5 P’s of Internet Marketing

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The 5 P’s of Marketing: Product, People, Price, Place and Promotion is something all marketing students should be aware of at all times, but the way these aspects are presented may differ dependent on the medium you are using with your marketing. Therefore, the 5 P’s of Internet Marketing can be presented a little differently than the 5 P’s of Marketing. The ways each P is examined is different through Internet Marketing because you are examining a different platform for how you are marketing.

Product: Areas to focus on within products for internet marketing are functionality, appearance, quality, packaging, brand and warranty, and service/support. Functionality is an extremely important aspect of internet marketing. If your marketing doesn’t work no one will be able to see it. If no one is able to see it you have no chance of growing your business. Appearance, quality and packaging could all be considered the same thing within internet marketing. Your internet marketing product has to be visibly appealing and of high quality. This package will help your current client drive their sales and help secure future clients. Your brand strength is important. The longer you have been around as a successful company the more likely you are to secure future clients. You should be willing to put a guarantee or warranty behind the service you are providing. If you don’t stand behind the product you are creating why would anyone want to use you? Service and support has a lot to do with customer support. You need to be able to answer questions your clients have about products and a number of other answers they may seek. You also need to be accessible to your clients. This is further discussed in people, but in a county where customer service is dreadful this can set you apart from the rest.

People: Areas to focus on within people is their knowledge, service and attitude. The customer service your people offer to potential clients is part of what will bring in future clients and keep current clients. Your customer service people’s ability to put clients at ease help clients feel comfortable. The attitude of your customer support team comes into play quite a bit. If you have a nasty customer service team even being the most knowledgeable in the field won’t help. Clients don’t like being treated inappropriately. Why would they stick with your company if they’re being treated poorly? There are enough companies in the field of marketing to go elsewhere. Even if you’re the best, being nasty is an act that can wear thin.

Price: Areas to focus on within price is demand, environment and your pricing. Your demand from clients may be strongly impacted by the price point you set on your products. If your price is greater than everyone else you will struggle to obtain new clients, so determining an appropriate price point is strongly important. With your price point you are looking to maximize quantity [or the number of clients you have]. There are a number of ways you can set your price point. You can use target return pricing, value based pricing, popular price points or fair pricing. Whichever price point you choose you need to be aware of your environment and your environment may impact your price point too. For example, if you live in an area flushed with small businesses a lower price point may be the best way to go. An area filled with large corporations may allow you to get away with a bigger price point. The best way to determine a price point is to view what your competition is doing.

Place: Areas to focus on within place is channel motivation, market coverage, logistics and service levels. With internet marketing you may not be marketing your services in traditional areas such as the newspaper or via mailing flyers. Internet marketers are best served to advertise their own products digitally so that clients know they have a digital presence. The channel you use, such as social media, will determine the level or quality of the clients you receive too. If you have a digital presence your market coverage can be a wider net. Logistics need to be studied, such as usage of Google AdWords to help determine the best way to locate your future clients.

Promotion: Areas to focus on within promotion are ads, personal selling, PR, message, media and budget. Promotion within internet marketing is similar to traditional marketing, however you budget may be a little lower because with social media and web tools you can easily promote your company without spending any money. If you use Google AdWords too you may end up spending a little bit. You could use online press release websites to promote your business too, some are free, while others will charge you a fee for this service [usually they reach a larger clientele]. You need to produce a message that can be visually appealing across a number of digital mediums too.

Internet marketing will also help you reach a larger demographic of individuals which should, in theory, drive more business to your company. Strongly marketing your company on the internet is only one piece of the puzzle for your company to succeed though.

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