Product, price, Place, and Promotion refer to the 4P’s of marketing. These all are the key elements that make us stand apart from others.
Product: A product refers to any item that seeks to satisfy the needs and desires of the target customer. It can be a tangible good, such an item of food or piece of clothing, or intangible, like a legal service or experience. From a digital marketing perspective, we should always have a clear concept of what their products stand for because it decides KPI of Success. Because it helps us how we can sell products online and what medium we should use.
Price: Price considers as monetary value of product or services to the client. We should always consider the product’s price when doing paid promotion. Because the monetary value of the product decides our CPC, ROI, Profit. If a product is priced too low or high, our campaign could be fail.
Place: Place refers to the location or platform from where customers can purchase Products. The Internet age introduces a new challenge for us. Nowadays you can’t get enough profit by selling your product from a single destination or platform. We need to use omnichannel for this. Most of the people try to sell their product by the website only. But it’s not enough in this internet age. It’s all about putting the right product in the right place not only a single place. You need to segment the target audience geographically and demographically.
Online platform you can use to sell a product
Google My Business
Your own online Store
Facebook Market Place
Ecommerce website like Amazon, Flipkart
Promotion: Last but not least marketing P is Promotion. Now, how to make the product awareness to the audience? Within the framework of the four PSs, promotions mainly refer to communications. Most marketers use to promote their business on the two platforms Facebook and Instagram but that’s not the right Digital marketing strategy. Now Tik Tok, linked in, Pinterest, snap chat, youtube has huge crowd too. It would be more effective if we use these platforms to make them aware of products or services.
keep this thing in mind before making Digital marketing strategy
What the customer wants.
How a product meets its requirements.
Who is your potential customer?
What makes you different from others.
Current interaction with your client.
All the above factor would assist you in client retention