The marketing mix is a strategy that can be used to promote your product or brand. Typically, a marketing mix will consist of 4 ‘P’s – Product, Promotion, Place and Price. However, a more complex marketing mix might also include other elements, such as Packaging and People. Getting the elements right in your marketing mix can help you execute your business plan effectively. This article will explain how the marketing mix can be used to grow your small business.
Know Your Product
By the time you’re bringing your product or service to the market, you should have a thorough understanding of what it is and how it can improve people’s lives. The most successful products or services are those that fill a gap in the market or provide something novel.
To understand why people would choose your product or engage your services, think about your target audience and their specific needs. Consider how your product or service is different (and ideally better) than what others are already offering. Understanding the market and why people will value your product is essential.
Promoting Your Product
Promotion is a crucial component of the marketing mix as it brings your product or service to the attention of potential customers or clients. There are several ways to promote your small business and you will likely need to experiment with several different approaches to promotion to discover which works best for your particular product.
Ensure that your small business has a presence on social media and use this to build brand awareness and engage with your audience. Other online methods of promotion include email marketing and newsletters and content marketing, such as blogging or creating other forms of content like podcasts or videos. You should also include more traditional methods of promotion in your marketing efforts, like networking and word-of-mouth referrals. You might also want to use printed marketing materials such as banners, flyers and billboards.
Placing Your Product
Placement is where you will sell your product to customers. Where people can find your product is key to reaching your target audience. If your products or services are placed somewhere that your ideal customer would never visit – whether that’s online or a physical location, then you’re unlikely to see the sales you hoped for. To figure out where you should sell your product, spend some time researching the physical or digital places where your target audience spends their time and the sites or stores that they frequently visit.
Your Pricing Strategy
Coming up with a pricing strategy isn’t just about how much you decide to charge but also the why behind that figure. Researching the market for similar products and services will give you an idea of how much customers or clients may be willing to pay for your product.
An ideal price links a product’s real and perceived value and also takes into account other factors, such as supply costs, seasonal considerations and competitor pricing. Many small businesses often mistakenly assume that when it comes to price, cheaper is always better, however in the case of a business trying to market a luxury product or exclusive services, a higher price may help increase the perceived value.
You’ll also need to think about if and when to offer discounts or sales – these may attract new customers or clients in the short-term but these may not be your ideal customer or client and so may not continue to engage your services or buy your products once they’re back at full price. Frequent or drastic discounts can also give the impression that a product is no longer desirable or that your services are no longer in demand.
There are several benefits of the marketing mix for your small business. It can help you understand your product or services better, and determine if you’re meeting your customers’ requirements. Utilising a marketing mix can also help you plan and run effective marketing strategies to maximise your sales and avoid unnecessary costs. Effective marketing using the 4Ps can help your small business grow and increase your chances of success.