Attention marketers! Are you remembering the fundamentals of marketing? Whether you are in the business of selling physical products or services, going back to the basics helps us to build successful campaigns. If you studied business in college, you may remember the term “Marketing Mix” or “The Four P’s” (Product, Price, Place & Promotion). Applying the marketing mix to each campaign in our online efforts (though may seem comical to some) will help in crossing off “to-do’s” on our marketing checklists.
1) Product Decisions
There are many considerations that should be taken into account when it comes to your offerings. Quality, styling, functionality, brand name, warranty, customer service, and packaging are just a few. These decisions may seem obvious; however, you may not realize the considerable time required to formulate a successful campaign. Product decisions need to be strategic from inception (in the creation of the product/service) to the fulfillment and services provided afterwards. For instance, the quality and packaging of your product should strengthen your brand. The warranty that you offer post sale should stand behind your brand as well. Every product decision that is made should relate back to building a credible brand name that helps to grow and foster a loyal customer base. How do you accomplish this online?
2) Price Decisions
Everyone wants a deal. Having a pricing strategy that identifies volume, wholesale and seasonal pricing is critical. Will bundling help cut distribution costs? What deals can your company afford and during what quarters or seasons should they be offered? If you are an online retailer, seasonal sales are especially important. Do you offer monthly/seasonal promotions that you are able to fulfill? Speaking of fulfillment, are you looking into online deal sites like GottaHalfIt.com or Groupon.com? These companies can do wonders for your business, if you have the right pricing strategy that is! If not well thought out, these online coupon deals can cost you tons of money (if you are unable to fulfill the orders due to high demand). If you’d like additional insight on “Groupon-like” opportunities, check out our featured Newsletter Article.
3) Place Decisions
Place, better known as distribution, is the channel through which you will distribute your products/services. How are you covering your market? How are you managing your inventory? For e-Commerce, you must find the intricate balance between product inventory and sales. Do you have enough supply to fulfill certain promotions (seasonal or Groupon-like campaigns)? Do you drive your business decisions according to marketing initiatives or do you market according to business trends? For example, do you increase inventory levels because you’d like to try a special offer like Groupon (marketing decision) or do you market/advertise or “push” certain products because your inventory levels are high? This “push” or “pull” strategy leads us to the final “P” in the Marketing Mix.
4) Promotion Decisions
Promotion represents the communication strategy you create to formulate a positive customer response (lead generation, sales, etc..). Your marketing budget, public relations, promotional strategy (push vs. pull), and sales promotions all fall under this category. A mix of marketing communications in the online world is important. Remember that we are in a period of information overload. Differentiating yourself through online marketing initiatives is important. Creating email promotions and advertising banners that are visually appealing and compelling will help increase your response (click-through rates, website traffic, and/or lead generation). Here are some other online promotion suggestions:
Measuring your marketing campaigns is helpful in driving future business/marketing decisions. By incorporating analytics on each of your online marketing efforts, you will be able to see if a campaign fulfilled its purpose. Calculating your cost per lead will give you a good idea of the success of each marketing initiative. Lastly, remember that there is never a “one-size-fits-all” solution to marketing. Because the online space is constantly evolving, marketers should be cognizant of new, old, and upcoming trends and adjust strategies accordingly.