We live in Digital World, marketing is a process of value exchange. Digital Marketing concept includes customer co-creation, doppelganger brands, authenticity, user generated content and price comparison.
The Tools employed in enacting the four Ps, which are increasingly becoming digital and being democratized across a large number of consumers.
#1 Customer Co-creation of Digital Marketing Concept
Customer Co-creation refers to customers get involved in design and development of new products offerings for companies. These customers’s contributions makes and use a web-based platform, thus they are a good example of digital marketing tool. This concept and employed this to benefits innovation process. Essentially the ideas that there are more resources for innovation outside the firm than inside the firm, so they have leveraged these fields and resources; we are still their contributors to enhance their innovation processes. This is really the core idea of customer co-creation. The realization that your customers can actually help enhance your new product development activities.
#2 User generated content of Digital Marketing Concept
User generated content occurs when a product’s customers create and disseminate online ideas about the product of the firm that markets it. These ideas often come in the form of text but can also come in other forms, such as music, photos or videos. UGC has 3 defining characteristics:
- the contribution is by the users of a product rather than the firm that sells the product.
- These contributions are somewhat creative in nature and user adds something new to what’s been done before.
- These contributions are posted online and are generally accessible to others, thus an email that transmits a link to Youtube video created by somebody else wouldn’t be considered UGC.
UGC is not a commercial in nature and doesn’t make any direct promotional appeals, thus it is a very interact and very subtle form of product promotion.
Types of UGC include blog postings, product reviews and various types of submissions to firm based invitations. Product reviews appear to have the most important impact in terms of convincing customers to buy a product.
#3 Authenticity of Digital Marketing Concept
Most authentic promotions focused more on telling a compelling story about a product or the firm, which produces this product, or rather than making a set of product claims. If claims are made, these claims are typically more authentic if they come from the actual users rather than paid spokes people. Ads include testimonials from actual people, who talk not just about the product,but also about their lives.
Finally, authentic promotions are genuine, and often have an element of uniqueness. Thus they stand out from the pack. In essence, digital authenticity refers to the degree to which a product’s online promotion provides customers with a genuine portrayal of its origins, features, and benefits, as well as its limitations.
Authentic promotional campaigns typically focus on telling a story rather than making a claim. The story is usually connected to the brand in a genuine manner, and provides customers with the sense that the brand has a purpose other than just making money.
#4 New retail of Digital Marketing Concept
In today’s digital world, just about any product can be purchased from an online retailer. For example. Amazon.com sells over 250 million different products on its Us website alone.
Digital retailing also provides a considerable amount of product information. For example, Amazon.com provides a product description, extensive technical information, and also user reviews for most of the products that it sells.
Thus consumers who visit digital retailers not only purchase products, but also obtain information about them.
Online retailing is typically more mobile in nature and has a high level of accessibility, and offers a flexible assortment of products that can be easily customized for each individual customer. In contrast, physical retailing is usually stationary in nature, has limited accessibility, and typically offers a fixed assortment of products that most likely mangers.
In recent years, there has been lots of increased focus on understanding and influencing the behavior of shoppers once they enter a physical store. This development is called shopper marketing and has produced a number of tools and strategies for enhancing retail performance and enhancing the ability of physical retailers to be more successful in a digital environment. For example, in the U.S, grocery stores are starting to introduce smart shopping carts that allow customers to keep track of the things they buy and put in their cart by scanning their barcodes.
#5 Pay Do you What of digital marketing concept
Pay you what is a new and very interesting pricing strategy that is really suited for our new digital age. Pricing is the moment of truth. All of marketing comes in to focus in the pricing decision. Picking the right price is too extremely important, a very important part of a firm’s marketing strategy. If price is too high, firm will lose potential sales. If it is too low, it will lose potential revenue.
People actually pay when you do not have to . Customers are seeking to maximize their utility. In other words, they want to get as much as they can for as little, little as they have to pay. From a strictly economic perspective, a pay what you want strategy seems quite foolish, as rational economic actors just take a product without paying anything for it.
However in reality, many people are not just self-interested economic actors, but also social beings who are governed by norms of honesty and fairness.
Pay what you want is best employed for products they have low marginal costs, thus this strategy is especially attractive for digital goods, such as music text, video. For these types of products, each additional unit has a very low marginal cost.
Most successful pay what you want strategies are applied to a limited range of firm’s product offerings, or for a limited duration of time.
#6 Price comparison of digital marketing concept
Price is an important consideration when making a purchase. It is one of the most visible characteristics of product and is especially important for expensive products, such as appliances, furniture, and automobiles, in which prices can vary substantially from one retailer to another.
Internet changed all of this by making prices much more visible and by allowing customers to see the price of a product before entering a store.
Customer have even more power, as there are now a number of retailers,both physical and also online. Many of these tools are also available on mobile platform. So customers can not online compare prices before going to a store, they can also compare prices while shopping at a store. Here are some examples of some popular price comparison tools.
- Google Shopping
- Red Laser