 |
What is Marketing Mix?Most definitions of marketing mix include four Ps: Product (what you're selling, though it may be a service or cause), Place (the location where your product can be purchased), Price (what you're charging for that product) and Promotion (all the ways you use to market your product). Product Product comes first. Without a product (or service or cause), you don't need to market - and you won't make any money (or help anyone). But don't think just any product will do. Your product or service must be in demand (or your cause something enough people care about). It must also be strong. A blue widget - if the only difference is its color - is not better than a green widget. Make your product or service the best you can, before you try selling it. Place These days, place doesn't matter nearly as much as it used to. With the internet, you can have a physical location, yet still sell thousands of widgets over the internet. Just be sure your place - online or off - reflects the quality of your product or service or cause. Whether its upscale and pricey, or home-grown and unassuming. Price Pricing your product or service can take some thought - and some testing. You may find (oddly enough) that a lower price wil not sell more widgets. Sometimes, the opposite is true. Perceived value can make a great difference to your prospects. Think again about the upscale versus the home-grown, the complex versus the simple, and price accordingly. Promotion In your marketing mix, pricing can make a great difference in the promotional channels you choose. Old-fashioned advertising quite often brings back a lot less business than it's worth. Direct mail, e-mail and networking can work much more effectively - and be measured for results, too. Public relations is another way to promote your product, via press releases and such. Word of mouth is one of the best ways to promote your product. People trust those they know, and ask their advice when choosing which brand to buy. That's when networking becomes so valuable. Because your prospects get to know and trust you. And don't forget point-of-sale. Be sure your customers are treated well while they're buying and after they've bought. Follow-up with thank yous and maybe even a freebie. Those who've bought recently, as long as they're satisfied, are much more likely to buy from you again. Beyond the Four Ps Beyond these four Ps, are all the methods of promotion available to you. Marketing through postcards and other direct mail devices, email and internet avenues, and through the buzz of interest your satisfied customers create can all be measured. Paying attention to what works best will help you decide how to continue marketing. And balancing the four Ps in your marketing mix is a must, to keep your business healthy and your customers happy. That is your bottom line!
|
