Online marketing – search marketing, display advertising, mobile marketing, email marketing, and social media – spending will grow to $77 billion by 2016, according to a Forrester Research report. That equals the amount marketers will spend on TV advertising in 2011.
Shifting advertising spending will help companies:
- Adapt to customers’ changing media habits
- Reduce “daily deals”
- Emphasize the “4Ps” of marketing
- Turn smartphones, tablets / consumer electronics into audience-targeting tools
Marketing 4Ps – Refresher
Review the 4Ps of marketing to ensure that your marketing plan is covering all the bases:
Product – A tangible good or an intangible service. Tangible goods are things like hair care products, shave ice treats or gourmet soups. Intangible products are service-based such as bullying prevention workshops, cancer coaching for healthcare providers or business intelligence analysis. Products have a life-cycle that includes a growth phase followed by an eventual period of decline as the product approaches market saturation.
Price – The amount a customer is willing to pay for a product. Companies may increase or decrease prices based on customer demand or competition.
Promotion – The communication tools marketers use to drive sales. Promotion has four elements: Advertising, public relations, personal selling and sales promotion. A sound marketing plan evaluates the role of each and prioritizes its efforts and budget accordingly.
Place – A way of getting the product to the consumer.
Need marketing help? E-mail me for a free performance review.