A successful digital marketing campaign can increase website traffic, optimize conversion rates, attract new users, foster client loyalty and enhance your market share. In short, digital marketing is critical if you want to retain your customer base and grow your business.
Although there are numerous differences between digital marketing and traditional, offline campaigns, you needn’t discard all the standard principles. The classic marketing mix of price, promotion, product and place remains relevant today, even in the digital world.
Satisfying the digital marketing mix
If you want to adhere to the 4Ps of the marketing mix, you can use digital tools and channels to do so. Indeed, the latest developments in machine learning and AI enable you to process your data and assess analytics more effectively than ever before. In order to determine how your business can maximize marketing results whilst using the traditional mix, it’s important to assess each element individually.
Your pricing strategy will be dependent on various factors, such as your cost margin, competition, value, skimming, discounts, going rate etc. Companies also use loss leaders, allowances, variable payment terms, premium pricing, psychological pricing, offers and incentives to maximize sales based on price changes.
To be effective, of course, you need to communicate these price changes to your target audience. Digital marketing is the perfect way to achieve this. You can use social media to deliver instantaneous offer information to users, for example, and monitor social media activity for pricing feedback.
Furthermore, using the latest technology, such as machine learning, enables you to automate personalized offers and pricing information. This will increase conversions whilst enabling you to make the highest profit possible.
Promoting your products and services has never been easier than with digital marketing. Typically, consumers and clients strive for two-communication with a brand and omni-channel marketing delivery facilitates this.
Social media is one of the most cost-effective ways to engage directly with your audience, whilst branded apps are another low-cost way of creating a sense of community and belonging. Whilst your website itself will offer plenty of opportunity for engagement, it is these key outreach opportunities which will enhance your marketing campaigns and deliver meaningful promotion.
Of course, the quality, functionality and usefulness of your products and services will be the driving force behind the success of your business. Before you can successfully market a product or service, it’s important to identify its features, benefits and problem-solving capability.
Determine what pain points the product or service solves for the buyer and you’ll begin to see the value of the commodity through the eyes of the consumer. With this established, you can begin to create innovative marketing content to deliver this message to your audience.
Digital videos are an ideal way to convey the value of a product, as it allows you to showcase the product or service at its best. Furthermore, the rise of online influencers enables you to market a commodity to your audience via an independent and objective peer, thus enhancing the credibility of your message.
The transportation of goods to buyers can be as simple as dispatching straight from your premises to the purchaser, depending on your business setup. Whilst traditional distribution methods are still used, businesses are no longer encumbered by them. Neither are you forced to sell via bricks and mortar stores.
With your own website or web store, you can facilitate every element of the transaction in accordance with the relevant regulations in your jurisdiction. As well as minimizing your costs, this enables you to stay more in control of where and how your product is sold and delivered.
With an up-to-date blog and healthy social media following, you can convey this to your audience on a regular basis. In doing so, you’re highlighting your commitment to them and emphasizing your desire to provide the best experience for your customers. As well as helping to attract new buyers, this approach fosters the loyalty you’ll need if you want to retain your client base in the long-term.
Using AI to enhance digital marketing
Used by a wide range of organizations, AI is already enhancing the impact of digital marketing campaigns. Whether you’re running a marketing campaign as a small business, local government department, health organization, non-profit or global corporation, you can machine learning to analyze your data more effectively.
The results of data analysis give you the opportunity to streamline your digital marketing, thus minimizing costs and reducing your reliance on internal resources. Furthermore, the opportunity to personalize your digital marketing to each user using AI will optimize results, facilitate higher rates of engagement and grow your business.