Marketing is one of the basic fundamentals of the “business of business” necessary to effectively identify and obtain new customers, and build strong relationships with existing customers to ensure retention. Effective marketing should not only convey your product, price and delivery methodology, but more importantly it is your tool to communicate the value you create for your customers, partners and society.
Launching your business within the Digital Marketplace creates many new marketing advantages in product, price, promotion, and place, and positions you as a progressive and viable player in this new rapid-growth economic environment.
Products and services, with a digital footprint, demonstrate that your business is dynamic and evolving with the changing marketplace; that you are not only stable, but forward-thinking, innovative, and you are here to stay.
The Digital Marketplace may require changes and even creativity in product pricing methodology, but it also opens the door for effective communications with your customers that you are committed to add value and provide your customers with more.
Promotion is one of the most exciting aspects in digitizing and metadata tagging your intellectual properties, because it creates a new proactive channel for marketing your products, creating a broader and wider market appeal for you. The very nature of the Digital Marketplace places consumers at your doorstep, automatically reducing the time, money and efforts you have to spend finding them.
Join me again next week as we explore the expense reduction offsets to digitization.
“If one does not know to which port one is sailing, no wind is favorable.” – Lucius Annaeus Seneca
Blog Reference:SmallBizU: Marketing 101: Fundamentals