In undergraduate marketing courses, one of the most important concept students are taught are the 4 P’s, which include Product, Place, Price, and Promotion.
These 4 P’s define a business’s marketing strategy when introducing a new product or service. With social media available, companies can cut costs substantially when it is used as a promotion. In the article, “The 4 P’s Redefined: Social Media Now Rules Promotion,” Chris Horton suggests that by utilizing social media, companies can achieve the three objectives of promotion; presenting information to consumers as well as others, increasing demand for a product or service, and differentiating a product. Companies can offer discounts, free gifts, or promote contests more efficiently using media vehicles such as Facebook and Twitter. Companies are also able to manage their reputation with customizable posts to consumers. As social media redefines the marketing mix, companies will need to start making changes to their marketing implementation strategies.
Read an excerpt from the article.
Why It Works
There are four broad reasons why social media-as-promotion is effective for businesses:
- Amplified Messaging – Reach out to a massive audience to tell your story; educate consumers about your product on your terms; go viral with promotions; increase demand for your product or service.
- Deeper Engagement – Connect to prospects and form deeper relationships with customers; personalize your brand; show your company’s human side.
- Efficient Brand Management – Nimbly manage your online reputation- address customer concerns and respond to user feedback; promote new marketing campaigns; define and redefine your messaging based on user feedback.
- Real-Time Analytics – Track user responses to your promotional efforts; aggregate data to figure out what’s working and what isn’t; analyze successes and failures.