“Your strategy would be based on a marketing mix of actions”: have you ever heard this sentence? If you already did, but you want to know more about how to apply that concept to your business, you should read this article.
Let’s dive in it and analyze some concrete cases to implement your marketing mix strategy. Don’t forget that making a marketing mix chart would be great to measure the combination of the “4Ps”.
What’s the Meaning of 4Ps in Marketing?
It’s one of the first things you learn when you start experiencing marketing: what do I mean when I say marketing mix? The marketing mix is a combination of tools that we should consider to make in place our marketing plan, in order to accomplish our marketing goals, following our consumer’s behaviors and needs.
Every one of us should work on it when the plan is pretty clear: introduce a new service, or item, to the market without making mistakes that can affect the results, optimizing also your paid adverts to promote the product, and taking actions that can give great results.#4Ps model invented by McCarty: are you implementing it? Click To Tweet
Make a strategy based on:
As you can see, every action is starting with a “P”: that makes the marketing mix unforgettable in the mind of every marketer. Starting from that bullet points, you should include the 4Ps marketing mix in your strategical marketing plan, in order to have an efficient operative marketing action!
Product, Price, Place, and Promotion: developing a few concepts for each of those steps, will make your business life easier and your plan adaptable to the market changes every time, and immediately.
Where to Start Your Marketing Mix Strategy
The first step is mandatory: I suggest analyzing your new product first, or the product you are already selling! You can review a market plan example to get a better idea and to clarify how it’s important to know what you are marketing.
Basically, your strategy depends on what you want to introduce to the market, according to that, you should answer some general questions to make your plan suitable, and a flexible marketing mix chart: is it going to be a service or a physical item? Are you going to sell it online or in a shop? What is going to be the price of your product? Answering those questions you cannot go wrong! The last question is really important, and you can find out reading the next chapter.
What About the Price?
You don’t have to follow a specific order to apply the marketing mix 4Ps, but knowing your product is really important, as I mentioned several times. After that you analyze your product, checking your competitors would be great to have an idea about the prices of similar services or items. Studying your competitors is always the best way to start to gather data and make any strategies, not only for your marketing mix plan. Is your product better? Do you want to introduce a higher price to reflect your brand identity? Does better quality justify a higher price? Do you want to lower the price to get more clients, affecting your brand reliability?
On the marketing mix infographic above, you can see how it’s important to combine price and brand, before making any kind of promotions. A balance between price and brand would give you the right exposure, building a brand voice and a brand identity. Your price should reflect your brand and vice-versa: the brand is everything, you should protect it and knowing that in a long term view would be the one that will guarantee sales, more than the price you set. Through some promotions, you can combine price and brand strategy. Don’t forget that you can get customer feedback to fix your plan, adapting it, and improving it according to what clients suggest about it.Hear the voice of your customers!Click To Tweet
Where I Will Sell My Product
If your product, or service, is going to be sold online you should consider the importance of market globalization: you are competing globally! According to that, you should think about the price of your item, based on your competition, adapting it. Are you selling a service online?
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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 marketing funnel. You can create a different promo geotargeting your audience, a discount or a giveaway to some influencers to boost your sales, in some particular moments of the year. What about a referral program with a promo code or a discount? That’s always a cool idea.
What Shall I Do?
Try to mix the 4Ps in order to match each other, together, finding the right balance. Making some 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 where you have to operate to fix 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 product price
- Make some promotions to get more clients into your marketing funnel
If your service or product is offline:
- Consider your target based on the local competition
- Make a 4Ps marketing mix that can beat the other shops
Track your plan:
- A/B testing and tracking in order to fix your marketing mix combination