What’s a marketing mix?
According to Investopedia, a marketing mix consists of different focus areas as part of a comprehensive marketing plan. To put it simply, the marketing mix refers to the four elements, more popularly known as the 4 P’s — product, price, place, and promotion.
These four elements are often, if not always, dependent on one another and once you master these elements, the perfect formula for success is just at your fingertips.
Here are the steps you must follow to create a winning marketing mix strategy:
1. Product: Invest in product development and market research.
Your product is a major factor in determining your success. You need to build a solid foundation to launch your product successfully. Product development includes the product’s whole journey, from conceptualization and design to testing, marketing and distribution. Do a comprehensive market research to identify the need of your target market.
- Study the market to know your target audience’ needs.
- Know the insights of your existing customers.
- Monitor industry trends.
- Learn about your competitors.
- Test your product.
2. Price: Determine a reasonable selling price.
To maximize profits, cost should be taken into account. At this stage, don’t miss out on these steps:
- From your market research, determine your product’s target selling price.
- Determine how to make your product cost-effective.
- Liaise with finance team to identify realistic sales forecast.
- Work with the sales team to know the extent of discounting you can offer.
- When selling via resellers, know how you can make price adjustments and estimate revenues.
- Consider the customer’s perceived value of your product. If you have few competitors and offer outstanding benefits to customers, you can further mark up your product.
3. Place: Choose where to sell your product.
Your distribution channels can be a combination of a physical store, online or a distributor’s store. Before promoting your product, make sure to do these steps:
- Know where your product will fare best.
- Consider geographic location. Ensure that supply meets demand in a particular city, state, country, region or worldwide.
- Negotiate with resellers and retailers in terms of margins, markups, and retail price.
- Determine the number of salespeople you need to meet your target.
4. Promotion: Create your promotion strategies.
This element is largely related to marketing, but this should be the last stage since you must first build a good foundation for the elements of product, price, and place in the marketing mix.
Before thinking of promotion strategies, it is best that you know very well about the product you will promote, the reasons why you must promote it, and where you will make it available.
During the promotion stage, choose from different channels that can best highlight your product to your target market. There are a lot of methods you can use to promote your product, service or your business such as:
- Social media marketing — Facebook, LinkedIn, YouTube, Twitter, Instagram, and TikTok
- Content marketing strategies like blogging, website development, and content creation
- Event marketing – you can host your event or participate in industry events
- Search engine ads
- Public relations or getting influencers
- Referrals or customer marketing
- TV, radio, print or OOH ads
Working on your marketing mix will give you a more systematic structure to make strategic decisions when you launch a new product or modify the existing ones. We can help you in every stage of the marketing mix and create a successful marketing strategy for your business. Just reach out to us if you need a dedicated team of marketing experts and we’ll help you get the job done.