Applying the 4 P’s: How to Be Successful with Internet Marketing
If you want to make money on the side or even earn full-time, you should consider Internet marketing. There are plenty of benefits that come with working from home. For starters, all you need to have is a computer and an Internet connection. You can practically start a business with very little start-up costs.
You can also control your work schedule and manage your time wisely. There is no need for you to dress up for work and endure heavy traffic or long commutes. What’s more, you get to spend more time with your family while being able to avoid toxic people in the office. You get to become your own boss as well.
The Four P’s of Marketing
The four P’s of marketing are variables that do not only apply to regular brick and mortar marketing, but to Internet marketing as well. These four P’s are Product, Place, Price, and Promotion. Learning about them can help you avoid common pitfalls and achieve success in the digital world.
What is a product? Well, a product is a service or goods that you offer to your target market. It is crucial for you to consider the design, features, quality, packaging, customer service, and after-sales service when you develop your product. You also need to study the market and figure out what people want.
Make sure that you also define the characteristics of your product. You have to meet the needs and demands of your target customers. Of course, you should not forget about service, support, and warranty. You need to build a good relationship with your customers if you want them to continue making transactions with you.
If you want to be successful with Internet marketing, you have to be willing to learn about it. Just like with any other ventures, you need to have sufficient training. You need to research about the different product categories, pay per click advertisements, banner advertisements, video marketing, social bookmarking, forum marketing, and article marketing.
Find out which one of these avenues suits your abilities and preferences – and then focus on that. For instance, if you have a talent for writing, you can go with article marketing. Once you have decided on the category to focus on, you have to draft a business plan. Find out how you can start your article marketing business.
You need to choose a niche and it should match your target audience. For instance, if you are aiming for young women to come and visit your website, you should write articles that would pique their interest. Some of the topics that young women frequently read about are fashion, cosmetics, diet, and dating.
How about the place? The place is the location of your business. Since you are going into Internet marketing, you do not really have a physical location. Nonetheless, you should take note that place is also about positioning or painting a picture of how you wish your customers to see your product.
You can use a witty catchphrase or tagline to help customers remember your product. Basically, the strategy behind the positioning or place is that you have to make it work for you even though it is only to see through the mist that some marketers use to fog up discerning customers. You can even advertise price comparisons with the competition.
The next question is whether you should set up your own online store or sign up for existing online stores? If you are confident that you have enough followers or prospective customers, then you can set up your own web store. If you do, one of the biggest roadblocks you’ll face is lack sufficient traffic.
Setting up your own online store will give you more freedom when it comes to the design or layout of the site. Then again, you also have to work hard on attracting sufficient traffic. If you wish to attract more prospective customers, you may also have to sign up with existing online stores.
These sites have already established a reputation, which makes them popular amongst customers. If you sign up with them, you’ll have to pay a monthly premium or share a certain percentage of your sales. Nevertheless, you can rest assured that there will always be people who will find your goods.
Price refers to how much money your customers pay in order to avail of your goods or services. Keep in mind that discounting, credit collection, cash and credit purchases, and price setting are all vital elements that can affect the price of a product or service. If you are not sure how much to charge, you can do a survey or a market poll.
You can also do some research and compare the pricing of other similar businesses. When it comes to the price, you should never set it too high or too low. If your price is too high, those who are on a budget may get discouraged to buy your product. If your price is too low, some people might get skeptical.
Product promotion is all about communicating the benefits of your products to customers. You can use a variety of methods to promote your product. For instance, you can use sales promotion, personal selling, advertising, and direct marketing. Since you have just started the business, you may do self-promotion to save money.
Make sure that you motivate your target market. Encourage them to buy your product by making them realize how it can affect them in a positive manner. You also have to think like your customers so you can figure out how they see your business. Take note that publicity, public relations, and advertising are all integral factors that can keep your product ahead of your competitors.
In the digital world, your promotional tools include e-mail marketing, social media marketing, and content marketing. You can send e-mails to a list of prospective customers, informing them of your latest goods, discounts, or promos. You can also set up a fan page to attract people who might be interested in your business.
Keep in mind that SEO or search engine optimization is crucial in Internet marketing. It is basically the backbone of this business. It involves the use of keywords and key phrases that can help online users find your website. See to it that you use the appropriate keywords and key phrases so your website can rank highly on the search engines.
Do not forget to choose a domain name. Make sure that you follow the general rules when it comes to choosing one. It should consist of words that best describe your business or website. It should also be unique, easy to type, and easy to remember. Take note that not all people have good memories. If you use a domain name that consists of complex words or characters, people might get confused and forget it.
It is not a good idea to use hyphens, numbers, and misspelled words. As much as possible, you should also keep your domain name short so people can remember and type it easily. Although you can use any extension, such as .org and .net, it is still best to go with .com simply because it is the most common extension and people are more aware of it. Nonetheless, you may also use .net, .org, .info, and .biz among others.
Internet marketing can be a fruitful enterprise. With patience, perseverance, and the right knowledge, you can be successful in as little time as possible. Be sure to keep the four P’s of marketing in mind as well as continue to do research about the market. You should also practice good marketing ethics to continue attracting customers.