Marketing Mix – Discover How This Powerful Concept Can Be 100% Responsible for Your Success

Not many people know of the Marketing Mix, or if they have heard of it, what it really means. Some think it’s all about the specials that they run in their business, or how many newspaper adverts they put it. Actually, it’s a combination of what is also commonly known as The 4 P’s.

Product, Price, Place and Promotion. In that order.
Without one, the others fail. All 4 combined together will be 100% responsible for your promotion success. Let me go over them each and how they tie in together and you’ll start to see what I mean.

Product

This refers to your physical product, or your service that you offer. Have you really looked at it? Pulled it apart and examined it from all angles? (And I don’t mean physically pull it apart!) What is so special about this product of yours? What are you really selling? For example, a hardware shop doesn’t sell drills; it sells holes in the walls. A hairdresser doesn’t sell haircuts, they sell confidence. Find your benefits and see if your product really delivers what you say it does. Once you know that the market wants your product, you can then go about pricing it.

Pricing

Many people get stuck on pricing of their products. The only time this should stump you is when you are introducing a brand new, individual, never been done before product or service into the market. Otherwise this is where your competition analysis comes into play. Who are your competitors? What products do they have that are similar to yours? Are the same type of people buying their products that you want to buy yours? Where do you fit into the marketplace? Are you going to come in cheaper than your competition?(A strategy that can never be sustained, I might add) or will you come with a different angle. This will help you to complete the pricing component of your marketing mix.

Place

This element refers to how people can buy your product. Do you have a retail shopfront? Can they purchase online? Do you have your own distributers? You will see that this section is critical to your marketing success. If people can only buy from your shopfront – what’s the point of advertising in a city ½ an hour away? Especially when your competitors are closer to them? By analysing this point carefully, you will discover that you can save precious marketing $$.

Promotion

This element is the part that people skip straight to. And funnily enough, if you haven’t done the above 3 points first, it’s useless! You are just throwing away all of your money and profits if you don’t know the answers to the above. Test yourself – get someone to ask you all of the above questions, try to overcome objections about your product. When you can passionately promote your product and overcome customers’ objections without any hesitation then you are ready to move on to the promotion aspect.

As you may already know, there are boundless avenues to promote your business. From mainstream marketing such as newspapers and magazines, to free publicity via press releases, to online marketing and social web, there are plenty of strategies that will fit well with your marketing mix, and save you thousands of dollars on your business promotion.

Article Source: http://www.therepozitory.com.au

Promoting your business via different strategies is something that should be taken into account on a personal basis. What works for one business doesn’t mean it will work for yours. That is why you need to create your own action plan, based on your own strategies for your business. Head on over to www.divapromotions.com.au/personalised%20Marketing%20Action%20Plan.asp to get your free consultation on strategies that will work best for you.

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