Introduction to digital marketing.
Despite what we might think the foundations of marketing haven’t changed that much. In this post, we look at what’s similar and what’s unique about digital marketing or DM for short. You have opened this post because you want to learn about digital marketing.
what is exactly how is digital marketing different from traditional marketing?
In this post, we will review some fundamental concepts of marketing which are readily applicable in today’s digital economy. At the end of this post, you should be able to define digital marketing-identified techniques to connect to customers using the five P’s of marketing.
Identify different techniques to acquire customers through paid own and earn digital media. Discuss the customer’s decision journey and identify techniques to tune your marketing strategy.
Defining digital marketing.
What is digital marketing? What are you call online marketing, internet marketing, e-marketing, or digital marketing? If you search Google for a definition of digital marketing, you will find over 120 million results.
Let’s turn to Philip Kotler author, consultant, and distinguished professor of international marketing at Northwestern University’s School of Management.
Cutlery is widely regarded as the father of modern marketing. Marketing identifies unfulfilled needs and desires.
Too often, people define digital marketing around the promotion of products and services using digital media rather than a more holistic approach covering the customer experience, relationship development and stressing the importance of multi channel integration.
What we should remember here is that digital marketing is fundamentally not different from marketing. The only difference here is the fact we leverage digital technologies in media to achieve our marketing objectives.
However, at the core, Digital Marketing involves a mix of five main business activities known as the five P’s. You can leverage the digital boom to integrate digitization on the traditional five P’s activities and attract more customers.
The five P’s of marketing fundamentals of marketing
The five Ps of marketing. Some people might say there are four P’s seven P’s.
As with many things, the important point here isn’t the fact there are four seven or 12 B’s is the thought process, you’ll go through while reviewing them.
For sake of discussion, we will focus on five P’s. Since we want to be customer-centric, we put the first P people at the center of all of our marketing activities, the other Ps our price, or payment, products, promotion, and place.
The First P: Price
Let’s look at how digitization is incorporated in each of those IPs. The first P that we look at is price. We can think of an e-commerce website where you can purchase online using your credit card.
In fact, it was so important that in 1999, Amazon put a patent on the one click concept. This patent just recently became available to all so anyone can now put a one-click purchase button on their website.
But also think about how Apple Pay and Google Android Pay are changing the way we can pay with our mobile phones.
If we push the envelope a little bit further, we can think of Internet of Things and look at the Amazon Dash button.
Essentially, it’s a specialised little device that is connected to the internet. And just from the press of a single button, it will reorder whatever supply it is made to purchase, and those will be delivered to you through Amazon.
The Second P : Product
The second P we want to look at is product. Think of how digital is transforming the way you use and consume different products. In the sharing economy.In the subscription model, we instead of buying in a classic way, we can actually rent a service. In the peer-to-peer economy, the users of a product become part of the product experience itself. If we push the envelope a little bit further, we can look at wearable technology. For example, Google Levi’s teamed up to create some clothing, which is connected to the internet in which which you can interact to voice or gesture.
The Third P: Promotion
The third P we look at is promotion. The 2017 e Marketer forecasts noted that ad expenditure has surpassed TV for the first time and the gap will widen by roughly 10 billion in the upcoming years.
So I thought the pace of change is not as fast as before, the total media spending is still increasing.
The Fourth P: Place
The next P we want to look at is place. Of course, when we think about plays in the digital world.
They will use their smartphone to find local businesses, restaurants, and activities they can do.
You might have used your smartphone to watch a YouTube video, for example on how to do something specific at that moment. And then there’s the purchase process.
So people are shopping online. In fact, they use their smartphone to look at the products they are looking in store and search for them online. And of course, payment in E-commerce transactions is ever-increasing every year to their smartphone.
The Fifth P: People
The last of our five P’s is people. As you might have noticed people are at the center of the four P’s.
There’s a near tendency to merge online behavior data typically provided through web analytics in social media analytics, with back-office data such as customer relationship management and sales.
Products and Services Marketing
The concept of the five P’s might be a little bit different. whether you’re marketing your products or marketing your services.
Example of services includes financial services like online banking, personal accounting, car rental, or maybe planning your next vacation.
Of course, there are some differences, like the intangible aspect, and how it is performed or customized.
Who is the customer? What are the customers need? Which benefits are to be provided? which resources are needed? What does the service entail and how will the service be performed, there’s really a blurring line between products and services.