5 Ps of Marketing: Comparing Traditional and Modern Marketing
Keywords: freelance digital marketing, launch digital marketing
SEO Title: 5 Ps of Launch Digital Marketing Strategy for Epic Success
Meta description: Product, Price, Promotion, Place. Are these the only Ps you need for a successful freelance digital marketing strategy? Know the missing P for ultimate success!
You’ve probably gone over tons of articles telling you about the four important Ps that you need to in an effective freelance digital marketing. But let’s face it. That’s the four Ps that is highly effective in traditional marketing. We’ve entered a new era of marketing and sticking to the old traditional way of marketing is practically just bringing your old tactics online.
Believe us when we say that it’s not going to work out the same way it did for your brick and mortar business. Here, we’re going to discuss with you a different perception on the Four Ps of marketing in the digital age and an additional P to complete an effective launch digital marketing strategy.
What are the Four Ps of Digital Marketing?
These four letters have been acknowledged long before the internet existed. These four concepts defined how most traditional marketing strategies worked. Let us find out how these four concepts worked then and how you can apply it now for a digital marketing plan.
The Four Ps of Marketing is also known as the Marketing Mix Concept.
Definition: Product doesn’t just talk about any tangible item that you can sell. It can also refer to any idea, concept, and even service that anyone is willing to pay for. In other words, a product is something that customers are eager to buy.
Traditional Concept: Back then, people sold the essentials. Whatever it is they can think of to that man needs is the best product. Identifying what product to sell was pretty tricky because, at the time, one has to be an innovator or a creator to be able to have a sellable product.
Before the digital age, to start a business, people identified problems that we didn’t initially think we had. That was the only way they can market their product. You begin by introducing a problem no one used to care about (which for some may not be an actual problem). Then, present your product as the only solution to such a problem.
This method is quite effective because of the following reasons:
- You become the pioneer
- You become an innovator
- You don’t have any competition
- You can monopolize the market
Some of these specific products that were innovated which we think are utterly unnecessary but are popularly sold are:
- Baby items like a baby leash, shampoo visor, baby wipes warmer, diaper bin, etc.
- Kitchen items like banana slicer, self-stirring mugs, 3-in-1 breakfast maker, onion holder, and more
- Beauty products like a v-line shaper, nose shaper, make-up tape, eyebrow stamp, and a lot more
These are some ridiculously awesome products sold that are popularly bought throughout different stores. Who’d have thought that mother’s actually needed a baby wipes warmer? And who’d have thought that a nose clip is all it takes to make it big in the beauty industry. No matter how absurd or ludicrous these items are, these items became solutions to problems we never thought we had. Besides, who knew that having a perfectly shaped and aligned eyebrows is such a major issue?
Modern concept: Unlike these sellable items, the most common products we are creating now aren’t meant to solve issues but to simplify life. Most of the products that we buy make life easier for us, and it makes tasks simpler to handle.
The reality is that it’s pretty hard to be an innovator. It’s hard to think of a product that you should create or develop. Instead, we take what’s existing and upgrade it. If these products make your life simpler, our upgrades will make it effortless. Even if you can do it yourself, if you can hire services to do it for you, it becomes much easier.
The most popular products now are:
- Content. Creating content is virtually the best product that people are subconsciously buying
- Digital services. Anyone looking for a launch digital marketing specialist can find one here.
- Assistance. Even if you can do it yourself, why not hire an assistant for a low price and get twice the amount of work done.
- Consultancy. Knowledge is power and instead of wasting all the effort trying out various methods through trial and error, getting an expert and pay minimally for pieces of advice is a strong market now and one such person is Neil Patel.
Definition: This is the fair compensation for any product you are offering to sell and market. To successfully market your product, you need to ask a reasonable price that consumers will feel is just. The pricing should benefit you and your consumer no matter what changes will occur in the market.
Traditional Concept: Pricing often always depends on the movement of demand and supply. In simpler terms, the more people want it, the more expensive it gets. And, the more supply you have, the cheaper it is as well. Price always moves depending on these factors, and frequently, the ones who need to adjust are your customers.
This kind of pricing is effective on necessities like food, clothing, etc.
