Internet Marketing: The Three Knows
Internet marketing is, in many ways, similar to all other forms of marketing in the past fifty years. Certainly the dynamics of the Internet make it unique, but it does provide a sense of commonality when viewed from a practical standpoint. For instance, twenty years ago brick and mortar businesses were concerned about what their competitors were doing and how to stay in the same league. This mentality is found online. When an online business works at pinpointing their competitors and discovers ways to do certain things better that business stand a better chance of succeeding. This process is part of the marketing strategies needed for successful online business.
Some of the potential downfalls in Internet marketing is to assume that 1) you know what the customer wants intuitively, 2) you know the best methods of reaching these customers and 3) you don’t really need to do significant marketing to ensure the success of your online firm. The end goal of online marketing hasn’t changed, but some of the methods have. You still want customers to visit your website, but the truth is you may not always know what the customer wants, you may have to work to learn methods that can actually bring customers to your website and marketing is ESSENTIAL to your online success. Sometimes the marketing tools you use may not have a very good Return on Investment (ROI). You may think that this was a poor use of your money, but it may affect positive marketing exposure long-term.
It is also possible to develop a product that may not actually sell very well, but could reduce the overall profitability of a competitor. This may sound like a strange marketing tool, but you have to remember you are not in the market alone. Understanding your competitor may be equally important to understanding your customer and how to potentially level the playing field. Contrary to popular opinion you do not have to offer the lowest product cost to find a customer base. For instance, you can visit a common discount store and find cheep hand lotion that is likely to be effective in moisturizing. However, this won’t stop customers from visiting (and spending more) for similar products at an exclusive lotion shop that offers an array of scents and applications. The same is true of your products online, there may be ample reason to charge more for a product, not the least of which is quality. Trust comes with time, but proper Internet marketing tactics, which are neither easy nor ineffective, assists it. Know your product, know your customer and know your competition.
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