The 4 P’s Redefined: Social Media Now Rules Promotion

Chris Horton
Chris Horton Digital Strategist, Synecore

Posted on April 25th 2012

The 4 P’s Redefined: Social Media Now Rules Promotion

social media as promotion

Most business owners are familiar with the 4 P’s: Product, Place, Price, and Promotion. The 4 P’s are widely used to define a company’s "marketing mix," a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market. The three basic objectives of promotion are to 1) present information to consumers as well as others, 2) increase demand for a product (or service), 3) differentiate a product.¹ If managed properly, companies can use social media to accomplish all three objectives more efficiently and less expensively than any other means available.

SOCIAL MEDIA-AS-PROMOTION

Traditionally, marketers have used a variety of media to promote their product, such as advertisement, special events, endorsements, and newspapers. They also try to incentivize would-be purchasers with discounts, free items, or a contest to increase the sales of a given product. These efforts are considered proven and indispensable aspects of the promotions mix.²

Thanks to the Internet, social media channels have centrality and reach; businesses can now accomplish all of these promotions efforts more efficiently, saving time and money. They can control company messaging by effectively interacting with and quickly responding to the needs of their consumer base. Also, given the proliferation of marketing automation software businesses can analyze social media campaigns to figure out what’s working and what isn’t, and adjust their promotions efforts accordingly.

social media management

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.

 

If your business isn’t using social media-as-promotion, I strongly suggest you look into it. Chances are your competition already has.

  

¹ Managementhelp.org

² Wikipedia

InfoGraphic Courtesy of Social Media Examiner, from Zommerang.com 

Image Courtesy of AnnoyzView on Google Images


Learn How to Identify and Target Social Channels That Are Most Effective for Your Business:

Chris Horton

Chris Horton

Digital Strategist, Synecore

Chris Horton is a content creator and digital strategist for Minneapolis-based integrated digital marketing agency, Synecore. An avid tech enthusiast, Chris has written extensively on a number of topics relevant to the growing marketing technology industry, including SEO, inbound, content, social, mobile, email marketing, apps, online branding/PR, and Internet trends. Chris' marketing tips can be found on Synecore's Marketing Technology for Growth blog. You can connect with Chris on TwitterLinkedIn, or Google Plus, or email him at chris@synecoretech.com. Check out his new book, Digital Marketing: Integrating Strategy and Tactics with Values, published by Routledge in October of 2014.

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