Digital marketing is a well-planned marketing approach that has gone beyond the bounds of traditional marketing strategies. It’s a wide spectrum consisting of various techniques, including search engine optimization, social media marketing, email marketing, mobile marketing, and lots more typically channeled through the World Wide Web.
Successful digital marketing strategies depend on various factors that the experts initiate to grow their business’s sales. Digital marketing is a verse marketing approach that lets you expand your business in a perfectly executed manner. This technique guides you on how to sell your product or services, to whom, the Place, and the advertising procedure. And these techniques, altogether, are termed the 5ps of digital marketing.
However, earlier, there were 4ps of marketing (Product, Price, Place, Promotion) coined by the marketing experts, but later it extended and upgraded the tactics of digital marketing strategy.
In this editorial, let us profoundly discuss these important 5ps of digital marketing that work like magic for your business. Plunge in-
People
The first and the foremost P stands for people, i.e., your target audience. Remember! It’s the people because of whom your products or services exist in the market. As a digital marketer, you need to figure out your ideal customer. Figure out which age group prefers your product or which community of people is availing of your service.
The people can be kids, youth, mid-age, or elderly. The company needs to analyze and observe the most interested age group people in your brand. Until and unless you know your potential customer, you will lag in creating a remarkable marketing strategy. Therefore, know who your targeted audience is.
For example: If your company is selling an energy booster for kids, it is obvious that you need to design your marketing strategy in a certain way that grabs their attention and grows your brand among kids.
Herein, the parents will be the target audience. Perhaps, kids may also notice your brand, but the parents cannot ignore it. Thus, start campaigning that draws the attention of mid-age people that will buy your product for their beloved kids. In general, terms, identify your customer’s demographic factor first and then go ahead with the other strategy.
The second P tells you the significance of your product. Once you identify your customer, you need to focus on your product. This include:
Product
- What is the need for your product in the market?
- Which category of people is liking your product? They can be of any age group, gender, race, or community.
- What is the feature and quality of your product that differentiates you from your competitors?
- Does your product or service match up the level of customer satisfaction?
- How will your product benefit the people?
- Giving the overall account of your brand and so.
There is not any category or type of product. Today is a digital world, and so the product here can be anything that benefits the customer. This can be any tool or software that an engineer would purchase, or it can be any healthcare service provider at home imparting services of the medical facility at your house.
It can be an application, file, access, or the general product that people buy from retail stores. It doesn’t bother what your product or service deals with; what exactly matters is your brand’s authentication and the customer’s experience with your brand. All these components play a crucial role when you implement them in the combination of the digital marketing mix.
Price
To sustain in the industry, business owners need to set the pricing strategies carefully. Consider the things from the customer’s point of view. Think, if they will pay the price you have decided for your product. People are way smarter, and they will compare the pricing with other competitors of yours and then conclude whether they are willing to buy your product or not.
Price is one of the most pioneer factors that impact your effective marketing planning. Hence, it is better to launch your product in the market in a decent price range to bring customers to you. The following key points will give you an adequate idea in accomplishing the 3rd P of digital marketing.
- Examine if your product or service offer such facility or benefit that is equivalent to the price
- Once in a while prevail some discount or offer to the customers
- Know what the value of your brand among the customer is?
- Does your price tag is affordable to every category of people regardless of their financial status?
- Compare the price with your competitors in the market.
- Does it reach the profit margin for your business?
Promotion
The fourth P stands for promotion. There is no denying that it is difficult to reach out to your audience without an appealing advertisement. For a company, promoting their product should always be on the card. Promotion can be made in any manner via any channel just it should have the ability to compete in the market. It is the only way that insists on your customer in the purchase decision.
Promotion can be made through any mode. It can be through online platforms, referrals, word of mouth, billboards, hoardings, and many more. Yet is pointless if not amalgamated appropriately in the course of promotional plans.
Crafting the correct promotional strategy is a must if you want to attract your customers. People are empathic, so if your advertisement or promotion strategy shares some social message or emotionally, quirky, or loving stories, it is more likely to entice the customers. Upon this, decide the accurate time to promote your brand.
For example: if your company sells lotion, it is favorable to promote your winters’ product. Promotion is counted among the 5ps of digital marketing because it has been experiencing promoting the product in the digital marketing channels has turned out to be strikingly constructive.
Platform
Lastly, Platform is the 5th P that sums up the theory of the 5Ps of digital marketing. Earlier in the 4Ps of digital marketing, it was known as the Place, but as we know, online platforms have become the new Place for branding. It has been replaced with “Platform.” Now, talking about its prominence in digital marketing, it is the most effective marketing strategy.
Typically, it signifies where to find your potential customers? And today is a virtual world interacting with each other through numerous online platforms. Thus, digital marketing has to include this as one of the vital Ps in the 5Ps category. There are various ways to sell your product. These are a few of them:
Search Engine Marketing: SEO helps your customer find the respective product or services in the Google search ranking chart.
Social media channels: It is no surprise that people today scroll online to desire products or services. Social media marketing and social media channels have made the thing exceedingly convenient regarding the buying-selling process.
Facebook, Instagram, Twitter, Pinterest, LinkedIn, and more have whooping users, ultimately connecting the customer and the company, consequently fulfilling the purpose of digital marketing strategy. Likewise, there are several more channels, including E-commerce platforms, video hosting platforms, direct marketing, and so on, that successfully grow your business through digital marketing.
Summing Up
These were the 5Ps of Digital marketing strategy that is doing wonderful today. Indian digital marketer Mr. Deepak Kanakaraju has prolifically discussed its introduction and implementations in the market. These five elements, when mixed, perform greatly in online business through digital marketing.
An excellent digital marketing plan will bring an array of audiences to your website, making more traffic that interests the visitors, subsequently giving you a higher conversion rate and business growth.
