Learn How to Develop Your Marketing Mix
A good marketing mix uses a series of components
Your marketing mix is a combination of tools you can use to satisfy customers and meet company objectives. Consumers sometimes call a marketing mix "the offering" or "the offer." Your offer is controlled by several variables that are often referred to as the four Ps of marketing: product, price, place, and promotion.
When you use variations of these four components, you'll have the ability to reach multiple consumers within your target market.
Creating a Successful Marketing Mix
Creating a successful marketing mix that will increase sales often requires experimenting and market research. There are many methods you can use, both in person and through the use of impersonal presentations. The key is to not always depend on one component of the mix. Always explore other avenues. The combining and coordination of these elements will be more effective than depending on just one.
You must coordinate all elements so that the prospective consumer is not being sent mixed messages that can cause confusion. Do all of your elements contain the same message?
An Example of What Not to Do
Take this example:
"We are a company that specializes in marketing services and we cater to physicians. However, the products we offer fulfill the needs of lead generation for lawyers as well. Our price is geared toward an enterprise budget and our magazine advertisements and promotions are being placed in publications that have a subscription base of senior citizens."
Do you see a problem with this? Who is this company catering to, doctors or lawyers? Do doctors and lawyers only have elderly clients? What's the connection with that?
Although they're pretty obvious in this scenario, you may find more subtle discrepancies and inconsistencies that surprise you when you look at your own marketing mix.
How to Make It Right
Always make sure that your mix has a message that speaks in unison. Identify exactly who it is you want to reach, and keep the list short and concise. In the above scenario, the company obviously targets physicians, so why mention lawyers at all?
Identify your goals. What do you want to achieve and how soon? Create a reasonable budget that will make it happen, one that's consistent with your available funding. It won't do to get started only to find that you have to pull the plug or slow things down because you've run out of money. That will result in a choppy, inconsistent campaign.
If you have a practice or business that caters to a niche market, make sure that your product is geared toward the needs of that market, that your price is within the budget of that market, and that you're distributing your product or service in places where it will be seen by that market. Lastly, gear your promotion to solve problems that your market may be encountering.
The Bottom Line
One of the main keys to the success of any marketing program is the ability to work effectively in shaping marketing mixes that meet the nature and needs of your specified target market.