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Real estate agents have nailed their formula for success on the head: ‘location, location, location’. If you’re not in the real estate business, what would be your formula for success? What should you look for to create the best conditions for your business to thrive? Have you heard of the marketing mix and how to use it to create a business formula for success?
The marketing mix formula evolved over 40 years ago when it was realized that there were 4 main ingredients required for marketing success and they became known as the 4 ‘P’s.
The following is the traditional marketing mix to create a successful business formula:
1) Brand of the product: what do you have to satisfy the needs of your customers? Product branding includes name, design, function, and quality, but should also include elements such as packaging and the supporting services that will be available, such as accessories, warranties, and repairs.
2) Price: set the right price. The best marketing mix tactic is to research your competitor’s products and pricing to get an idea of where your niche should be in the market. Traditionally, consumers have been seen to value more expensive products more, but there has been a change in trend. People buy what they need rather than what they want, so keep this in mind. Price testing will be essential to achieve the correct level to balance your profits.
3) Promotion: What advertising plan do you have to market your product or service? Whether online or offline, getting traffic to view your business is the lifeline in building a successful business.
Choosing the right marketing option for your budget is essential. For example, paying for a very expensive website will only work if you know how to generate a lot of interest so that people see your business. You will need to have a good understanding of how the internet is used and what role keyword research plays in growing a long-lasting business.
4) Location: where will your company be located? Actually, this is where “location, location, location” comes into play. So many excellent businesses have gone bankrupt due to the simple mistake of opening a store where there is not enough foot traffic, car parking, or other business to generate healthy trade. A careful investigation will show how busy the area is in a 24 hour period. If there’s an active kiosk, convenience store, or hair salon nearby, you can take advantage of their foot traffic and gain a valuable resource to build your business base.
As you can see, the marketing mix can provide a useful framework for success, especially if all four elements are used in your own business situation. If you need more help learning how to use the Internet to market your product, visit us. The training is continuously updated in online marketing. Just add it to your marketing mix and create an even better business formula for success.