Here we are In 2020, Amidst the COVID-19 pandemic. During the lockdown, many of us are struggling to market their products and services to the world through digital. Now marketing is completely transforming according to the digital world.
Well, first of all, the term marketing means very different things to different people. Some people think of marketing as advertising some may think of it as sales and many have a negative impression of marketing as a form of manipulation
Well !! What is Marketing?
“ Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large”
Marketing mix[4 P’s] is the most important thing in marketing.
When we talk about marketing, a lot of times we start with the framework about the 4 Ps, product, place, promotion, price. All of these are extremely important and all of them can add value to consumers' lives and also to the firm.
Products will be more successful if your offer meets customer needs and expectations. Another aspect of this portion of the marketing mix is a product's brand proposition. We should be unique and tell a compelling story. Product has several key concepts, including, product development and brand management.For example, apple’s main products like Mac, iphone, ipad, ipod, apple watch,apple tv, software, accessories and cloud services.
Having innovative products and strong brands is good,but not enough.
Promotion is a method of communication that a marketer uses to provide information about the product. Marketers also need to promote their offerings to potential customers. Traditionally, this has been done through television advertising and sales promotions.It has several key concepts, including advertising and persuasion.For example, apple promotion mix includes advertising, such as on Google’s digital advertising network and on technology news websites, personal selling, public relations like apple events, leaks of new product features, press releases, and exclusive interviews are carefully executed to maximize positive publicity.
Placements focus on making a product accessible to potential users. The placement has several key concepts including inventory & sales force management. It provides a number of important functions like displaying the product workflow and educating users about it's features and benefits,so that users can recommend it to other people.For example, apple iphones are found easily in renowned e-commerce websites like amazon, flipkart etc….,authorized sellers and telecommunication companies.
Price is the amount that a customer pays for a product/service. The pricing strategy is a complex decision by considering a product’s cost of production, what customers are willing to pay, and the prices of competing products.
Marketers can employ a variety of different pricing strategies ranging from value pricing to premium pricing which includes subscription plans or perpetual and subscription licenses. Pricing factors like marketplace, quality, competition that determines which product/service a customer will choose in. For example, Apple includes premium and freemium pricing strategies, if the company offers free 5-gigabyte iCloud storage. However, to add more storage capacity, customers must pay a recurring fee.
What is Changing?
Mother earth is updating herself with modern technology and changing into a digital world.Lets see the changes happening in marketing mix.In the new digital marketing environment, we are moving from firm created products & brands to co-create products and brands.
The core idea behind customer co-creation is companies can enhance their innovation activities by leveraging the knowledge, skills, and resources of external contributors. It helps companies improve new product development by contributing & selecting ideas for possible new offerings from users by getting feedback and suggestions by making users contribute to beta testing.
The traditional approach like promoting the softwares with the real meetup is breaking down due to the rise of virtual meetings in the digital world . New online marketing comes up with the sites like softwaresuggest, hubstaff, fiverr and upwork, where we can place our product and services to reach out to the potential users.
Digital advertising exceeds traditional advertising but not by much. However, traditional advertising is still a major element in many firms' advertising. In pandemic digital marketing like social media marketing, email marketing etc.. and technologies made promotion an easy task.
The fixed firm centred approach to pricing is breaking down due to the rise of digital tools. The digital revolution allows consumers to get lots of things for free and choose the price options that fit them best. In this new digital marketing environment, we are moved from a fixed price to flexible pricing and are based upon the need and demand.
By employing these 4 Ps, marketers around the world have been able to effectively facilitate valuable exchanges with their customers since 1960.
By continuing to focus on 4P’s in the digital age. Digital revolution has provided marketers and customers with a new set of tools such as the internet, the smartphone and new technologies and softwares. which made a huge difference in marketing to a digital world.