The online marketing strategy of your company
A business strategy is imperative for the success of your business. With the right strategy, you can develop market shares and bind customers to your business model. An essential part of a market-oriented company is its own marketing strategy, which analyses the interaction with stakeholder groups and sets guidelines for action. In this blog post, we want to specifically address the online marketing strategy, which is part of the marketing mix. Here we go!
The online marketing mix in the online marketing strategy
The 4Ps have been following me ever since I studied business administration. Product, Price, Placement, and Promotion With these four influencing factors, the interaction of the company with the stakeholder groups can be very well described, and the sub-areas can be better optimized.
Product: stands for the product policy.
Your own product must have a concrete benefit and add value for the customer. Only then is it possible to successfully conclude contact with the potential customer. Selling a product with no apparent added value is an enormous challenge, even for experienced online marketers. Therefore, when choosing your products and services, make sure that they have a concrete benefit for your customers.
Price stands for the pricing policy.
Pricing, i.e., pricing, cannot be more transparent on the Internet. Prices and providers on the Internet are absolutely comparable, and customers are becoming increasingly price-sensitive. However, a targeted communication policy can counteract this price sensitivity. But more on that later. Different communication channels have different demands on the price policy of their own products. Affiliate marketing in particular is a key driver of pricing policy since working with vouchers and discount codes has a significant impact on product policy alignment.
Placement: the right sales channel
There are also various online channels for offering products and services. The various channels are subject to different requirements. An online shop can offer its goods via Amazon but has to pay a high commission to Amazon for this reach. Ebay, as another trading portal, is subject to other challenges, and when setting your own sales policy, you should not ignore the effect that the channels have on each other. A holistic view of the sales policy identifies synergies and cannibalization of customers in the conversion path. Be visible and accessible to potential customers.
Promotion: the right communication policy
In the promotion, we draw attention to ourselves and our product. As a provider, you can use various channels such as search engine optimization, search engine aads,or affiliate marketing to draw attention to yourself and make customer contacts via the Internet. Here, too, synergies can be generated via various channels, which lead to click prices falling and overall performance in the online marketing setting being raised.
For online shops and other companies, it makes sense to think about their own online marketing strategies before they start marketing their products or services blindly. A look at the market in advance (target group and competition, prices, own products) can save a lot of money afterwards. Identifying the right sales and communication channels also helps ensure that you offer your advertising messages and products under the best possible conditions.
We would be happy to advise you on the development of an online marketing strategy for your company and provide practical tips for the operational implementation of the strategy. We are looking forward to your contact!
