What are the key principles of marketing? I was wondering about this question because I currently have an online business in affiliate marketing.
Some years ago, before I retired from full-time work, I was a fundraising professional for about 20 years. Believe it or not, fundraising is guided by the Principles of Fundraising. They have existed for more than 100 years.
The foremost principle is that “Leadership is by example”. In other words, you cannot expect someone else to do what you have not done yourself. Therefore, you must make your own gift to the organization first before you can ask others to join you.
This led me to thinking, what are the key principles of marketing and do they apply to online business?
I think they do and we can use them as a guiding light when building our businesses online.
It is generally accepted that the four key principles of marketing were established in the 1960s. Although, there is some evidence to show that they may have originated in the 1940s.
What Are The Key Principles Of Marketing?
The four pillars of a marketing strategy are:
Some time later, probably around 1981, a further three principles were added to the mix. The three additional principles are Process, People and Physical Evidence.
So let’s discuss these concepts.
When choosing products to promote in your online business, you should give thoughtful consideration the following questions.
- Is the product wanted by your customers?
- If a customer buys your product, will you get a reasonable commission?
- Have you researched the market and identified a definite need for your product?
- Is the product of good quality to ensure customer satisfaction?
So, if you have positive responses to these questions, you can be sure that your product choice is the right one. If not, go back to the drawing board.
In affiliate marketing, prices are set by the merchant who sells the product. This being so, when you choose products appropriate to your niche, make sure that the price matches the quality and value of the product.
In cases where you may be running a dropshipping business rather than affiliate marketing, observe the same principle. Product quality and value must match price.
Always remember, when customers are shopping online, they are all seeking value for money.
Rather than having a retail storefront, our real estate asset is our website. So we do have a “place” and it is crucial for people to visit.
Therefore, we must drive traffic (visitors) to our website, which is our “place” of business. Getting them there is only half the battle.
Then, our content becomes the critical driver that encourages the customer to make a purchase
Thus, while we do not have a physical place of business, our website must do all the heavy lifting. So, you should make sure that you make it as easy as possible for the customer to make a purchase.
Working online gives us a substantial advantage over our retail competitors. Digital marketing strategies are abundantly available. We can commandeer all of them to help promote our products.
Digital marketing resources are many and varied. The screenshot below illustrates this well and comes from Oberlo – Marketing Principles: The Four Key Concepts To Understand.
As you can see from this image, we have a myriad of promotional strategies available to us as online marketers. Utilized properly, they will ensure that there are a significant number of visitors to our websites.
More visitors – more sales – more commissions – more success!
Now Let’s Discuss The Later Additions.
This, of course, represents customer service. In the case of online businesses, customers must trust that you are authentic and listening to their needs.
Make sure that your website includes information about you and why you are offering these products or services.
Always respond to comments, emails, phone calls and social media posts from prospective customers. If you are responding they will know that you are real and interested in their needs.
Remember that if a customer doesn’t feel valued, they can choose to go elsewhere for the product. Communication is key.
Automate processes as much as possible. Fortunately, affiliate marketers are not responsible for product or service delivery. This can be both an advantage and a disadvantage.
The advantage is not having to carry inventory or arrange shipping and delivery. The disadvantage is that you are not in control of seeing through on customer service.
Nevertheless, you should be aware of the processes of your affiliated merchants. You don’t want to be affiliated with any organization that gives sub-standard service.
Make sure your customers’ needs are met effectively and efficiently by the merchant.
Physical evidence exists in the actual product(s) or service(s) you promote.
Solid market perceptions of your online business and brand are further evidence of your authenticity.
Other evidence can be the merchant’s website and sales materials. They are the evidence that validates the product.
Summarizing What Are The Key Principles Of Marketing?
The focus of marketing, at its most basic level, is to put together a company’s products and services with customers who wish to purchase and use them.
While everything mentioned here may not be applicable to your 21st-century online business, some of them will always remain true.
There may be different and new thoughts and ideas surrounding these principles, but the four pillars of Product, Price, Place and Promotion remain fundamental to success in marketing.
The additional three principles of People, Process and Physical Evidence will help to cement and solidify your marketing strategy for future success.
This website is actually an affiliate marketing website hosted by Wealthy Affiliate.
Wealthy Affiliate is the foremost online training platform that can teach you everything you need to know to be successful in this field.
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