Marketing a product or service has been greatly impacted by the recent advancements in technology. With the emergence of the internet and the rapidly rising popularity of internet capable devices, marketers today need to evolve their marketing strategy for their products and/or services in order to stay relevant. Take a look at newspapers and magazines as an example. Those mediums play an important role in information dissemination and advertising. Most printed newspapers nowadays are currently being replicated as a digital newspaper but unlike their printed counterparts, they can offer additional interactive multimedia content such as graphics, photos, audio, and video suitable and tailored to the consumer’s behaviour. These can vary in different types such as emails, newsletters, blogs and much more.
The marketing theory of product, price, promotion and place is just one of the marketing principles that we can use to see what digital media such as an online newspaper can offer versus the traditional one.
The product will involve the look, branding, display, description and product quality. A traditional newspaper will have the usual news service and a heavily text-driven information through classified advertising. However, digital newspapers can have multimedia content that can help the readers understand the article better, an archive service that can be useful in backtracking content in a fast and efficient manner, and customised products catering to your consumers’ target market and behaviour.
Price is made up of all the cost related to the product such as tax, shipping, handling as well as payment methods. This is an important element to attain revenue & profit while still having a balance that satisfies market demands. Traditional newspaper involves direct purchases, subscriptions, and print advertising while digital newspapers have more possibilities in increasing revenues faster through pay-per-use articles and customized advertisements that are fit to your consumers’ interest, just to name a few.
Promotion includes all advertising activities and merchandising of a certain product. In creating an integrated marketing campaign (IMC) advertisements in the newspaper used to be one of the main communication channels where you can promote discount cut-outs and advertising. On the other hand, digital newspapers have web promotional advertings wherein you can use different tools such as AdWords, SEO, CRM and Marketing Automation that helps marketers master the art & science of digital marketing to engage prospects and customers.
Place is how you make your product available to your consumers whether it is B2B or B2C and the ability to deliver a product or distribute it to your channels. Traditional newspapers or print media’s best option is through physical distribution to its channels. On the other hand, digital versions will have different options that are fast, efficient, and effective, but most of all, easily measured. By maximizing both Marketing and Technology, measuring your online campaigns will be easier since reports and data are readily available. Other analytical tools and software such as Google analytics and Marketo make it easy for you to track the success of each and every online material, product or campaign that you release.
In my opinion as a marketing professional, a traditional advertising and communication tool such as newspapers are still important as not all consumers have fully adapted to the digital space yet. However, as the world continues to change, evolve and adapt, putting these new technologies into use will always be an added benefit in keeping up with the fast-changing world.