The main thing an entrepreneur planning a startup venture should take-away from this article is that technology has significantly expanded the choices listed in the PLACE and PROMOTION blocks of the marketing mix illustration. And, they need to make sure their advisors and agents are considering the full scope of what is available when defining the marketing mix. For brevity I will not address journal TV ads, radio spots, door hangers, direct mail, newspapers, directories, websites, point of purchase displays and the like, all useful but well understood. The following is our focus, the newer elements in the mix.
Search advertising is based on a pay-per-click (PPC) cost model. You determine your base bid, which is the maximum amount you’re willing to pay when someone clicks on your ad. You’ll never be charged more than your base bid and you might even pay less. With search advertising, one cent more than the next highest bid guarantees your ad is displayed. Google, Yahoo, Bing and more use this form of advertising to generate income. When someone enters a key work in a search the software matches the ads with the key word and displays the ad on the page, usually top and right hand boarders. Position is base on your bid. In many case it can be precisely targeted. The objective of the ad is to get the reader to a specific Webpage so when someone clicks on it they are taken to the linked website. Competition is fierce so the bid and budget options need to be managed.
Internet Display Advertising
Designed to reach your target audience via a variety of media—mobile phone, gaming, video. In this as well as search advertising the sellers provide comprehensive management and reporting tools to get a detailed understanding of your campaign’s results.
Email marketing comes in several forms:
- What a company sends to people that know the company and have agreed to receive what you are sending it.
- What a company sends to people that don't know them using a purchased list. THIS IS OFTEN CONSIDER SPAM AND IS GENERALLY NOT RECOMMENDED.
- Buying ad space in a e-publication sent out by someone else.
In the United States, 3.5 billion brand-related word-of-mouth conversations take place daily. Social media sites and tools emulate word of mouth in a digital environment where people meet, share ideas and socialize with friends, family and colleagues. And this space offers a prime opportunity for marketers to expand their brand presence. Advertisers target consumers at the point of influence where—in the course of planning, living and sharing their lives—they are making and influencing purchasing decisions. Facebook, Digg and others. Key Benefits:
• Word-of-mouth advertising is increasing at 30 percent or more per year and is forecasted to hit $3.7B in ad revenue by 2011.
• Word of mouth and viral marketing recommendations from friends and family have the greatest influence on online purchase decisions compared to other recommendation sources.
The social marketing platforms are many. Here is a Website that may be helpful in deciding which ones to use followed by the listing of what was available today. http://socialmediastatistics.wikidot.com/start
• Bebo • Daily Motion • Digg • Facebook • Flickr • Fotolog • Friendster • Habbo Hotel • hi5 • iLike
• iPlayer • LastFM • LinkedIn • LivingSocial • Mixi • MySpace • MyYearbook • Ning • Orkut