Requirements of Online Marketing

In the era of fast paced information technology, business success is not dependent only on innovating and developing new products or service; it depends a lot on innovative ways to market them. Online marketing is indeed different from traditional marketing. In traditional marketing the marketer had to search for prospective customers. On the contrary, in case of online marketing, customers search for the product or services based on their needs or wants. This changed methodology of marketing has changed the basic requirements as well. To master the new ways of marketing, it is important for the entrepreneurs and managers to understand these requirements which are discussed below:
• Niche- Unless you are selling hundreds of products, it is important to promote your products in a manner that it creates a niche market for itself. You can promote yourself as a garment retailer who sells embroidered tops or a furniture store that sells kids furniture. Remember that you need to focus on the benefits and not on the features of your product/ service.
• First Impression- What your customer sees in the first glance has to be a great impression. You also need to make sure that this first impression lasts long enough to help your customer take a purchase decision.
• Speed- If you wish to achieve the economies of scale twice as fast as you will through your existing pace, you need to market your product four times as fast as you are marketing it now. The faster you market your product, the broader is the coverage of your marketing, the easier it will be for your customer to reach you.
• Continuous innovation- It is a requirement for both, the product as well as the marketing strategy. As you increase the speed of marketing, do not forget to add innovations in your marketing strategy at every subsequent step; the sooner the better. It is not possible to have speedy innovation in product or service all the time. Before your customers get bored of seeing the same ad again and again, change what he sees. Additionally, any innovation or change in product or service should be highlighted clearly. The customer does not have time to read small fonts.
• Activeness- Online marketing requires you to be always available to know and answer what your customers want, when they want and where they want. You need to listen (or read) what they say and wherever they say. This requires you to be always on your toes. You just cannot afford to post an ad on YouTube today and read customers’ queries two days later. If you or your employee can be available to chat or respond to the mail as soon as possible, you increase the chance of your sales at least two times. It is also important to handle negative feedback professionally giving it the required attention and due.
• Economies of scope- Economies of scope is the term used when cost of producing (or marketing) two or more products together is less than producing (or marketing) them separately. Getting customer attention online can be easier through cross promoting products. It increases the coverage of your advertisements. All you need to look for are the suitable websites where you can post your ads or links to your website and vice versa.
• Flexibility- Online marketing sphere is ever-changing. You need to be flexible enough in your marketing strategy to cater to this ever-changing marketplace.