Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
  • Editorial Calendar 19-20
BW Businessworld

Creating A Marketing Mix? Don’t Forget These Essentials

The simplest answer is that they are the essentials which when aligned properly leads to customer retention.

Photo Credit : Shutterstock

1485777717_Ifxgff_digital-advertising-ST.jpg

Marketing mix is no less than an overview of your product as it showcases the reason why one should choose your product over others or why your product is better than the existing competitors in your market.

Alternatively, a perfect marketing mix is all about putting the right product in the right fashion, on the right place and at the right time with a right price while keeping in mind the most vital aspect; your target audience. Because ultimately it’s your proponents or your potential customers who are the ones taking the call to action.

What are these 4 P’s of Marketing Mix?

The simplest answer is that they are the essentials which when aligned properly leads to customer retention.

  • What is your Product? So, telling about your product are the initials. A very important thing that needs to be considered at this time is: Does your product meets the current market needs? If the answer is No, then the output may not be satisfactory. An extensive research in the product development stage therefore becomes a necessary task.

  • Price Evaluation - Another very important step. It’s easier to raise prices than to lower them. So a detailed research about the prevailing price trends needs to be done prior to deciding the price range. Offering an acceptable reason for the expensive price range is also very crucial to justify your customers.

  • Analyzing the Market for your Product Placement – Positioning and distribution of your product in a market should be done in such a manner that your potential and loyal customers have an easy access to it. A proper distribution strategy will be very helpful in placement of your product(s).

  • The Final Stage, Promotion of your product – Considering various promotional tricks and strategies can be really beneficial for your sales growth. The Promotional campaigns or other creative ways to promote your business/product(s) can transform your brand identity towards your desired brand image.

     

In today’s time of advancement where marketing for a brand/product is vital to any business, the customers expect something more customized, more unique, more creative which can create in them the desire to buy the very brand/product.

So the 4 P’s which are now extended to the 7 P’s of a Marketing Mix; People, Process, Physical Evidence.

Selecting Appropriate People Presenting your Brand/Product - The employees of a company are very important as they are the direct service providers. Hiring and Training the staff is a must for delivering superior services to the customers.

The Systems and Process for proper Execution – Every procedure from service delivery, complaints dealing, time taken to respond to pay system and distribution system; the entire sales funnel should be a well-tailored process to manage the costs. 

The Physical Evidence for your Service –Sounds Interesting, isn’t it? Yes, physical evidences do matter when it comes to attracting the customers. The elements like furniture, layout, design, temperature, and even the aroma of the place where the product is being sold, all these make a difference. Also, the Buzz, User Stories and Recommendations, each bit has a great influencing role towards your product/service.

In the modern version of 4 P’s or rather 7 P’s of   Marketing, 4 C’s also exists. They are very crucial to the marketing of any product. Enabling one to think in terms of his customer’s interests than his own, the 4 C’s are a transition from being business-oriented to being more customer-centric.

Clients – Your customers are valuable, so its important you consider them. 

Costs – It’s not just about the cost of purchasing the product. But also, the cost to satisfy your customer,the cost of time, the cost of conscience, and the cost of selecting/finding an alternative of the product.

Communication – It is a very engaging and interactive idea to retain your customers. An open dialogue, perhaps discussing the needs and wants of your potential customers is really advantageous to your business.

Convenience – The priority should be the convenience for your customers. The question, how and from where the customer would go to purchase should be considered very well. A very righteous saying, “It Takes Months to Find a Customer….Seconds to Lose One” is true to making a marketing mix as well. Understanding the customer’s needs (from all prospects), wants and demands is very important to keep them intact to your brand/product(s). And therefore offering them newer stuff with passing time or amending the older ways is of utmost importance for any business to function smoothly.  

Want your Customers to be Loyal towards you? Then let’s take a look at some ways to gain your Customer’s Loyalty.

 Superior Service and Excellent Product – Why let your customers choose an alternative? Just provide them with the best services and make them feel the worth of the money they are spending.

Loyalty Programs and Memberships – Yes, it’s another way to get the spendthrifts back to buy a product from your store. Pay them rewards and get your sales hit, interesting, isn’t it?

Credit Programs – Don’t leave any way that your customer goes empty handed. Offer credit programs and let them pay on installments and increase your sales. Store credit cards, layaway plans, etc. are good to go.

Prizes and Contests – Create some engagement and excitement for your visitors and promote your in-store purchases. Wow! Sounds amazing, non?

So, now that you know everything about creating the right marketing mix, it's time to get going. Developing a strong relation with your existing or first-time customers will not just let you retain them but also, now they are your loyal customers. They will be the ones publicizing your product(s)/brand and the referrals will get you more and more new customers.

So, get ready for the change that lies ahead!

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.


Tags assigned to this article:
marketing

Gautam Madhavan

The author is Founder of MAD Influence

More From The Author >>