4Ps of Digital Marketing
The digital age has caused the standard methods and practices of nearly every industry to change and grow to work within this new paradigm, and marketing is certainly no exception.
Couple of years ago digital marketing was just a new and different way to market. It opened up a new form of media on which companies peddle goods and services but within just the past few years, the importance of digital marketing has come closer to classic 4ps of marketing. The evolution of the digital age has caused the standard methods and practices of nearly every industry to change and grow to work within this new paradigm, and marketing is certainly no exception. The digital age has caused the standard methods and practices of nearly every industry to change and grow to work within this new paradigm, and marketing is certainly no exception. In fact, the marketing industry has arguably seen the most benefit from the growth of digital. The 4Ps of marketing include product, price, place, and promotion and let us add another “4Ps of digital marketing” to make it united to effectively foster and promote a brand’s unique value, and help it stand out from the competition.
Prediction:
For centuries, chess considered one of the crowning glories of human intelligence. In 1997, a supercomputer defeated Chess master Gary Kasparov and the world realized that technology is becoming smarter and it was “IBM Deep Blue” an advance ML which learned how to play chess by not just analyzing each move but practicing against itself millions of times. Machine learning is already reshaping how we live, and it is imperative that we understand what it is and why it matters. Machine learning is a specific subset of AI that trains a machine on how to learn & the primary goal of ML is to “Predict” without human intervention.
Just because data is everywhere ML is omnipotent. Some industry examples will surprise that you have witnessed ML without actually knowing it. CPG industry is using it to drive online to offline attribution, BFSI Sector is driving to predict lead closure and activating offline CRM data, Media & entertainment industry is using it to predict AVOD & SVOD, stock market and real estate is using to predict the price of a House, to predicting and analyzing stock market trends. All these examples echo the vital role machine learning has begun to take in today’s data-rich world.
To understand the concept of ML in digital advertising let’s consider some daily works of media planners and buyers like Google search results, real-time ads on web pages and mobile devices through programmatic advertising , email spam filtering on Gmail , Fraud detection, and image recognition, these are by-products of applying machine learning to analyze huge volumes of data. Digital Ads are now much more targeted and personalized than ever, primarily due to the huge amount of data being leveraged in real-time
As per Yuval, a Harari ML is leading in another “industrial revolution.” Whereas the previous Industrial Revolution connected physical and mechanical strength, this new revolution will harness mental and cognitive ability. It is very unlikely that computers will develop anything even close to human consciousness, but in order to replace humans in the economy, computers do not need consciousness. They just need intelligence. Once self-driving cars and doctor-bots outperform human drivers and doctors, millions of drivers and doctors around the world will lose their jobs, even though self-driving cars and doctor-bots have no consciousness.
Participation:
The rise of regional language and decline of organic reach on most of the social networks has forced marketers to think about how their Brand content in any form can reach to the right audience. While with paid media can help brands choose the audience with scale and precision but this will not help in credibility, advocacy, and virality. For years, brands relied on static tools like online surveys, telephone polls and questionnaires handed out in person. Based on the insights potential customers were targeted, segmented and marketed.
Today it is imperative for Brands to have a higher pie of Earned media than paid and owned media. With the advent of social media marketing, customers are demanding a bigger role in the value creation process. On social media, platform brands are getting real-time feedback from customers. This is where co-creation and participation model comes in. Co-creation can be far more informative than traditional market research techniques, and it yields deeper insights because your customer is not just talking about products, but also about other areas in the value chain such as product packaging, sales channels and even raw materials used. This type of collaborative marketing, facilitated by both online and offline word-of-mouth, has become one of the most relevant and authentic forms of content marketing brands can create.
Co-creation goes beyond just clever marketing tactics it has a positive effect on the opinion of consumers, making them feel empowered and more inclined to purchase the co-created product or interact with the brand in some way. Today all the big enterprise like Google and Apple are not using co-creation to launch any product but they have made prototypes available for customers to give feedback and interact with them. Companies are using co-creation group as a market research group, and involving these communities to tell what compels them to watch a commercial of their brand, what they think about pricing & packaging should look like. Those discussions are helping the brands marketing team to put together the most eyeball-catching, persuasive and memorable campaign possible.
In the process of Co-creation Brands today driving virality, conversation and opinion by engaging with influencers, content creators, communities. Co-creation is helping brands to fully understand just how powerful it can be & hence the ability for brands to truly understand which of their co-created creative efforts are driving the most value.
Platforms:
We have come a long way since the industrial revolution and living in a digital revolution. There is no business, which is not going to be impacted by digital revolutions. Almost all the business models have evolved over the year and physical assets models moved to digital transformation. Digital platforms help as a critical point of connection, bringing products and services together into a more personalized experience while creating value for both consumers and businesses.
In the digital world, “Platform beat products” and digital native like Uber, Alibaba, Amazon are a classic example. All of them just own a consumer-focused platform and harness the power of the platform without owing any single products.
The digital platform market is one of the fastest growing markets. Digital platform helps businesses to enhance user experience in order to attract new customers. The evolution of advanced technologies such as IoT, artificial intelligence, cloud, and analytics are playing a crucial role in driving the growth of digital platform market. Companies are taking advantage of digital transformation by either building digital platforms or building a new operating model. The vital things about Digital platform are driving experience. If the platform delivers the experience that matters, it will be a success, and the company will gain a competitive advantage.
Phones:
Phones have had a major impact on our lives and made a plethora of changes in our lifestyle. Many of these changes are apparent, while others we may not even be aware. We are living in a world where more people have access to phone than toilets & over a billion people own a mobile phone but do not have bank accounts. Studies indeed show that many low-income individuals and families prioritize smartphones in a way that would have been unthinkable in prior years. Things we take it for granted like banking services, healthcare services are not available for all and its cell phones that are making them accessible. In rural communities across the globe, the availability of cell phones to farmers helps them make more informed decisions about what to plant when to harvest, and how much to sell crops for. Phones can function as pocket supercomputers, allowing users to gain any information they may need or want, whenever they want. The ability to be found online which 90% via smartphones is is very important for businesses & it is true for e-commerce giants like Amazon to a smaller business like selling cupcakes online. Smartphones improve our lives in ways we never even think about, and I am not just talking about sending us a Google Calendar alert so we do not forget our annual performance meeting with the boss.
While phones are going to change many things in the future as well, you should remember, however, to hang up occasionally and pay attention to the world around you.