What can Marketing Mix (4Ps) add to your strategy?
To a rookie, the marketing world may seem daunting and even for the esteemed marketeer, sometimes it is a lot to handle. That’s why a good strategy goes along way in breaking down that terrifying start and those complicated issues along the way. A great model to use is the 4Ps of Marketing, AKA Marketing Mix. This wholesome model helps you hone in your data and utilize it to its fullest in creating a powerful brand and satisfying business results for your product.
You should use the Marketing Mix to understand your audience’s needs and shape your product and brand to satisfy those needs. It is also helpful in assessing your product, comprehending its flaws and upsets and working on improving them. In addition, Marketing Mix assists you in making all your strategy’s elements completely compatible with each other. Here is what you need to know about Marketing Mix.
What is the Marketing Mix (4Ps)?
It is how you promote the right product with the right price at the right place. It is generally considered the 4Ps: Product, Price, Place, Promotion.
We would also recommend the 7Ps if you offer a service product. The 7Ps model is your typical 4Ps along with: Process, People and Physical Evidence.
In order to use the Marketing Mix effectively, we have to first examine its components. Let’s start the cycle!
It is the item that supposedly satisfies your consumer’s needs. It is the fundamental piece of your Marketing Mix. Before you move on to how you will market your product, you must first ensure that your product is ready to face the harsh realities of the market and the judging eye of the consumer.
Your marketing plan should start with the process of identifying the most unique and beneficial qualities of your product to the consumer. You could ask yourself; what need does my product satisfy? Which parts should I maintain and which parts should I improve? Is my product easy and functional to use? Basically judging your product as if you were using it for the first time. There’s always room for improvement.
Next, you may move on to the branding aspect of your product. That’s always the fun part. Picking out the color, the dimensions and even the catchiest name to your product is your chance to unleash that creativity and find your product’s voice. It helps to benchmark your second to last draft against market competitors and survey to rank your product in the big picture. This will help you set realistic goals and move on the next phase of the 4Ps.
For more on Product, watch this video.
It is the value that you place on your product. Determining the price of your product depends on how much it cost to make it and how much your buyer is willing to pay for it.
It is important to keep in mind the average price your competitors offer for the same kind of product. The consumer most likely has a idea and will use that knowledge in deciding to purchase or skip out on what you’re offering.
Keep in mind that the consumer is also likely to pass on buying something that is too cheap for the fear of low quality materials or a short life span. Similarly, the consumer is likely to pass on buying something that is too expensive for the fear of a scam or simply because it is just too much. So a moderate and convenient market price is the way to go, especially if you are just starting out.
For more on Price, watch this video.
It is where you offer and distribute your product. Through identifying your potential clients and understanding their habits and routines, you may figure out the perfect spots to distribute and sell your product. You must ensure the easiest accessibility for your product to the public. That means simply finding out where your clients go and accessing those distribution channels. A great location may cost you a little more than an average location but you are more likely to benefit on the long run. Buyers care about their purchase experience and providing a great location that fits your brand goes a long way.
You should also consider if your product is popular online. Online transactions are now more functional than ever. You can reach your clients, tickle their interest, accept their order, acquire your payment, deliver your product to their door and receive instant feedback all from the convenience of your laptop.
For more on Place, watch this video.
It is how you will market your product. This is the most crucial part of your Marketing Mix. After preparing your product for launch, you must ensure its survival in the market through the right marketing strategy. A strong brand voice for your product will guide through developing your online as well as your offline presence.
Your online presence means creating accounts for your brand on various Social Media platforms and catering your content to each platform’s format and users. The purpose of your online presence is regularly updating your consumer on your product’s upgrades and services. It is also important for creating a personal bond with your consumer. Your online presence should be human and engaging.
Your offline presence means reaching your potential clients through TV or radio Ads, press reports, printed posters and flyers, direct PR, joint ventures or word of mouth. The success of these methods all depends on the strength of your brand and the power of your message. How you say “buy my product!” is sometimes more important than the product itself.
For more on Promotion, watch this video.
By incorporating these elements into your marketing strategy, you will complete your Marketing Mix and ensure an easier ride for your product into the market.