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Understanding Marketing Mix From The Digital Context
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Marketing Mix is the mixture of tools for pursuing a marketing plan. The internet offers new opportunities to adapt the basics of the marketing mix.The digital marketing mix is nothing but an adaptation of the elements of the marketing mixof digital context. The four elements of digital marketing mixtools are essentially the same as that of traditional marketing mix- Product, Price, Place and Promotion. So, if you are selling your products or services online, you need to understand the difference in the applicability of these marketing mix tools.
Like in traditional marketing, you can decide a market segment for your products for online businesses as well. You can sell products for different demographic sections.
Products are not tangible on the internet, therefor it prompts sellers to sell what is visible to customers, give good descriptions of the products. Product reviews that customers give, eitherencourage or discourage other customers to take an action. In traditional markets, there is no such way that you can let your new customer talk to an older customer.
The internet has given some easier ways to find out the need of customers. With the help of web analytics tools you can find out what customers are searching or what your competitors are selling. With these inputs you can improve the features of your products or serviceofferings. Customer feedbacks can also be collected very fast and therefor you can improve or change your product or services. You can conduct customer surveys easily. You can also educate customers about the new product features.This has really shortened the product life cycle.
The cost of doing a business through internet is undoubtedly very less in comparison to doing a physical business. You can have competitive pricing for your products on the internet. It is very easy for a visitor to go to many sites and compare the product offerings and then buy a product. There are many websites that can give price comparison for the same product on different sites. Internet in a way gives a lot of price transparency in comparison of the physical businesses.
On the internet, your website is the only selling place that you have. You can sell your products to customers sitting anywhere in the world with no additional costs of establishments. The only challenge that lies is in bringing customers to your website. You need to reach out to the customers by increasing your visibility. Depending on your target audience, you can make your visibility geographically located. Once a customer has come to your website, conversion is decided by the experience that your website gives.
Promotion is the most important factor that decides the success of your online selling business. You need to maximize your visibility on the internet to reach out to your target market segment or audience. There are various direct and indirect marketing techniques that can be used for this. Email marketing, search engine marketing, social media marketing, affiliate marketing, and mobile marketing services are available for promoting your internet business.
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