Sometimes, entrepreneurs might get carried away by an emotional relationship to their goods or services, especially if they have invented them. They are enthusiastic about their company and the favourable feedback from friends and family.
I’ve counselled and taught more than 3,000 businesses, and I’ve discovered that if passion and a strategy are coupled, success will likely come (and remain around).
What is the Marketing mix?
The 4 Ps, commonly referred to as The Marketing Mix, should be included in a strategic marketing strategy. The four components are the product, pricing, location, and marketing. A clear route becomes available in front of you if the four Ps are thought of in this sequence. The product needs to fulfill client criteria, the pricing is part of the product offering, the geographical footprint in which you operate comes next, and you advertise the item to create inquiries or direct sales.
Product
This might be a tangible item that the entrepreneur created and sold, or it could be a service. My recommendation in the latter situation is to “productize your services.” Giving each unique service a brand name is part of this. In contrast to a merely descriptive moniker, I, for instance, refer to my 1:1 marketing consultation session as a Marketing TurboCharge.
Once you’ve given your service a name, you can set up a separate web page with a contact form. After that, you may choose a price structure.
The main issue with the product is if there is enough demand. Or, to put it another way, can you meet the consumer’s or corporate buyer’s needs? A market is not made up of only one or two sales.
Keep in mind that almost every product has a natural life cycle. They are born, develop, deteriorate, and eventually pass away. You must be flexible and aware that change is a constant in your environment. Plan and invest while the going is good. To thrive through hard times, you must be innovative regarding your goods and services.
Other considerations include:
- What qualities and advantages are there? (Make a list of advantages)
- Small, medium, and big product (or productized service) variations exist?
- Do you provide a warranty?
- Do you have categories for your products?
- Which items may be combined with others so you can create packages?
Price
When you establish your prices, use caution. Particularly when it comes to services, many small firms undercut their competition. Consider the psychological influences. What does the cost of the product or service indicate about it? Are you using your pricing model to maximize your profitability? Here are some pricing tactics for you to take into account.
Freemium pricing: This is a business strategy in and of itself, not simply a price choice. Promoting a free version of a product or service to turn some consumers into paying customers is the notion. For instance, a service provider may give away 30 minutes of their time. “Free for a month” and “free forever” are examples of variations.
Loss leader: A price strategy that aims to gain market share and new consumers. The item or service is offered at or below cost to increase market share.
Market-based pricing: (‘Competition pricing’) A study of competitive pricing determines a product’s or service’s price point. Depending on the marketing plan, this might be lower, equal, or greater than the competitors (i.e., differentiation and positioning).
Pay what you wish Pricing: Customers may pay whatever they believe is fair in exchange for the product or service. You might establish a “floor” price. Both eateries and the music business have attempted this pricing technique. It may get a lot of media attention.
Premium pricing: A premium price is established to indicate brand exclusivity and the product or service quality. Consider posh watches and vehicles. Interestingly, purchasers are drawn to products other than their physical form. Think about the purchasing experience, first-rate customer care, and all the extras.
The goal of self-liquidating pricing (SLP) is to recoup your expenditures. SLP may be used to market a book, a seminar spot, or an introduction to the product.
High-end software firms often utilize value-based pricing, which bases the price on the advantages that the client will gain from the product.
Place
Will you engage the aid of other organizations, or will you advertise your goods/productized services alone?
Who might suggest us, you may ask? Would money have to be exchanged? If the response is affirmative, you are considering a distributorship agreement. In addition, you may be surprised by how many people will endorse you if you ask them to.
Do you promote locally, nationally, or worldwide inside a city or area or throughout the country? Your decision will affect many marketing facets, including your SEO (Search Engine Optimization) approach.
Promotion
There are more than 300 methods for advertising your products or services. Thousands of company owners were questioned about the many methods they “get the word out” about what they do. Unexpectedly, I’ve discovered that the typical number they choose is four. For instance, a firm that sells to other companies may use its website, LinkedIn, networking, and phone sales. Website, Facebook, Instagram, and email marketing are all options for a business selling to customers.
There are 37 different types of promotions, including advertising, books and booklets, celebrity endorsement, channel marketing, corporate clothing (hats, T-shirts, jackets, etc.), corporate hospitality, direct mail, email marketing, events, networking, packaging, printed matter (including leaflets, brochures, and business cards), professional selling, promotional gifts, retail, Search Engine Optimisation (SEO), social media, sponsorship, videos, websites, and word-of-mouth marketing.
Entrepreneurs may not have a lot of money to spend on advertising. The good news is that many marketing strategies are either free or very inexpensive, but they do require some time to apply (who needs sleep, anyway?)
As the written word goes through marketing like the word Brighton runs through a piece of rock, it’s important to consider if you love to write. If you’re a writer, you’ll like creating press releases, web pages, blogs, and other types of content. If not, you might outsource it or search for training in this field.
Origin of the marketing mix
James Culliton, a marketing professor at Harvard who worked on the Second World War effort, first developed the idea of the marketing mix. E. Jerome McCarthy is credited with coining the phrase’s current use. The 4 Ps model gained popularity thanks to Phillip Kotler.
The 7 Ps—product, pricing, location, promotion, packaging, positioning, and people—have been combined to form an expanded marketing mix model.
What factors into the marketing mix?
I am aware of your workload. Do you know how running a company can consume your life? I advise you to set aside time each month to take a step back from the daily struggle and consider the larger picture. I hope you found this post on the marketing mix useful and that it will influence how you think about marketing.
