Don’t Lose Sight of Fundamental Marketing Concepts When Shifting to Digital Platforms
Recently, the Wall Street Journal reported that for the first time ever, there were more redemptions of digital coupons than the most common type of paper coupons in the US (Gasparro, 2020). Companies from virtually every industry have had to implement some type of shift to digital platforms in terms of marketing during this global pandemic. However, with this shift to online promotions and sales, companies must not lose sight of the fundamental concepts of marketing.
First, know who your target market is. Too often, marketing managers fall into the trap that any exposure online is good exposure. However, just like in traditional marketing efforts, if your target market is unclear, how can you properly position your marketing efforts to reach the appropriate audience? Knowing the appropriate target market is a fundamental marketing task, yet it seems as if many companies are losing sight of this task when switching to online platforms.
Second, keep in mind that delivering value to consumers must stem from a clear and consistent value proposition. Value propositions encompass the value of the product offering to the target market. In other words, you cannot properly deliver nor communicate your offering’s value to consumers if you do not have a clear value proposition.
Finally, content, content, and content is key! On digital platforms, consumers are overloaded with search ads, display ads, banner ads, video ads, interstitial ads, overlay ads, and every other kind of advertisement that bombards social media pages and company websites. This means that if attention spans were small before, then they are microscopic in the current age. Thus, if the goal for every digital marketer is to increase impressions and conversion rates, they must grab consumer attention with their digital ads within the first few seconds it is displayed to the consumer.
In sum, my point here is that this steep rise in the importance of digital marketing platforms has made many marketing managers scramble for digital space. To succeed in such environments, marketers should not lose sight of the importance of sticking to the basic marketing fundamental tasks of (1) understanding the target market, (2) having a clear value proposition, and (3) communicating with clear, consistent, and interesting content. Digital platforms will only get more competitive in the coming years, so marketing managers must have solid strategies to survive.
Gasparro, A. (2020). Coupon Clipping Fades Into History as COVID-19 Accelerates Digital Shifts. The Wall Street Journal. Retrieved from: https://www.wsj.com/articles/coupon-clipping-fades-into-history-as-covid-19-accelerates-digital-shift-11598702400