Applying Basic Marketing Principles
Social Media
Some people are confused about social media, but it’s essential to understand that social marketing has been around for a long time. Digital and social media marketing are not new philosophies; they are traditional practices adapted to new tools. Historically, business was conducted in social settings like door-to-door sales or marketplaces. These gatherings allowed people to share ideas and communicate across networks. Similarly, event marketing created connections between buyers and sellers through dealer conferences or even extravagant parties attended by influential individuals.
Nowadays, many of these connections happen online through platforms like LinkedIn or Facebook. However, some businesspeople shy away from using these modern technologies as they appear daunting compared to traditional methods such as television, radio, newspaper advertising or direct mail campaigns. The ease of digital marketing allows businesses to quickly share their stories by taking pictures or conducting interviews with just a smartphone. Despite the low cost of entry into this form of promotion, many entrepreneurs still find it challenging due to lack of education in marketing principles and strategy creation.
Social media is simply another way to market a product or service using traditional theories adapted for new mediums. Each platform has its own language and style which requires tailored communication strategies for success. The main difference between traditional and modern-day digital/social media marketing lies in the technology available today rather than any significant change in underlying principles.
Before we move forward, let’s go back to some of our earlier definitions of marketing by Seth Godin;
“Marketing is at the core of what we do. It is the story you tell, who you’re telling it to, and why people are going to buy your product or service.”
“Marketing is no longer about the stuff that you make, but about the stories you tell”.
Translating Marketing Mix to Social Media
The 4Ps Re-imagined. While social media marketing is relatively recent in the grand scheme of things, marketing itself isn’t new at all. Applying foundational marketing concepts to social media is not just essential, but also incredibly effective. By grounding your social media strategy in these tried-and-true marketing principles, you’ll be better equipped to leverage these platforms and communicate your brand message powerfully and persuasively.
- Product (product or service). It’s critical to understand what sets your product apart and how it enriches your customer’s life. These unique insights allow you to effectively utilize platforms like LinkedIn, Instagram, or YouTube to tell your product story. Keep in mind that savvy customers today are not just buying a product; they’re investing in your brand’s narrative, which can include your connection to community, your social and environmental responsibility, and or your family co