The 5 p's of digital marketing
Digital Marketing
Product
The product is less likely to be physical nowadays, certainly initially. The sales process can be far richer and educational before any physical interactions actually take place. Use of the web “to find out more” is becoming the norm. Your offer must still be solid, but you can begin building perception and relationships far earlier.
Price
By leveraging digital technology devices, real benefits can be created that can erode the need for pricing dependency. Think about your product or service, how can you make it easier, faster, smarter, using digital information to create greater value and build strong customer loyalty?
Place
This has changed forever. You no longer do you need to be focused locally, visibility is global. Distribution, language, sales processes have all been emancipated. A welder in Melbourne can sell knowledge and expertise to Germany. Manufacture of a product can be done in Thailand and delivered directly to Canada. The number of ‘middlemen’ has been reduced.
Promotion
What a leap! Inbound v’s outbound. Not only is traditional media taking a dollar hit, they now have to be even more accountable as monologue is replaced with dialogue. While they are not out of the game, technologies are forcing a serious rethink. With digital media, Marketing and PR has a more individual touch.
Participation/People
Customer created content, blogs, wikis, interactive web, social media are morphing quickly. The ‘rise of the consumer voice’ through devices that entertain engagement, requires collaboration. Consumer WOM has a larger role in your team that cannot be ignored.