Your marketing mix is the key factor when it comes to boosting sales and getting the products out there. However, you may be fooled into believing that marketing is only about promoting and advertisements. While these two are major parts of marketing they are only a small fraction and there are many more elements that need to be used.
Most businesses are using the 7P technique. Though it all can be confusing so what are the 7P’s and how can they be used for your marketing mix?
The first of 7P’s is the product. Now, the product doesn’t need to be a physical item, it can be a digital item or a service but it needs to be something people will want or need. In order to make the product a sought after or high demand item you have to know your market.
It will be important to understand who will actually want to buy the product and whether or not it rivals a competitor or goes beyond it. Let’s say you had a portable music player you would need to ensure it offered users something more than current devices on the market otherwise it won’t go far. It is all about knowing the market and where there is a place for this today.
Setting out a price can be a tricky issue because you have to know what overheads must be covered before you can make a profit. However, you cannot set a price which is way over the top because people are not going to buy it. At the same time, you cannot set the prices out extremely cheap either because consumers will start to wonder why the cost is so low. There is a real issue here because you have to find a middle or common ground in order to make a profit but not overcharge.
To get fair market value, you need to consider the basics – the costs for production, what you value the item at and pricing with competitors. If you know these you are able to create a great pricing strategy. For instance you may want to look at the market now and offer a starting price which is fairly low. More people will be interested to buy in shares and soon you can increase the price ever so slightly.
Your strategy could even take you at a neutral point where you charge the same average value as other competitors. This could give you a simple way to cover all necessary costs but at the same time earn profits too.
Where Is It’s Place
Knowing where exactly you will sell is crucial. You technically cannot set up storefront selling electronic devices within a financial area because this isn’t effective. There may be money floating around but people are very wary of where they shop from and if a store isn’t placed correctly it won’t succeed. You wouldn’t expect to see a high end restaurant next to a greasy spoon cafe and it’s the same when you want to sell.
You have to decide whether you are going to opt for a physical store or stick to an online business. Also, you need to know your place within the industry and not just on the high street. You can offer a great product but if you don’t choose the right place to sell you aren’t going to get far.
Planning Your Promotional Strategy
A crucial part of your marketing mix has to be promotions. Now this means a variety of things; it covers advertising as well as how you are able to bring a sales team together and what strategies are to be used. It will be important to understand which route you are going to take when it comes to advertising and how your social media campaign will shape up also.
Will you use flyers to attract customers to a physical store front? It is these simple things which you have to consider because you need to bring together a strong strategy from start to finish in order to have a clear view of what you want to achieve. The strategy needs to help promote and get the word out. You also have to know the market as well as know the right time to make your move.
The People and Their Wants
You want to bring in people to buy the product but you also want to bring together a team to sell. This means you have to have an idea of what will make a person buy something, whether its impulse or through snazzy advertising. You also need to motivate the staff to sell because they are just as important as the people buying the items. If your team isn’t working well you aren’t going to sell sales.
There needs to be a clear goal as to how the process will work from the drawing board right through to the production and sales pitch. How do you see the development stage work? These are the things you must carefully plan out so that if there are any problems down the line, you can adapt to them and make necessary changes.
The Physical Evidence
You need to show why customers should buy the item. There needs to be some sort of physical evidence to give your item appeal. Really there is a need for tests to be carried out and market research in order to get an idea of what people want, need and will ultimately buy. If you can see a strong response to your ideas they may become more profitable later.
You Must Understand What Marketing Mix You Will Use
It doesn’t matter if you are a fan of the 7P’s or are using a completely different marketing idea; you absolutely need to know which direction you are heading in. If you have no marketing mix or don’t know what yours is then you are in a bad position. You don’t have anyone there to help you and essentially you are going to have a lot of issues. Instead, understand what marketing mix is going to work for you and use it correctly.