Do the words ‘Marketing Mix’ strike fear into your heart? Or perhaps it has you scratching your head?
It’s a term that is dangerous, dangerously beneficial! If you’re across your Marketing Mix then you’re delivering value to your Customers.
So now that you’re a bit more interested, what exactly is a Marketing Mix? Within the wonderful Marketing Mix lives the seven dwarfs. Oh, wait, we meant to say the seven Ps! It’s easy to get them mixed up.
If you’re effectively implementing and mixing these Ps (Product, Price, Promotion, Place, Process and Physical evidence) then you have a greater understanding of what you offer, thus supporting your overall Marketing goals and strategies. It may even unlock Marketing areas for you to explore that you hadn’t considered!
Learning about these special seven Ps will allow you to gain insight into how you can perfect your own Marketing Mix while attracting and connecting to your target audience.
The first P off the block is ‘Product’. This may be a little self explanatory, but product is the goods or service that you provide via your business. It includes details such as the packaging, the different varieties, features etc.
Naturally, your aim is to create and offer a product that will serve your audience. You might be offering a solution to a problem or pain point, or perhaps you’re making your Customers’ lives easier with a service.
When considering your product, your aim and focus is on the user experience and why your Customer wants to buy your product or service.
Ah, it’s ‘Price’ time. It’s the amount that your Customers pay for your products or service. You know the drill, if your business is going to succeed and turn a profit, you need the price to be just right. Your Customer is Goldilocks, and they want the bowl of porridge that is just right. It can’t be too hot or too cold! Your price can’t be too high or too low.
In the price section you’ll be distinguishing aspects such as payment options, discounts, free trials and so on! Just a small price increase can completely shift how much money you earn, but the trick is to know your audience enough to understand how they view your product or service in relation to the cost.
If you increase a price by too much it may incur a drop off of Customers, but if the price is too low, some Customers may believe they’re getting something of lesser value. It’s up to you to recognise what they truly want, a price that is just right.
If you’re thinking about ‘Promotion’, you’re thinking about getting your brand out into the world and on the mind of your potential Customers. It’s how you communicate with your target audience and Customers utilising PR, marketing methods, Social Media, the different forms of advertising and however else you can reach them.
Promotion can be a huge factor in what Customers see, hear and think of you as a brand. Reaching out and connecting with them can create brand awareness, putting your business on the map.
Your business has to sell your wares somewhere, right!? This is why ‘Place’ is something to consider. It’s how and where you’re selling. It could be at your physical store locations or via the World Wide Web. Wherever it’s possible to buy your products or service, this will fall under ‘place’.
Mull over all the logistics involved too, like any storage options or inventory involved.
If you’ve done your research on your audience, choosing specific physical or Online locations based on the demographics of your Customers can assist in the profit of your business.
‘People’ are your people! That’s right, everyone who works for you from the sales team, marketers and writers, to the managers and head office. Detail all the roles and people working hard on your team, ensuring you have a clear grasp on the relationships and communication within the business.
The team that works together, wins together! If you have a clear understanding of how your team operates, you can assist it in being a more effective and efficient, well-oiled machine.
You can even show off your team and office space to your Customers via content on Social Media or your Website. It allows them to gain a sneak peak into your world, and feel more connected to your business.
How you deliver your product or service to your Customers is the ‘Process’. It’s the step by step workflow from start to finish of your product, from building it to how it comes out via Marketing and production.
You may make use of technology to simplify your process or it could be created the same way it has been for many years.
For example, streamlining the process from warehouse to store could save you time and money, allowing your Customers to be greeted with new products more often.
If your Customers need proof, like documentation, your Website, packaging, product reviews, maybe even a demo, this counts as ‘Physical Evidence’.
If a Customer can see or touch it, it counts. Does your team have a uniform? What sort of colours do you use on your Website? What does your physical store look like? These factors play into how you’re Marketing your brand to your Customers, and speak volumes about your business and what it stands for.
The seven Ps are the key to perfecting your Marketing Mix. If you plan, research, and nail your messaging for these seven Ps, you’re well on your way to adding value for your Customers via your brand.