This is the model that we will accept as relevant in Internet Marketing. It is combined and adapted knowledge of 4P and 4C. If we will bring to attention facts like many industries and companies operating now didn’t exist before Internet it is obvious this adaptation is necessary. For example web developers, hosting providers, ISP’s which is currently 50% of IT sector. This is number, which cannot be ignored. In this reality 4P/4C model can be described as:
Product – Internet connection or hosting, website design
Pricing – resourced by competitors and price of Internet connection and server
Placement (or distribution) – Internet channels
Promotion – user engagement, SEO, banners, linking, social media
Looks similar as previous 4P model just with added Internet wording on the end. In ‘old market’ reality you were the manufacturer of Coca-Cola. You have built your ads, put it on TV, pay for shops, display cabinets etc. You have spent millions only on distribution and packaging. Now you are ISP company reselling hosting. Product is purely virtual and exists only in Internet, whole company and everything around it is only in Internet. It is not only communication media, it is brand new market, brand new consumers, needs, and environment. Market, which is rapidly growing and changing. Some might say, that is not the first time when new market, or new opportunities came to attention of businesses. So why is it so crucial? Let’s come back to coca-cola, well you cannot consume it via Internet, so why they need Internet campaign? To provide information, product awareness, empowering the brand, reputation, to display ads and entertain people with games and funny advertisements not available legally on TV, and implementing/programming product consciousness. All the promotion, information and distribution can be done on Internet. Additionally it provide opportunity to build something called user/consumer engagement. Internet is not only place or distribution channel, or a product itself (it is for ISP’s or for example eBay sellers). Currently it is one of the most powerful promotional tools, opening new doors to Marketing. As marketing research shows ‘word from friend’ is the best way to advertise (see below Advertising tactics graph). Attempts to do so where already taken by TV shows, like sitcoms, big brother etc where people where shown with every day product with the label of it. You might miss that fact, but it is getting into you in strange way that the product shown there is so right even for you, and it will be so obvious so you will not even wonder to choose this brand over other. Dream of any producer, marketer.
But this is what Internet marketing together with social media attempt and seems like where successful to do.
On the end fact how well the different tool performs depends not always of the tool by itself but the person who uses it. So whichever tool you choose, you should learn it thoroughly and apply it wisely
To make people to talk about product. When people decide to buy something, what they do? Research. How? Fastest and cheapest way – Internet and Google.
So how to adjust or redefine old good 4P to changing Internet reality? Writer and editor Lers Thisayakorn took this challenge and proposed evaluated 4P/4C, the new 4V: validity, value, venue and vogue.
Validity – Product, Consumer
The old Product approach is to develop and produce a product as good as possible to market and make sales. The Consumer approach is to study consumer wants and needs, and to manufacture products in response to those needs.
Validity discover that product with great consumer needs may not be valid and need to be addressed. We have recently cases of product with great consumer demand such as toys and foods from China that needed to be moved out from the shelves due to high-risk nature of the products.
Marketing should not only consider the wants and needs of the consumers, but also other product factors of safety, environment, and social issues – Validity. Many Internet products may be of great demand to consumers but should not be marketed due to age inappropriateness.
Value – Price, Cost
Price charged to consumer is no longer a sufficient marketing parameter for it is only one part of consumer cost. If we sell product on e-bay, for example, we have to consider the cost of currency exchange lost and exchange risk to the client. Hence, a co-net work of PayPal was created to lower consumer buying cost.
Value marketing go one step further to advocate that lowest price and considerate cost are not sufficient in today’s marketing solution. As more people are getting higher up in their standard of living, people are more value conscience of what they eat, what they wear, what they drive, etc. Also, as population age distribution is shifting from the young to the old where product value is emphasised, marketing should look more to value than just the price and cost.
Venue – Place, Convenience
The whole Thai centuries old retail market is almost totally wiped out in a short time span of 3-4 years because of the shift of marketing from Place to Convenience. A distribution channel of providing just a place to buy is no longer competitive. The convenience stores such as the ubiquitous 7-Eleven or giant super stores like Tesco have seized the retails sale by providing conveniences of all kind to customers.
Convenience needs to take one step higher up to the Venue level. Venue is not only providing place for clients to come, it is sales to your home. May be we should provide our customers with a buying venue of electronic gadget of some kind instead of a place with conveniences?
Vogue – Promotion, Communication
Promotion is one way street advertisement in telling what you think is best in the promoting product. Communication, however, applies two ways traffics between the buyer and seller to advertisement. It is an “interactive” program using phone, web site, etc. to get response from advertisement.
Vogue requires more than just getting a message across and 2 ways communications. It is saying that to make an advertisement successful, it must have vogue or in trend. It must be popular, acceptable, and has great public favour. ‘
This is model that in my opinion is closest to Internet market specification. This is the more academic point of view, how it’s finding it’s reflection in reality and does it require future adjustments? Probably it does, but we need facts. Especially if you will think of Internet as big gossip village where people are more consciousness and intelligent buyers (or they would like to think so) and where potential consumers are finding information about your company and your product. For instance if more people posting articles that they were disappointed with your product, this will build negative product image and might drastically affect sale. How to avoid it? How to build so called Online Reputation and manage complex Internet campaign?
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While we are taking on the topic of Internet Marketing Bible 4V | Internet exploration |, The ability of net marketing makes it probable for buyers to research and then purchase merchandise and services when it operates most effective for them. For this cause, businesses have the ability to appeal to this need and can produce results faster than with other traditional approaches. Business goals and price versus volume profit analysis decide the overall effectiveness and approaches of any marketing campaign.