Well met me first start by saying that the Internet, in all of it's infinite abilities, is still just another tool. The 4 P's are still alive and well because they are essentially the foundation of marketing. At this point, because of the Internet, we can add another P to the mix, I'll get into that in a minute.
So what are the 4 P's? They stand for Product, Price, Promotion and Place. Pretty simple concept, yet it's been the foundation of marketing for years.
Here's an example.
- Purple Fish Marketing provides a Product (or service) to a certain group of people (a target market), in this case, we provide primarily Internet Marketing Services in Salem and the surrounding areas of the north shore.
- In order to stay in Business Purple Fish Marketing has to charge the customer something, which is clearly defined by the price.
- Promotion is how you advertise, get the word out and tell people about your business. Promotion is a big P in the marketing mix when it comes to social media and the Internet. Internet consumer spending has grown by leaps and bounds and shows no signs of slowing down. The Internet also makes promotion easier for everyone, even the little guy. Now small businesses who couldn't compete against the giant companies in terms of advertising and promotion, are now on an even playing field. The tools and services afforded to you on the Internet are the same as they are for everyone else.
- Finally, Place, as the name alludes, is where you do business. There are Brick and Mortar businesses which have a physical location and place for people to go and shop in person; Brick and Click, which is a hybrid of physical stores and an Internet presence; and lastly Internet based business. Internet based businesses can pop up over night and have a much lower overhead cost than brick and mortar stores, for obvious reasons.
So I did say that we can add another P to the mix because of the Internet. Any guesses?...I'll give you a second...ok, ok, here it is.
One of the biggest changes with the web 2.0 world we live in is the ability to participate in the conversation. It used to be a one way communication channel. You would watch an advertisement on TV, read about it in a magazine or see a billboard on the side of the road and then go buy the product. Now communication is a two way street and people participate in the conversation. From review sites, to blogs, to online social networks, people read, write and participate in what's being said. This Participation element has changed the marketing mix by adding a valuable resource for consumers to utilize. Before a consumer will go out and make a purchase, the majority of the time they will do research online.
So with all that said, don't forget about the 4 P's. Even though I concentrated on Internet Marketing, it's important to remember that this is just one avenue of marketing that is meant as an addition to what already exists. Other means of Promotion and Advertising certainly still hold their weight and have great importance.
For more information on Internet Marketing Services offered by Purple Fish Marketing, Contact us today.