Inbound Marketing Strategy, Sales and CRM

How to Maximize Marketing Mix for Your Business

by Azhad Aliwafa

Many marketers are fond of glossing over marketing mix because it is usually regarded as basic knowledge irrespective of the marketing skills exhibited by an individual. According to Marketingmix.co.uk, people don't seem to understand that a deep understanding and right application of marketing mix concepts inevitably leads to attracting mountains of profit and scalable success from the ground up even beyond the popular marketing funnel.

 

WHAT IS MARKETING MIX?

The India economic times define marketing mix as “the set of actions, or tactics, that a company uses to promote its brand or products in the market.” It is concerned with the different choices companies make in the process of putting the right products or services in the right place, at the right price and at the right time.

The marketing mix is predominantly associated with the 4Ps of product marketing and the 7Ps of service marketing and it brings more details to the table than the marketing strategy we are accustomed to.

 

 marketing mix

 

 

THE 4P's MARKETING MIX MODEL

4P's marketing mix

The 4Ps, also referred to as the Producer-oriented model was created by Jeromy McCarthy in the 1960s and has since then been used as a marketing classification throughout the world and taught as a basic concept in marketing classes.

#1 Product

This refers to the identification, design and production process of the product to be sold. For marketers to create the right product mix, they must do extensive research on the lifecycle of the product.

#2 Price

Price is a very important element in the marketing mix as it determines a company's profit and survival. It also shapes the perception of products in the eyes of consumers and as a result, the prices for products must not be too high or too low.

#3 Place

This is concerned with distribution which determines product availability and accessibility to target consumers. Therefore, a product should be readily available through venues and distribution channels that target consumers find easiest to shop.

#4 Promotion

This is the element of the marketing mix that generates consumer interest. Promotional strategies are important in putting across a company's messages to target audiences in the most appealing manner in order to boost sales and brand recognition.

 

 

THE 7PS MARKETING MIX MODEL

7P's marketing mix

 

3 new elements were added to the 4Ps in the marketing mix after a wide acknowledgment by marketers that the marketing mix should be updated. As a result, the extended marketing mix was created in 1981 by Booms and Bitner to include services.

#5 People

All companies are reliant on people, their target customers, and their employees.  Employees of a company are just as important as target customers. As a result, it is important to train and hire the right people.

#6 Process

This is concerned with the delivery and execution of services. Processes and systems in a company do not just ensure a working business, they also ensure that a business is running effectively to minimize costs and maximize profits.

#7 Physical Evidence

Almost all services should have physical evidence that their service was delivered even though the service they offer is intangible. Effective types of marketing may be utilized but the place of physical evidence cannot be replaced.

A company that maximizes the element of physical evidence in the marketing mix can establish itself as an authority in a target industry and functions of marketing will be well expressed in its performance.

 

FACTORS TO CONSIDER BEFORE ADOPTING MARKETING MIX MODEL

  • The type of product or service market
  • The company’s marketing objectives
  • The marketing plan example in view
  • The company’s budget
  • Competitors

 

HOW TO CHOOSE THE RIGHT MARKETING MIX MODEL AND MAXIMIZE IT

  • Identify competitor’s working and failing tactics.
  • Adopt a befitting marketing strategy example.
  • Create specific goals for the marketing mix to fulfill.
  • Keep testing and tweaking marketing mix elements till you get results.
  • Use marketing tools and tactics specific to your needs
  • Don't stick to only one strategy; use all working strategies.
  • Analyze and optimize your marketing mix model for customer retention.
  • Understand the value needed by your customers and upgrade your marketing mix model to meet those values.

 

One More thing before you go!

Once you have a deep and detailed understanding of your target audience, the decisions you make will be more clear. 

And with digital marketing, clarity is #1 because confused prospects do not buy.

That's why I've created a FREE guide for you called, "creating buyer personas for business."

Not only will you get the guide, you also get templates you can use to start building your personas immediately.

Click on the button below to download your copy.

Trade show checklist

Written by Azhad Aliwafa

Google Adwords Pro and Hubspot Inbound certified digital marketing wunderkind. Digital Marketing Manager @ Ubrik Media.

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