What are the 4P’s of Digital Marketing?
Digital Marketing refers to the promotion/advertising of products and items through the digital media platforms. It differs from traditional marketing. Digital Marketing uses multiple channels and methods which enable an organization to analyze marketing campaigns and understand what is working and what’s not in real time.
But today we are going to discuss about 4p’s of digital marketing. 4p’s stands for Product, Price, Place and promotion.
4P’s are the pillar of digital marketing.
- Product:
This relates to the understanding of your consumers and the answers to the questions
Who is your customer, what are their needs, what their problems are, and how does your products going to help or provide relief to them. The answers of all these questions are essential in order to determine foundation of your marketing approach in which you require absolute clarity. Price and promotion will get affected by your product.
Getting recognized or acknowledged is not enough. You also need to convince your potential consumer that your product or service can meet their expectations.
- Price:
Price is the element which affects the consumer most. It is the element which influences the consumer to make the purchase decision regarding the product.
Therefore it is the responsibility of brand to balance the price according to your business. If you keep your price too high or expensive, you cannot able to sell your product and if you keep price too low or cheap then your profit margin will suffer.
Brands and firms needs to understand that consumers are smart they want to purchase quality product at affordable prices. Therefore, brand or firms needs to maintain balance between price and product. That balance will depends upon marketplace and lead generation strategies.
For example: Silver bracelet from Rudraksh Ratna and the silver bracelet from Blinge vine, the product might be the same but brand name carries different prices and perception. That’s why Rudraksh Ratna always going to have high rates, because they deliver quality.
- Place:
The place is all about the location from where the consumer will purchase your product. Where will your consumers look for your product? Will you generate your business via offline channels or online channels or sometimes both?
Whether you sold your product via retail store offline channel or from your own site, Amazon or Etsy or at local village market, no matter which place do you choose. But each of these places will bring you challenges which you need to overcome for smooth running of your business. So therefore take the decision wisely with keeping your potential consumer in mind.
- Promotion:
It refers to methods and ways used for advertising and promotion of your products. Due to development in technology the promotion tactics has changed completely. Now digital marketing has surpasses the traditional marketing by big margin.
Generally in past the products has been promoted by using T.V, print, radio, outdoor advertising which appears to be costly and large investment prone small business owners cannot used them.
whereas, digital marketing provide opportunity to all it is the form of marketing that is measured and driven by analytics behavior tracking and other ROI(Return on investment) measure.
Digital marketing involves various kinds of marketing tactics like E-mail marketing, Search marketing, content marketing etc. Best thing about digital marketing is that it is cost effective marketing.
On a concluding note we can say that above mentioned 4 P’s of Digital marketing has revolutionized the marketing sector totally. If you are looking for effective digital marketing services for your business or startups, kindly get in touch with us. We will happy to help you.
