Digital Marketing is a data-driven type of marketing that needs to be treated beyond traditional marketing strategies. It is some set of techniques used via digital channels and the World Wide Web. These include website, email marketing, and social media platforms. Only the right marketing strategies can lead to grow a business, but successful strategies depend upon various factors. There are various techniques to grow sales, and in today’s blog, I will share the five areas to focus on. However, it would help if you kept in mind that they are controllable and depend upon the marketing environment.
Product
It is the core aspect of your business; It is what you are offering to your customers. In some cases, we cannot term it as a product as many brands provide services like courses, mostly EdTech brands. Product decisions include function, packaging and appearance, warranty, and quality.
There are no categories as such; in the digital world, products can be anything that will benefit the customers. The end goal of a product or service is to help people. The more you work on the product, the more it will help to generate revenue and retain customers.
Let’s say you are teaching people sales; you can add marketing, too, to extend your range.
Price
Price refers to the pricing strategy for the products or services and how it will affect the customers. To sustain in the industry, it is essential to focus on the pricing strategy.
When determining the pricing strategy, you need to keep in mind that the customers are smarter than you think. They will compare 100 different service providers before choosing yours. It is essential to consider the position of the product in the Market before taking any step. Whatever price you fix, low or high, you need to keep in mind that it should justify the pricing.
Let’s say you are selling high-quality car parts, then you need to sell the price in the premium tier, and if you are offering food products in the budget-friendly tier, then you need to think about whether you will compromise with the quality or not.
Promotion
Product and pricing are the main pillars of your core marketing strategy, but promotion is the crucial one. Suppose you are a tree on a barren island; no one will ever know your existence, no matter if you die or live for a thousand years. Similarly, promotion helps to make people more aware of your business. It includes sponsorship, advertisement, and public relations activities.
Promotion can be done through any channel, but it should have the ability to compete in the Market. Promotion costs are substantial. That’s the reason you should perform a break-even analysis.
The promotion strategy needs to be in a perfect way so it attracts customers. People have emotions, so your brand needs to focus on the buyers by following various strategies like storytelling, social message, and perfectly putting emotions.
Like if you are selling baby foods, you can bring the mother and child relations to send a message and sell more.
Platform
In the era of online marketing, platforms are crucial and play a key role. This is the way to reach to your customers. It is essential to consider how accessible it is to your customers and ensure that customers can easily find you. To give the maximum benefit to your customer, you need to offer your product at the right time, right way place, and correct quantity.
If you want to grow, you need to change or expand the way you sell your products. You are a retail distributor; you can consider opening new stores in the new city.
With respect to the past, the current online environment offers a vast opportunity to sell your products and distribute them.
You need to know how your customers use the internet and the best way for them to purchase any service or product. SEO and Social Media channels help a lot to generate sales.
People
I kept it for the last, but you should consider it first, before everything. Remember, Your business is all about the people. They are someone who decides your business and the bucks you earn.
The people can be kids, middle-aged people, and retirement-age people. You need to figure out who will buy your product and their general choices.
Let’s say you want to sell protein powder. You need to understand who uses protein powder, why they require it, and why they should use your protein powder instead of others.
I have analyzed it reasonably so you will be able to understand the core aspect of the Market and how you can get the maximum from it.
Conclusion
The Market is changing like never before; in the digital age, it is easier to reach your customers and sell them your product or service. You can get a bunch of tools to research your audience’s behaviour and use them accordingly. Remember that you are getting benefits from the online tools, and your competitors are also having the same benefits, so make sure you adopt some new ideas each time. Remember you have the power of AI; include AI power in your strategy, and make the most out of your business. Let me know what are the changes you are going to apply to your business strategies.