How to develop a successful marketing mix strategy for your business?

Marketing is an activity undertaken by businesses to promote their products and services. It is one of the primary and significant components of a business. Ask any successful businessman, the strategy behind the success of their business is the marketing strategy they chose. It’s all about placing the right product in the right place, at the right price and at the right time. Sounds simple, doesn’t it? Well, though it sounds simple, it is not that easy as it seems.

An effective marketing will help you consistently gain new sales while sustaining customer lifetime value over a long period of time. How exactly do you achieve this? The right technique would be to arrive at an effective marketing mix. Let’s take a look at what is marketing mix all about!

# What is a marketing mix?

The marketing mix refers to the set of actions, or tactics, that  businesses use to promote their brand or product in the market. The marketing mix is made up of 4P’s – Price, Product, Place and Promotion. However, there are also several other Ps like packaging, positioning, people and politics that are included under the definition of marketing mix. Creating the right marketing mix is essential for a business. Let’s have a look at what these 4 Ps of marketing mix refers to:

● Product – the product or service you are offering for sale.

● Price – how much it will cost for your customer

● Place – where you will sell it or how the customer will receive it

● Promotion – what communication strategies you will use to reach or inform the public about your business.

# How can you create the right marketing mix for your business?

Before finalising the marketing mix for your business, the performance goals for your business should be cleared, so that the marketing mix can help you achieve them. Have a perfect knowledge of who your target audience is and what niche you want to service. You need to analyse what monetary and other business goals, such as expansion, increased profit margins, brand image, etc you want to achieve. Then start developing the marketing mix with the help of these goals and objectives in mind.

The first step to arrive at the right marketing mix is to understand the value proposition of your products and services. Product is the foremost component of your business. Make sure that your product is well developed and has the ability to meet your customers’ expectations. Engaging in activities like market research will help you to understand your customers’ needs and expectations. Monitor the recent industry trends to recognise a potential demand in your market. Keep an eye on your competitors. While developing your product, Use various techniques to produce it in a cost-effective manner so that it would highly benefit for pricing it. Survey your customers to get their point of view and then finalize an ideal price. Analyse What problem do you have; what are the solutions? Whether these solutions are what you need to account for in positioning your product? Whether your product or service market-ready? If yes, then you should promote your product only after you have sorted out all possible problems. Proceeding with these actions will ensure that your business has taken constant efforts to meet customer requirements, providing a solid foundation for your product to launch successfully with an assurance that it will retain your business’s profitability.

Where do you go to buy groceries? In a grocery market, isn’t it? What if you sell it in the cloth Market? you won’t get much attention, right? Thus, a company makes decisions regarding the place of conducting its operations. They determine where they should sell a product and the channel through which they can deliver the product. The goal of business executives is always to get their products in the eyes of the targeted consumers that are the most likely to buy them. So, always attempt to choose an appropriate place and channel of distribution that would attract customers.

Promotion is an important part of marketing where you advertise and market your product and services, it is also known as a promotional strategy. Analyse the way you can convince your audience to buy your product. Your promotion strategy should answer the questions of what your product is, how to use it, and why they should buy. The trick of promoting is that it  lets your consumers feel that their needs can be satisfied by what you are selling. You should be clear that the brand or product Image that you’re trying to project must match the advertisement’s message. Television, Radios, Social media, pamphlets, are some of the effective means for promotion. These were the effective paths that would help your business to arrive at an appropriate marketing mix.

To sum up, Marketing mix is an effective tool for today’s business world. Whatever be your business, it helps you to make up your business plans and if handled in the right way, can give it great success. For creating a right marketing mix, you need to understand several factors, conduct research and consult the experts and audience to have its effective impact on your business. 

References

https://articles.bplans.com/5-simple-guidelines-to-achieve-the-right-marketing-mix/

https://www.thebalancesmb.com/what-is-a-marketing-mix-2295520

https://marketingmix.co.uk/place/

https://emarsys.com/learn/blog/4-ps-of-marketing-importance/#:~:text=The%204%20Ps%20of%20marketing%20include%20product%2C%20price%2C%20place%2C,stand%20out%20from%20the%20competition.