Setting up digital advertising strategies is a very important part of any business. It is the way that you inform customers about what you have to offer, and it is a way to increase sales. Digital advertising strategies are influenced by many factors, including:
- the size of your budget,
- type of product or service you are providing,
- and the target audience that you want to reach.
Companies often work with digital agencies to create an effective online advertising strategy. These agencies will help you design ads for social media platforms. Besides optimizing your website for search engines, and more.
Let’s explore the wider scopes associated with marketing. Particularly, we will consider the exchange process. But we will adjust those scopes to suit digital marketing and advertising. The exchange process offers something of value to obtain something in return.
The Digital Advertising Marketing Trade-Off
When marketing a product, brand, or service, you generally advertise and promote. But you do not do this just to put a product before a potential customer. You want to make a trade of some sort with the customer.
Therefore, you can consider online marketing as the advertising of something valuable. In return for that valuable thing, you want to receive something valuable. It is the trade of something valuable for something valuable. In other words, internet marketing is a value-for-value trade-off opportunity. Hence there are four parties involved when contemplating online marketing. They are the product, supplier, customer, and transaction.
01. Product
The product may be tangible or intangible. A product may be a physical good that you can feel, hold, and touch. But it may also be a service that you can provide to a customer. Many products are also virtual, such as software applications.
02. Supplier
The supplier is the individual or entity that is providing the product or service. A supplier sees the need for a product or service. They have decided to provide that product or service to interested parties.
03. Customer
The customer is the individual or an entity that sees the value of a product or service. Having seen that value, they realize that they can benefit and use that product or service. So, they want to give their resources to buy or get that product or service.
04. Transaction
The transaction is that instance where the trade-off occurs. It occurs when the customer purchases the product from the supplier. A customer will spend resources (usually money) during a transaction period. The supplier will receive that resource. In return, the customer will receive the service or goods. Thus, the actual buying and selling of the product is the transaction.
Digital Advertising Marketing Goals
While digital and online marketing’s main goal is to create value for customers, it is still dynamic. So, there are many models and various goals that you may want to meet to assess your marketing success.
However, no method would guarantee success. We can analyze online marketing goals by putting them into three components. The three main purposes of web advertising are to:
- Identify customers
- Satisfy customers
- Retain customers
How to Identify Customers?
At this level of online marketing, you want to determine your product and your customers.
Firstly, you must choose your business idea. You can identify the needs and wants of your customers. Customer needs may be a product or service that would be necessary for them. Maybe it is one that could help sustain their life. Better yet, it is a product or service necessary for their health and safety. Starting a business that customers need is a successful path to a business startup. Once your business can cater to the basic needs of consumers, it can succeed.
You may be able to innovate a product or service that you know your customers will want. The product may not be essential for the customer to live, but your customer may desire it. Moreover, you know they are willing to buy the product to fulfill their want.
Secondly, you must identify the ideal customer prospects. Determine those who your product would impact. Recognize those who will enjoy the benefits of your product. A lot of resources, whether money or time goes into proven web promotion techniques. So, take great care to establish prospective customers that want or need your product.
Once you pinpoint the groups that will align well with your product, identify how to reach them. You must note and remember that internet marketing is transcending all the time. But find focused ways to connect with customers. You must choose the right digital marketing methods to target them.
How to Satisfy Customers?
The goal of online marketing is not only to meet potential customers. But you want to please consumers also. Customer satisfaction must be a mutual outcome. The customer must be happy about the product they purchased. While the supplier is happy with the payment and feedback received.
It is the responsibility of suppliers to offer and provide products. In effect, the burden is on the supplier to deliver quality products. Do not think of this burden as a load too heavy to carry. Think of that burden as a privilege that the onus is on you to provide quality products. Suppliers must not look at this burden as burdensome. You must have the desire to please customers. Thus, you will produce great products and provide the best services.
The product must fulfill the customer’s need or want as promised. Both customer and supplier tend to gain something from a transaction. Hence, at the end of the transaction, both parties must be happy.
To satisfy customers, internet marketing must present your product to the right customers. Use internet marketing channels that will present your brand to the right people at the right time. Once you do this and a transaction occurs, parties must feel better off from the exchange.
How to Retain Customers?
Your general marketing efforts aim is to keep customers. Effective digital marketing is a continuous process. You do not want one-off customers.Â
To increase your profits, again and again, you want to retain customers. Therefore, create new web advertising opportunities. Let old customers see more value in your product.
If possible, create a new product that they would need or want. New fresh products using new technology will pique your customers’ interest.
Work at winning customers’ loyalty that your service would be their first choice. Your online marketing promotions must have a trust factor in them.
Offer deals and discounts. Customers like to get a bargain on their buck. Your consumers want to have rewards for when they buy from you.
Keep customers by continuing to raise awareness about your brand. Even an upgrade to a software application would help you to retain customers.
You can also retain customers by keeping them updated about your brand. Let them feel as if they are part of your family in the business world. Share with them updates about your brand and company news.
You can do all customer retention methods through online marketing.
Closing: Digital Marketing Advantage (based on The Trade-Off)
Digital marketing helps the supplier to gain or make a profit. It opens opportunities for the right consumers to notice a brand. It also prompts the customer to purchase.
Meeting the transaction level is the bottom line of online marketing. You want to advertise your product, so you can gain a customer. At this stage, a value-for-value trade-off occurs. The customer gains a valuable product. Meanwhile, the supplier gains profit.
Whether a supplier or customer, both parties must benefit from the transaction. A supplier must want the customer to be happy with their purchase.
A happy customer will trust your brand. They will buy again and even recommend your brand to a friend. The persons to whom the customer publicizes your product could be potential customers. This word of mouth helps to broaden your web advertising reach.
