What is the Marketing Mix & How Can it Help Your Company?
The concept of companies having a marketing mix was first heard about in the 1950’s. The model was pitched to the American Marketing Association in the US, and ever since, this has been a fundamental notion in all developments within today’s marketing sector.
The idea that putting the right elements together at the right time, by using a framework or marketing mix can help place your business in the right direction for essential and long-lasting growth.
Generally speaking, marketing mix is a number of different influences that have an overall impact on a consumer’s decision to buy a product or use a particular service. These can be strategically “mixed” or used in assorted ways to evoke certain behaviours from your target audience.
The most common model of the marketing mix depicts four main factors (the 4 P’s of marketing):
What would make your target audience choose your product over competitors? What problem does it solve? What is the attraction to your products or services?
A few important variables to consider about your product:
- How will it be packaged or designed?
- What are its distinguishable features?
- How to use, is it easy?
- Product name (different from brand).
- What will the quality or design standards be?
At this stage, it can be daunting to relay all of this information about your product and apply it to your target audience. Brainstorm with your team in the following ways:
- Create personas for your client profile.
- Learn about the behaviours of your target market.
- Conduct preliminary consumer research.
Establishing a marketing mix is learning about your current or potential client base as you can. Send questionnaires, ask for feedback. This will help you make choices that are more likely to resonate and appeal to your target market.
The price for your product or service is important of course. Aside from costs associated with the production & distribution; your price affects consumer behavior and receptiveness to your product or service. Set a too low price and potential clients may question its quality or efficiency. Ask for too much and consumers may see it as overpriced and superfluous. Unless you are a well-established luxury brand such as Louis Vuitton or Rolex, you’ll find it hard to convince prospective clients to choose a new pricey brand.
There are a number of pricing strategies that companies choose to charge their clients. Some example models could be:
- Bundle or package pricing
- Subscription. (monthly recurring, one off etc)
After covering basic running and maintenance costs, a successful pricing strategy takes into account consumer demand and the competitive landscape. What are prices of similar products or services in the area you wish to target?
Establishing an effective marketing mix would ask what people would be willing to pay extra for? Once you have gained an idea of the average costs for each level of service, you will be in a better position to competitively price your own product or service.
Having a remarkable product or service isn’t very useful if people don’t know about it! How will you get the word out there? Nowadays there are so many varied means of promotional media, it’s about choosing the right channels for your audience focus and cover them as effectively as possible in order to get the word out there.
During the promotion stage, your message should be succinct, clean and created to catch your target markets eye. How will your company/product/service benefit them? Questions to ask yourself about what sets you apart from your competitors:
- What types of content do your target market consume on a daily basis?
- Where is your target market located?
- What times are they most actively consuming content?
Some traditional and digital marketing channels for promotion are:
- Social media platforms such as facebook and twitter
- Email & newsletters
- Newspaper & magazine publications
- Television adverts
- Press releases & other media
- Podcasts- the fastest growing platform in 2019
At this stage, you have your product idea and how you will market it, next is where you are going to conduct these activities. Place refers to the demographic and logistical matters regarding your product.
Where will your product or service be sold and who will it be available to? Too small of a demographic doesn’t allow sufficient attainability for the general public to be able to have it. However, too wide and it will not be feasibly possible to provide a high-level service, or shipping within a reasonable time to all your clients.
Will you make sales in retail shops on the high-street or only online? Both options have pros and cons.
A good way to take care of this aspect is to enlist the help of experienced distributors. Two of the most common methods of distribution are: wholesales and direct sales.
If you run a local shop or business, its most common to use direct sales at that specific location. You may also offer your products or services using a shop online. Either channel should offer and be able to logistically provide an attractive consumer experience.
Another option many companies that are trying to cover a wider area use is the help of an intermediary or a wholesaler. The cons of working with a wholesaler is that they take a percentage of the sale, however advantages are that they typically have a wider delivery network and an established client-base.
If you have any questions about any of the strategies of creating a marketing mix or marketing strategy for your company, contact us, we have marketing experts on hand who would be happy to assist!