07 Sep Marketing Mix TIPS
The marketing mix is also identified as the four Ps of marketing. It’s a tool that every business needs to promote its product/service or brand in the proper place and at the proper time with a price that fits its value. The marketing mix helps brands and companies understand the actions and tactics that should be combined to achieve their marketing objectives and engage their customers.
The 4 Ps of Marketing
These are the product, price, place and promotion. These 4 Ps are the key to creating any successful strategy and helping brands to stand out from their competitors.
What does your company sell? It could be a product like a dress in a clothing store, or a service like a web design in a web design company.
– Ask yourself how to make your product/service fulfill customers’ needs and expectations
– Study the life cycle of the product through a market research
– Make your products/services different and unique. Invest in a digital marketing agency or an advanced marketer to set you apart from other competitors
Pricing seems simple but, in order to price correctly you need to:
– Understand the value of your product/service from the customer’s perspective.
– Compare your price to that of the competitors
– Determine the price according to your targeted market segment/s
Go to your customers wherever they are. Consider where your product/service should be available. For example, if you are a social media agency and offer services like social media campaigns, you need to determine the specific platforms where you’ll find your targeted audience.
Now it’s time to make your customers aware of the product/service that your company offers by promoting. You can choose to promote through social media ads, and/or TV/radio advertising, and/or direct marketing, depending on your product/service, while of course choosing the best time to promote.