Tuesday, June 11, 2019

The Changing Face of Online Marketing

The nature of marketing is to continuously change and adjust to maximize opportunities. Scientific discoveries, new inventions, new technologies, changing cultures, and consumer preferences are forcing marketing to continuously adjust to keep up. As marketing delivery innovates companies should update their skills and abilities to capitalize on new opportunities. The fundamentals are still the same even as the delivery systems continuously transform. People maximizing online marketing should focus on models, fundamentals, retaining customers, and their marketing mix to create effectiveness.

Internet Business Models and Strategies. The advent of e-commerce has forced companies to change and adjust to keep up with a rapidly innovative environment. Brink-n-mortar businesses that once were the mainstay of economic life have changed to online purchases. "Window shopping" has turned into "browsing" and physical inspection in the store has been supplanted with pictures and reviews in the online world.

Traditional businesses and virtual businesses have two different ways of conducting commerce. Models reflect on how products are bought/sold, distributed, warehouse, shipped, paid for and received. Online models may mirror traditional models but this is based more on human experience than practicality.

Marketing Fundamentals. As virtual commerce and Internet marketing take over larger percentages of advertising dollars you will find that they will become more sophisticated in their approach. New technologies still fit in the fundamentals of marketing The marketing channel (i.e. newspaper versus online display ad) may change but the fundamentals can be applied to both. Learning the fundamentals creates a platform to apply to new technology adaptation.

Retaining Customers. It is cheaper to keep your current customer than to gain new ones. Converting customers from casual Internet browsers to active purchasers increases wealth. Keeping customers after you converted them is also helpful. If their experiences are positive and they enjoyed the products the average purchase price may move upward.

Sometimes small changes can make a big difference. Using emotional pictures on a website may increase conversion rates.  One click check-outs and simple to understand information have influence in whether or not someone will make a purchase. Customer centric behavior with positive point-of-contact interactions leads to positive feelings that influence frequency and average purchase amount.

Marketing mix. New marketing methods are great but a campaign may need to use older methods such as print media, cards, flyers, and face-to-face contact. Demographics of potential customers determines which channels they are watching and the best images to prompt them to act. As you become more experience you will come to realize old is not necessary wrong and may be in many situations the best approach.

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