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Getting Your Marketing Mix Just Right

Marketing Mix - Product, Place, Price, Promotion

An effective marketing mix is all about putting the right product, at the right price, in the right place, with the right promotion, at the right time.

With some knowledge about what the marketing mix actually is, and some handy hints on how to get your marketing mix right, you’ll be on the road to commercial success in no time.

A Definition of the Marketing Mix

Let’s go back a step. It’s fairly pointless launching into a long-winded explanation of how to get your marketing mix right, if we don’t first take a look at what the marketing mix actually is.

The marketing mix is a set of controlled variables that can, and should, be used to formulate the overarching strategic position of your product, service, or brand within the broader marketplace. These variables are often referred to as the four P’s of the marketing mix: Product, Price, Place, and Promotion.

How to Get Your Marketing Mix Right

Product

To make sure that your Product is the best possible version of itself, there are a number of questions that you should be asking yourself:

Price

Price is a critical part of anyone’s marketing mix. Getting your pricing structure right will ensure that you maximise profits and build strong relationships with your customers. Depending on your position, product type, and brand image, you may opt for a number of different pricing strategies.

For more information on pricing, check out our article Harnessing the Power of Pricing.

Place

When it comes to Place, you really need to determine what distribution method is going to be most effective for both your product, and your target market. Being in the right location, at the right time, can play a major part in a customer’s decision-making process. To find out where your ideal customers are buying from, it’s worth undertaking some market research.

Given the need for market research, Place is definitely not a one-approach-suits-all type of scenario. So it can be tricky to provide specific, tailored advice. Keep in mind that there is any number of distribution methods available, and you can use one or a combination of all of them:

Promotion

So, we finally reach what many people consider to be the real (and often only) consideration when it comes to the marketing mix. How will you promote your business, product, service or brand? If you fail to promote your business, it is unlikely that your sales will skyrocket. Promotion is about using the right promotional tactics, at the right time, to attracting the right people to use and re-use your business.

There are two main categories when it comes to Promotion: push marketing (sometimes called outbound marketing) and pull marketing (sometimes called inbound marketing). The difference between the two lies in how customers are approached. As the name suggests, in push marketing, products are pushed onto customers (such as in television and radio advertising and billboards). By contrast, pull marketing is all about establishing a loyal following and drawing customers to your products. This is usually achieved through sharing your knowledge, providing useful advice and information that people want to willingly share. The most important thing when it comes to pull marketing is to ensure that you aren’t treating it in the same way that you would treat a traditional push marketing channel. If you use pull marketing channels (like blogs and social media) to bang on about your latest product, you risk alienating customers forever. Instead, focus on creating value and increasing engagement. There are a number of promotional techniques that can be used, and combined, to create an effective marketing program including:

For more information on Promotion, check out our Top 10 Promotional Tactics article.

A couple of bonus Ps:

People

Don’t neglect the People within your business. After all, they are the face of your business, your ambassadors. They can affect the way that your products and services are marketed every single day. Friendly, attentive staff contribute to happy, satisfied customers that are likely to recommend your business. Surly, unhelpful staff very quickly put customers off your brand. So, make sure that your team of People can provide a unique selling experience; take recruitment and training seriously.

Process

Process encapsulates the entire buying experience that every one of your customers has to navigate. Poorly executed Process can undermine all the other marketing mix variations in one foul swoop. For example, budget airlines often nail Product and Price and Promotion and Place. But, if right at the end of the sale, there are exorbitant fees for baggage and taxes and seat allocation, customers can end up feeling taken advantage of. The Process completely undermines all the other successful marketing mix elements.

If you need a little bit more help, take a look at our Marketing Plans for some more detailed tips and tricks and checkout Marketing.com.au’s handy tools for marketers..

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