A marketing mix is composed of four categories, which are known as The 4 Ps. The 4 P’s stand for Product, Place, Price, and Promotion. These categories lay out the foundation for marketers or business owners to identify the current place of the brand in the market. From there, they are able to create more effective marketing strategies.
Keep on reading to find out more about the 4 Ps of the marketing mix.
Your brand’s product can either be physical goods or intangible services. In the marketing mix, it’s not all about the product, but it also considers the experience that a customer has with your product or service. At this stage, focus on what makes customers choose your product over the others, what it solves, and what attracts them to it.
Create buyer personas, perform customer research, and learn as much as you can about your current and potential customer base. This will allow you to know how you can further improve your products to meet customer expectations.
This refers to the location in which you distribute your product. Assess how customers find and purchase your products or services by doing in-depth research on your target market. By doing so, you get to know more about your audience so that you know effective locations of where you can place your products.
Take note that there are many channels that you can explore. To help you find the right placement for your products, you need to consider where customers look for your product or service.
For your branding strategy to be effective, you need to assess the cost of your product or service regularly and make sure that the price you charge is aligned with your target market. When it comes to branding, your pricing will have an impact on how your customers see you, which is why it makes sense to pay attention to it. Remain flexible with your pricing and consider how much it costs to make it, the perceived product value for the customers, and market value.
Promotion is all about how you’re going to tell customers about your products or service. This marketing category covers communication strategies. However, don’t confuse promotion with selling. Selling is a different process, while the promotion is merely letting people know about what you have to offer in the market. Keep in mind that how you promote your product impacts your branding. Consistency is important in branding, and how you promote your product or service is crucial.
When you use the marketing mix effectively, it can guide you and direct your branding strategies in a better direction. The marketing mix also helps you learn more about your customers and their buying behaviors, which are helpful for branding.
If you are not so sure of how to effectively use the marketing mix to your advantage, consider the help of a digital marketing agency. Get in touch with Discover My Business today to see how we can best help you increase your brand awareness.