or item which is sold by sellers to buyers. A product can be in any shape like physical item or services etc.
Price: Price defines the value of the product which is paid by buyers to sellers in return for product and services. Usually, the price is the value of the product which is mentioned in product and services. Pricing of the product depends on a variety of internal and external factors.
Place: Place denotes a distribution channel of sales for the product. Place means – to make the product available easily to buyers or potential buyers of the product. Right placement of product matters a lot for the success of the product.
Promotion: Generally, promotion means any activity or action taken to sell or promote the product. Whatever promotional activity we do to promote the product like advertising, events, customer incentive schemes, marketing activities etc is called promotion.
Now come to “Four P’s of Digital Marketing”:
For years, four P’s of marketing have been part and parcel of every marketer to enhance the competency of their marketing strategy.
The same success can be achieved by marketing professionals who want to learn Digital marketing by applying the learning to Digital Marketing.
Here is my mapping of 4Ps of Marketing to 4Ps of Digital Marketing
Product or Service or Solution
The product is the most important aspect of 4P’s. Be it digital world marketing or traditional marketing, elements or features of the product remain the same.
Like traditional methods of marketing, the product information, details etc are set with only a difference of platform to promote the product. The platform to educate customers about the product has changed.
Everything is available on Internet. People prefer to compare and buy products online rather than going with the traditional purchase. They get complete details and information about the product or solution for their problem on the Internet.
Place or Access:
In the digital world, the product is easily and globally available or accessible with complete information on the Internet. You don’t have to visit a store physically to check the price of product/service. You may get complete information while clicking on your laptop, desktop, mobile phone etc.
In the digital world, there are several channels of distributions or online stores like Amazon, Flipkart, Snapdeal etc. and even you may go to your own website to reach your target customers.
With Digital Marketing, you promote your product online in an easy to understand manner by creating interactive content which has to power to reach a wider audience.
In short, your product is globally accessible to everyone rather placement.
Price or Value:
Since the beginning, pricing has been an important aspect of every customer during shopping.
Usually, people prefer to compare different features of products before buying them and pricing comes last, but pricing changes consumer behavior within a fraction of seconds.
Today’s customer wants fare and transparent deal. Usually, the price is the value of the product which is mentioned in the product and services as paid by the customer.
A customer always looks for a good deal or sales and promotion, in fact, they eagerly wait for it.
Now mostly youngsters, as well as other age groups, have started taking interest in online shopping just because of its unique features.
The biggest benefit of updating price using Digital marketing is the power to update the price based on real-time information of a prospective customer. For ex, you know the customer has bought health-related products in past.
This means there is more possibility to pitch health-related products to the client by viewing the history.
Also, you have real-time information about past upselling, cross-selling, discount range, type of products etc to make a price matrix which complements your marketing campaign online.
I am not saying traditional methods could not achieve this. They could but a fortune is spent gathering such data and keeping a track of customers real-time using traditional methods of marketing.
Digital marketing allows you to set price and update campaigns around buying or purchase habits of clients.
This helps you in identifying the right price for the right customer.
Promotion or Education or Information
The promotion has been the biggest headache for marketers since the beginning.
Due to budget limitation and expected results, marketers can be seen fighting over promotional activity’s budget.
But in the digital era, companies have started educating or informing people by providing content, blogs or article in the form of promotion.
The scenario has completely changed. Digital marketing has created a platform where information sharing leads to sales.
The better the information, the more educated the customer and higher are the chances of making sales to the customer.
Similarly, digital marketing campaigns give you the flexibility to set up campaigns based on age, gender, interest, location, etc.
You get to select the right platform based on the availability of clients on the platform.
The significance of 4P’s of Marketing:
The mentioned elements of “marketing mix” are interrelated to each other.
Usually, based on these elements, business strategy and plans are created to achieve success.
But put them in an incorrect order and the results can be catastrophic.
Digital Marketing expects you to apply the good old fundamentals of Marketing.
The method of marketing might change with Digital Marketing, but fundamentals remain the same.