Building a strong marketing strategy – it’s not just about the Four P’s anymore!
Anyone who took a university-level Marketing course will recognize the Four P’s: Product, Price, Place, Promotion. Creating a product - and making it attractive enough to sell – started and ended with these four principles. In today’s quick-paced, constantly-changing, vast marketplace, marketers need more that just that; there are different ways to sell a product (or service!) and even more ways to reach potential clients.
How the young consumer has changed the marketplace
Most of today’s target age groups, especially the ever-popular millennials, are looking online first; they search what they’re looking for, read the reviews and click to buy it at the lowest price they can find from any online retailer. They’re not playing favorites anymore, so product/service creators and marketers alike still need to be in the right price range, however, they now also need to be in the right online feeds (i.e. Place). That’s exactly why they’re using social media to build their following, which, if all goes well, becomes their group of brand ambassadors – those who will follow the brand, potentially keep buying it and, most importantly, give it great online reviews.
How social media has changed the marketing landscape
While it’s still the Four P’s, it’s just been reworked a little, so companies can be in the right place (online) at the right time (all the time) and continue to stay current with their target market’s changing needs and trends. One of the best ways they can do this is through content, a promotion, of sorts. By providing content through the various social media available to them, companies can build awareness and recognition that will keep users engaged. This could be in the form of blogs, banner ads, videos, etc. – anything that the target market would view through their usual social media.
Let the numbers speak for themselves
It may seem like more intense work for the marketers behind all of this, but it offers a slew of benefits. Companies can now track online views, allowing them to measure the success of their ad campaigns. They can also benefit from user reviews and “likes” on their social media pages, creating a fan base anywhere in the global marketplace. It’s all just a matter of using these different methods and principles in a way that works for a specific product or service and its target market, while ensuring the right price and timing. The possibilities can be endless.