Modern Concept: when applied on ideas and other intangible products and services, demand and supply have very little impact on the actual price of the items you are selling. Now, we base the prices of our products on a ‘cost-plus pricing’ depending on the base prices across the market.
Cost-plus pricing is best applied on sold goods from handicraft items to any other tangible items that you are selling. On the downside, cost-plus pricing is based on the assumption that you’re going to sell all of your units to make a profit.
In terms of selling ideas or intangible services like SEO marketing, web design, and marketing, you need to know the market first before knowing just how much you will have to charge your customers. After researching the break-even point of a certain industry, that is when you add your mark-up. This point is where adjustments are made especially if you find your prices are too high. You can adjust the prices of your products or services to be more competitive by:
- Trimming your costs
- Adding promotions
- Reducing the amount
- Reinventing products or services
Definition: Place isn’t just about the right location of your business, it is also about getting the right product to the right target at the right place. It is determining where your target customers are and where they are often buying the products or services you are offering.
Traditional Concept: Location, location, location! You’ve probably heard about this common concept from the day you were planning on setting up your bring and mortar business. Everything was about getting the right location. However, some enterprises flourish even without getting the right location. Another flaw to this is that not all great sites will guarantee an influx of income as well.
Modern Concept: Now that we are considering the digital aspect of our businesses, we no longer rely on offline marketing and management. Once we bring our business online, we find out who our target market is and where they are. It is where search engine optimization (SEO) comes in. This is also where case studies should be done to figure out which type of audience patronize your business.
To successfully market your business, you find out which platform works best for your industry like social networking or social media sites, search engines, Youtube or business site channels, and many more. People usually buy in different ways:
- Search engines. The easiest way for your customers to buy online is through Google or Bing. They would often go over the top most listed sites, compare prices, and make a purchase.
- Through Social Networks. Most business-minded people like yourself bring your business on social media. Buying and selling goods through social media platforms is a growing trend nowadays.
- By referrals. Once you make a purchase and you’re delighted with what you got, you are more likely to invite or encourage family and friends to try it out.
Definition: This is the critical method of bringing the ‘business part’ to your business. Promotion refers to your methods of bringing your business to the right people. Simply put, promotion is the communication tool or strategy between your business and your customers.
Traditional Concept: From printed ads to advertisements done on TV and on radio stations, promotion back then is a very limited option or method of marketing. Most of your reach (especially for small businesses) are marketed locally.
Modern Concept: With freelance digital marketing in full swing, there are a ton of ways you can promote your business. And with online marketing, everything is possible. You can:
- Use email marketing.
Getting a subscribers list you can send emails to is an excellent way of making promotions and sales. It is a good way of keeping your customers and turning them into loyal patrons.
- Hire a social media marketer (if you can’t do it yourself).
Social media marketing is one of the most effective ways of marketing your products and services. But some have a tough time managing multiple accounts throughout different platforms. And for that reason, getting yourself a social network expert is a great idea.
- Use marketing automation.
It is a software that allows you to organize, automate, and structure your marketing strategies across various platforms. In other words, your program your advertisements like emails, social media posts and accounts, and many more.
- Content marketing.
It is the creation of high-value content like articles, images, videos, recordings, podcasts, and more for entertainment and informational purposes.
- Mobile marketing.
Mobile devices are often taken separately in marketing. And since 52% of users refer to their devices than their desktop computers, tapping into mobile marketing opportunities is a great start for your business.
- Search Engine Optimization.
One of the most common ways of marketing is by SEO where you promote your website, product, or content to attract attention and indirectly influence users to become buyers.
The Final P
Definition: This directly refers to your target market.
One of the things that traditional marketing cannot control are the people you want to reach. You can only market and advertise trying to appeal to the trends of a certain demographic, but you cannot directly have control over which users view what advertisements you release. On the contrary, digital marketing allows you to do that.
Some ways of doing it are by identifying the more significant percentage of people who view or patronize your product and services. You can target viewers according to age, gender, location, type of employment, and also based on interest. This allows you to be more attentive in creating promotional content targeting these types of people.
The missing P is highly effective in digital marketing because you can automate certain promotional activities. It also allows you to be more creative and be more assertive in controlling which content reaches which target market. Now, you know what the 5 Ps are in launch digital marketing and how they can help you in achieving marketing success.