The four P's of marketing the product, the price, the location and the promotion are often referred to as the marketing mix. These are the key elements involved in the planning and marketing of a product or service, and they interact meaningfully with each other. Last year, we discovered that 92% of small businesses changed their business model in response to the COVID-19 pandemic. The main focus, by far (58%), was to add a new online sales channel, such as accepting orders directly on your website or selling through an online platform.
Our recent research reveals that companies with all their products and services available to buy online are almost twice as likely to say they are very satisfied (50%) with their marketing efforts than those that only offer some or none (26%). There's still a place for traditional marketing through channels such as the press, direct mail, and the media, but a successful digital marketing strategy has never been more crucial. Three out of five highly satisfied sellers (61%) focus most of their efforts on digital channels, while only 42% of less satisfied sellers do the same. Personalized experiences can boost or undo a company's success.
American Express has done this for a segment of small businesses participating in Small Business Saturday. They have allowed business owners to create personalized posters, as well as add their businesses to a local business map for advertising. They create personalized experiences for each small business (customer) in this campaign. All marketing materials are personalized and offer a unique experience.
When a customer has a personalized experience, they become a loyal customer. According to American Express, the future of marketing lies in the personalized experiences that our customers have with our brands. Marketing isn't what it used to be. If we look back 30 years ago, search engines, let alone search engine optimization, didn't even exist.
The Internet, as we now know it, did not exist. With these developments comes a lot of freedom. Freedom to think innovatively, freedom to try different forms of marketing, freedom to reach the global market more easily than ever. To stand out in this market, you need to think innovatively when it comes to your marketing strategy.
