All You Need to Know About the 4 P's of Digital Marketing

Digital marketing is all about promoting or advertising goods and services via digital media platforms. It's different from conventional marketing as it utilizes numerous channels and techniques to examine marketing campaigns and understand what works and what doesn't. 

For a business to be successful, it needs to incorporate these elements into its marketing plans, which are the so-called 4 P's of digital marketing:

• Product

• Price

• Place 

• Promotion

The 4P's concept came from the 1960s and has since then became a marketing strategy staple. But times are different now with the advent of the internet and smart devices, so the ideas of promotion, product, place, and price must also change.
 

Product

Your product is the object of interest of your consumers. It could be physical goods or services offered, ranging from a china set and refrigerators to home insurance or plumbing services. 

People get into business to offer something valuable that is in demand by consumers. The first job of a marketer is to know the product's unique selling proposition or what it has to offer. Why will this product be valuable to consumers? 

It is not unknown that having a great product is not synonymous with getting publicity for said product. Marketing is essential to help consumers become familiar with your products or services.   

For your business to be successful, you must prioritize your consumers. It's not enough to have a great product; you also need to ask the foundational question: Do people want or need this? 

It's a lot more reasonable to identify and then satisfy than launching a product and hoping it gets needed or wanted.

Here are some questions to ask yourself about your product:

• What are consumers demanding? What do they want from your product? Does the product satisfy any need?

• What is your competitive advantage or unique selling point? 

• What is your product name and brand? 

• How do you expect customers to use your products? 

• What is the least selling price you can offer while still making some profit? What is your profit margin?
   

Price

Pricing is a basic but profound concept that thriving businesses must embrace. Price is the concept that has the highest effect on consumers as it influences their decision to purchase the product.  

Pricing strategies can be a tad tricky for several businesses. Excessively high prices will push your customers away while low prices can reduce your profit margin considerably. Knowing your specific audience and their interests is essential in devising an optimal pricing strategy. After all, consumers will always spend more on the things they value the most.  

Some of the factors that affect product pricing are as follows:

• Market share

• Branding and quality of product

• Cost of production

• The perceived value of the product

• Competitive prices and products
   

Questions to ask yourself about pricing:

• What is your perceived product value to the user?

• Is your specified market price-sensitive? Should you increase or reduce your price?

• What about sales, discounts, or coupons? 
   

Place

Place refers to the location where the transaction between you and the consumer takes place. Conventionally, it includes retail shops or newspapers. However, there are now numerous channels to satisfy the consumer's need with the advent of digital marketing. And this causes some difficulty in product placement because there are now more alternatives for user experience. 

Online businesses have further complicated the meaning of 'places' in marketing. This makes it even harder to pinpoint which distribution channel has a higher probability of converting into a lead or sale.

Social media platforms have also included relationship factors, thereby altering the mode of operation of modern business. For instance, being able to:

• Reply to questions and messages on Facebook in real-time

• Add helpful recommendations through Quora

• Reply to negative Yelp reviews

When businesses interact on platforms that influence the users, they harness the relationship-building power of that platform.

The internet and gadgets give consumers 24/7 access to the marketplace. This means businesses must be easily found and interacted with by the appropriate users.

Some examples of include webpages showing interactive ads, emails, search engines featuring shopping ads, search engine results, and social media platforms like Pinterest, Instagram, etc.

With the availability of several digital avenues to connect to users, making your goods/services accessible to consumers at the most convenient location will provide you with a competitive advantage. 

You also want to ask these questions:

• Where is your target market searching for your products?

• Where are your consumers actively searching? 

• Can you access the mediums or channels? Are you knowledgeable of their workings, and can you efficiently distribute through these channels?

• Where is your competition most active? What channels do they use? And are they using tools/strategies that you’re not?
   

Promotion

Many businesses focus primarily on promoting their product, but this is just a tiny part of the picture. Promotion is not synonymous with marketing. Businesses should use an integrated marketing approach and incorporate all 4 Ps.

With the advent of modern technology, there are now more channels for communication. Businesses can segment their target audience by mobile devices, operating systems, etc. When choosing a distribution channel, ensure that it's the right fit. The medium of communication should be appropriate for both the product and consumer. 

Some examples of online channels for distribution are search engines, display ads, social media platforms, and digital platforms, such as Reddit, Yelp, etc.

That said, you want to ask yourself these questions with regard to promotion:

• What channels are available for communication and product distribution?

• Where do your competitors promote their products? And should you consider using it?

• What channel is most for communication? What is the relevant and appropriate channel for the product and user?

• What timeline should you use for your promotion? Businesses need to consider 24/7 avenues and the periodicity of products to plan promotion timelines. 
   

Conclusion

Businesses should diversify their efforts and avoid putting all their eggs in a basket. It’s best not to use a single digital marketing medium for product distribution. If that medium fails, it could be disastrous. As a business, you want to use numerous channels to connect with larger audiences and know more about consumer interactions. It’s also advisable to use an integrated marketing approach.