As the word says, marketing mix is a combination of tools that we should consider to make in place our marketing plan, in order to follow our marketing goals and our consumer’s behaviors. Every one of us should work on it when the plan is to introduce a new service or item on the market without making mistakes that can affect the results.#4Ps model invented by McCarty Click To Tweet
Make a strategy based on:
Starting from this, we should include the 4Ps marketing mix in our strategical marketing plan in order to have an efficient operative marketing action!
Where to Start Your Marketing Mix Strategy
The first step is mandatory: I suggest analyzing your product first. It depends on what you want to introduce to the market: is it going to be a service or a physical item? Are you going to sell it online or in a shop? According to that, you should work on the price.
What About the Price?
After that you analyze your product there is not an order specific to follow related to the marketing mix 4Ps. Analyzing your competitors you can have an idea about the prices of similar services or items. Studying your competitors is always the best way to start to analyze data and make any strategies, not only for your marketing mix. Is your product better? Do you want to introduce a higher price to reflect your brand identity and a better quality? Do you want to lower the price to get more clients, affecting your brand reliability?
Where I Will Sell My Product
If your product or service is going to be sold online you should consider the importance of the market globalization. According to that, you should fix the price of your item. Are you selling a service online?
Your Client Can Claim A Promotion
Introducing a new product to the market can be a good chance to introduce a promotion in order to bring more clients or leads into your funnel. You can create a different promo geotargeting your audience, a discount or a giveaway to some influencers. What about a referral program with a promo code or a discount?
What Shall I Do?
Try to mix the 4Ps in order that they can match each other. A/B testing (changing and mixing 2 or 3 variables of the 4Ps) for different markets, using different prices should be the right way to understand after a while where you have to operate on your marketing mix 4 Ps.
Recap: What Are The Steps for Your Marketing Mix?
- Analyze your competitors
- Work on data you gather from your research on similar products
If your service or product is online:
- Consider the global market competition to decide the price in your marketing plan
If your service or product is offline:
- Consider your target based on the location of your shop
- A/B testing and tracking in order to fix your marketing mix combination