The 4 Ps and then some.
What is a marketing mix?
Your business’s marketing mix is the set of tools you will use to market your products. When most people refer to a marketing mix, they are referencing what is called The 4 Ps.
The 4 Ps were introduced to the marketing world in 1940, but more Ps were added to the mix since then.
The original 4 Ps of a marketing mix are:
Product
Price
Place
Promotion
Some experts recommend more Ps in a marketing mix. For instance, Brian Tracy recommends a 7 P Formula, which adds Packaging, Positioning, and People to the primary four. No matter how many Ps you choose, the important thing is to remember you need all of the four original Ps in your marketing mix.
Although there is a lot more to a marketing plan, the 4 Ps are a great way to stay organized and focused on your purpose. They provide a framework for creating the foundation on which your business stands.
How do you create your marketing mix? This post will answer that question, so you can create your marketing mix and have a solid foundation to support your marketing strategy.
Using the 4 Ps to create your marketing mix
Product
What are you selling, and what does it do?
According to Hubspot, you will research what is needed by your target market when working with this element. You’ll develop your product. And you’ll develop your product launch plan and its timeline.
Make sure to research what people are saying about products like yours on sites like Reddit. This will give you insight into what people like and what they don’t like- allowing you to improve upon what your competitors have done and fill your buyers’ needs that are not being satisfied by the competition.
Pro tip: If you create a product that does more than the competition or is unique, your product’s perceived benefit increases- meaning you can charge more. For instance, when you sell luxury white label and private label products, you can take advantage of increased pricing.
Not using white label products? Click the link for more details.
After completing your research, you will educate your salespeople, other employees, and customers about the product and its purpose.
This is also an excellent time to test your product’s efficacy. Is it solving the problem it was designed to solve, and what do your current customers think of it?
Price
How much will you charge?
Consider your pricing strategies and analyze products like yours and their price.
Don’t forget to consider your revenue goals and the cost of producing your product. You might also survey your customers to understand the ideal selling price. Involve your finance team so you have a realistic grasp of your sales forecast.
Place
Where will you sell your product?
Consider physical locations, eCommerce sites, and phone sales. What works best for your product and your business?
Also, consider geographical locations like cities, states, and countries. You might not need to launch your product everywhere if the demand for it is low in some places.
Did you know roughly 30,000 products are launched per year, and around 95% fail? Check out Jennifer Byrd’s post to read what you should and should not do during your launch, to ensure you are in the other 5%.
Promotion
How will you promote your product?
A few suggestions are:
Paid ads
Word-of-mouth marketing
Public relations
Influencers
Content marketing, including blogging and social media marketing
It is critical that you leave promotion for the last P in your marketing mix. Otherwise, you might waste money and time promoting a product that isn’t ready, for the wrong price, in the wrong place.
To sum it up:
A marketing mix is generally designed using the 4 Ps: product, price, place, and promotion- although there are often more “Ps” added to a marketing mix. By following the 4 P framework, you create a solid foundation for building your marketing strategy. To increase your chance of success, research before promoting your products.
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