It's how you get it done. - also known as the Marketing Mix. This is an important fundamental concept to understand when strategizing the annual marketing plan. It is a set of marketing tools that a company uses to complete its marketing objectives in their predefined target market. When advertising products, companies use a combination of the mix’s 4 P’s to reach their goals. The 4 P’s are product, place, price, and promotion. These overlapping categories are changing as we become more dependent on technology because of Digital Disruption. In 2017, the use of video content in the marketing mix will only increase, and for good reason.
Disruption of the Product:
What can you do to offer a better product to this group of people than your competitors? With the ability to do quick searches on Google to find like products, potential customers are very savvy. Use this to your advantage, especially since YouTube is part of Google. Videos are now part of the search query results, giving the potential customer the ability to easily see your product in motion. YouTube has over a billion unique users a month, and it gets over 4 billion views per day (about 6 billion hours’ worth of videos are seen every month).
Disruption of Place:
Where can people buy your product? Do they have the ability to purchase online? The IoT has given customers the ability to search for and purchase almost anything on their web browser. Major retailers reported that placing a video of the product on the purchase page has proven to increase sales of that item. About 90% of all shoppers said they find video helpful in making shopping and buying decisions.
Disruption of Promotion:
How to increase awareness of your product? The traditional tactics of radio, print, and tv are still being used, but are slowly declining. Think of it this way, all of these methods have a finite amount of time the advertisement is distributed. Today, companies are able to upload the videos onto YouTube, Vimeo, and their own website for an undefined amount of time. Reaching your audience throughout their day has never been more doable than now. Companies that use video on their websites, see over 40% more web traffic than those that do not.
Disruption of Price:
Price. This is the tricky part of the IoT. True, people are able to do quick searches to find your product, but they can also quickly search for prices on your product and your competition’s pricing. It is important that as an online company, you frequently do searches on what the industry is charging. At the same time, make sure your UVP (unique value proposition) is obvious to your buyers. Why are you better than everyone else? Your customers need to be able to rationalize why they are spending more or less for your product in comparison to your competitors. Use video to clearly show your audience the advantages. These videos should be inserted into product description pages, social media, and email marketing nurture campaigns.