How Marketing Mix Can Help Small Businesses Grow
You might consider rethinking your marketing strategy if you’re trying to grow your small business. It takes a lot of research, brainstorming and analysis to find the right marketing mix for the right audience. This article will explain what marketing mix is, and how to use it to grow your small business.
Understanding Marketing Mix
Marketing mix is simply a collection of strategies, tactics, and techniques that you use to promote your product or service. Marketing mix is made up of four Ps: Product, Price, Promotion and Place. You will see that people add more Ps to the marketing mix, but their understanding of the four factors is more important than the knowledge of the original four. They have added other Ps to the marketing mix such as people, positioning and packaging. This is an overview of the four Ps that make up the marketing mix.
Product: This could be either a product or a service.
Price: The price you are willing to pay for the item when it is sold.
Place: This is the exact address where the product will be sold.
Promotion is a combination of activities and campaigns you use to increase awareness and sales of your product.
Your marketing mix must be perfect in order to grow your business. To have a successful marketing strategy, you must achieve a balance in every area. You can build a foundation for a business that is more resilient to expansion and growth by focusing on the right balance from the beginning.
Use Marketing Mix to Grow Small Businesses
You must understand the product in its entirety to create the best marketing mix. You must have a complete understanding of the product. What’s the product? What problem does your product solve? What problem does it solve? You can start to understand your product and the other Ps in the marketing mix. This is how the marketing mix works.
Tie Product to Price
This can be a difficult task for many business owners. Although it falls to the marketing department, startups don’t always have one. There are many factors to consider when pricing your product. What kind of people does your product appeal? Which materials did you use to create the product? What is the competition in your market? How big is the market in which your product will be sold? Only after considering all these factors can you price your product correctly. Remember that if you’re a startup, your customers cannot pay you for your value. Customers don’t have any incentive to buy your product at this stage.
Tie Price to Place
It is impossible to think of every component of your marketing mix simultaneously. The question is, “Are you selling the product to the right people?” Is your product more appealing to teenagers than it is for people over 35? You may not be targeting the right audience, but you don’t know where to place the product. Your product might be more popular online, but it is not selling well in stores. Once you’ve identified the “place” you want to sell your product, it is time to price the product accordingly. A product you designed for teens should be accessible within their budget.
Your product may be attractive to a niche market, but your pricing might have been too high. You might have priced it too low, which could result in fewer people buying your product and a decrease in revenue. It is important to ensure that your expenses are covered within the limited number that occurs.
You must ensure that your product is promoted in the right places when you look at promotion and place as a whole. Are you able to make your product more attractive for women than for men? If so, you might consider sharing your product on social media platforms that are more popular with women (e.g. Pinterest. Your promotional activities must match the area. If you’re promoting in an area with Oakland Athletics fans, don’t wear San Francisco Giants gear and t-shirts.
Combining all the Ps
After you have chosen the right product and priced it correctly, you need to place the product where you want it to be seen. If you don’t have the right product, the price is right, and the promotion is passionate but not in the right place, it will be difficult to get the desired response. You may not be a master of one P, but that does not guarantee you will be able to succeed in the other.
Once you have an idea of how to tie the Ps together you need a detailed plan for how you will sell your product. This will take a lot of work in the initial stages. Without doing surveys and collecting data, you can’t know the market. To determine the price of your product, you must also conduct thorough market research. You will need to think digitally when promoting your product. It might be a good idea to create a dedicated team for website analytics and social media marketing.