I’ve always been a firm believer that the two most important things that make a business successful are ethical marketing and sales. Marketing is simply placing a great product in the right place, at a fair price and right time. But this can become confusing for some of us without a fundamental understanding of the marketing mix.
So, what is it?
It’s a combination of the four Ps, which are product, price, promotion and place. Let’s take a more detailed look at each of them.
The 4ps of Marketing
We’ll begin with your Product and this can be an item or service. Either way, it’s what you intend to sell to the public. The first step is to identify the emotional or other benefits of your product.
A benefit can be defined as the outcome of purchasing your product. However, don’t confuse this with features, which are what your product has or is.
For example, when you install an analytics software on your server to track incoming and outgoing traffic to your website, the tracking ability is a feature. The benefit is that you can use the collected data to make informed business decisions that’ll lead to more sales.
Here’s another example…
Let’s assume that you bought a bright lamp. In this case, the brightness is a feature but the benefit is being able to read or see in the dark. The warmth that comes from the lamp is also a benefit if it keeps you warm on cold days or nights.
The next P of the marketing mix is Price. This is where you need to think about the cost of your object or service. Questions you’ll need to ask include how competitive will your pricing be compared to the current market? Is your target customer price sensitive? Or does cost even matter to them?
Once you’ve decided on that, you’ll need to look at Promotion.
Without promotion, something terrible happens… nothing!”
T. Barnum, politician and businessman
That quote is spot on! If no one knows about what you do or sell, nothing is really going to happen. This is where you should think about timing, where and how you want to get your message out to consumers (when, where and how).
For instance, since I offer SEO services, my preference is to reach out to entrepreneurs that have already ‘gotten their feet wet’ with operating their business. Why?
That’s because those are the people who are most likely to need my help with customer growth. These warriors are often ready to take their companies to the next level.
Place relates to where your buyers are or where they would go to find your product. This can be several places such as online or in store. Depending on the nature of your business, you may also need sales reps to push your products.
For example, passerby traffic and online searchers using Google, Bing or Yahoo will notice a spa or hair salon that’s located on a busy street. So promotion tactics should be primarily focused on getting the most out of those channels.
The spa could place a floor standing sign holder outside its door to advertise any upcoming events and promotions such as discounts or packages. They could also optimize their Google My Business listing and website to reach consumers that are searching for their services online.
Why is The Marketing Mix So Important?
By now, it’s probably obvious that you shouldn’t ignore the marketing mix as a tool for making key marketing decisions like which strategies are best for your organization? What’s the real reason people buy your product? Where do your target customers hang out? How will you spread your message?
All of these questions and more can be answered simply by using the tool. That’s exactly what the marketing mix is, a tool that helps us market our products better! It’s the starting point of all marketing plans and should not be neglected.
Also, remember that it’s the combination of everything in the marketing mix that contributes to success, not just one thing.
Elements of The Marketing Mix Infographic
Here’s a thought…
What if you had an easy way to remember the marketing mix? Something that you could easily take with you wherever you go. Wouldn’t that be nice? Well, I thought so too! And that’s why I’ve put together a nifty infographic that will help you remember to use this tool every time you need to revisit your marketing plan or create one.
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