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Marketing is a fundamental part of any establishment’s success and growth. Marketing is what pushes your products or services out to potential customers. Not only can it support awareness, creating a marketing plan can benefit reputation, maintain demand, and set you apart from competitors. When creating your marketing objectives, a great tool to use is “The Marketing Mix”. The marketing mix tools all come together to help you create an effective marketing plan.
The marketing mix includes the 4 p’s: Product, Price, Promotion and Place. The 4 has now developed into 7 with the additions of further considerations such as People, Processes and Physical Evidence.
So, what does each ‘P’ mean?
It is important to prioritise the product or service you are selling when marketing. At this stage take on a product mindset. You want to ensure your product is right for the customers of today, think about what makes your product/service stand out, and consider your products design, quality, features, options, packaging, and market positioning.
The next step is to create a pricing model. There are multiple pricing strategies to choose from some of the include:
Cost-plus pricing. Calculate your costs and add a mark-up.
Competitive pricing. Set a price based on what the competition charges.
Price skimming. Set a high price and lower it as the market evolves.
Penetration pricing. Set a low price to enter a competitive market and raise it later.
Value-based pricing. Base your product or service’s price on what the customer believes it’s worth.
To decide which will work best for you some questions to think through are:
Are you a value or premium brand?
Is your product high quality?
Will you offer promotions?
This stage has everything to do with where you will sell your product. Not only does this cover physical locations it also considers how you will make this available to the customer. Some areas you will have to think about are, intermediaries and suppliers, how the product/service will be displayed and whether it will be e-commerce or brick and mortar. You want to make sure your item is right in front of your intended customers.
The promotion stage is a fundamental part of the marketing mix. This is how you will communicate your product to your potential customers. At this stage you are focused on spreading awareness of your product and brand which ultimately can influence sales, brand awareness, and reputation. There are many ways in which to promote your product/service including direct mail, coupons or scheduled discounts, public relations and more. It is important to consider all other stages of the marketing mix to ensure you will be creating effective promotions.
A vital part of your business is ensuring you have the right people employed to support the product or service. Having a knowledgeable and cohesive team can lead to excellent customer satisfaction, a better product/service, and a better brand reputation.
This stage will ensure the success of your customers experience. This is all about the logistics of your business. Considering your procedures and policies will create a smooth running and professional business, leading to increased customer satisfaction.
This is another stage which is customer facing. It is where you think about what the customer will see for example: packaging, logos or visual layout. This stage can really create a USP for your business and help you stand out from the crowd.
Here at Hecom we understand the importance of communication and marketing.How hecom can help:
• Access our database of careers offices, schools and fe colleges to distribute promotional items to your target audience• Printing services for promotional postcards, direct mail, literature and gifts• International mailing – Take advantage of our optimised on-site international mailing centre. Access over 15,000 routes, 100 different carriers and 252 countries and territories with ease.Contact us today at info@hecom.co.uk to find out more and send out your next communication.