In simple words, marketing is all about presenting the right offer in front of the right people, at the right time. You will hardly find any marketer who does not agree with this statement. But oddly enough, few actually live by this creed. Reported by Hubspot, backed by credible data, almost 25 percent of marketers aren’t even aware of the results of their efforts.
The problem with most of the marketers is that they don’t focus on the reasons that make a marketing campaign a success or a failure. They implement different marketing methods and tactics on target consumers without paying attention to why a certain tactic performed well or fell flat. They lack strategic thinking in their marketing, and this is what makes the knowledge of marketing mix so important for a business.
What is the marketing mix?
The marketing mix is a name given to the strategies, tactics, and tools used by a company to get the right response from the targeted audience. The marketing mix for any brand is the combination of four elements of marketing, called 4 Ps. Though the two terms – marketing mix and 4 Ps – are often used interchangeably, however, they aren’t synonymous.
The marketing mix refers to the marketing strategies and tactics whereas the four Ps refers to the common factors that are analyzed to develop these strategies. The four P’s approach to marketing mix was proposed for the first time by E. Jerome McCarthy in 1960 in the book Basic Marketing: A Managerial Approach. It was the gold standard in terms of forming a marketing strategy until Bernard H. Booms and Mary J. Bitner developed the 7P model of the marketing mix in the early 1980s.
This model includes:
- Product
- People
- Price
- Placement
- Physical Evidence
- Promotion
- Process
The 4P model has also given rise to a 4C theory, which looks at the key elements of the marketing mix from the customer’s perspective. These include:
- Cost: How much your customer is willing to pay for your product or service
- Communication: Marketers need to engage in a dialogue, not simply promote their business
- Consumers’ wants & needs: Your product should address consumers’ needs and demands
- Convenience: Your product should be easily available to customers, and the sales process should be simple
This article discusses the 7P model and how you can use it to maximize customer returns.
Product
The product must meet the demands of the customers. If you’re focusing on maximizing customer returns, your product or service must do what the customers want it to do. Customer satisfaction plays a crucial role in the success of a business. While it is important to deliver high-quality products at an economical price, the product must also be unique and better than its competitors.
People
Customer service is indispensable to the success of a business. From the people who answer phone calls to the president of a company, everyone contributes to the image of quality and service. Customer satisfaction is vital to consider because a great service holds great significance to the customers.
You can also consider a small business CRM system to maximize your customer service. Now, if you’re wondering what is a CRM system; it is a tool that lets you keep track of your sales and manage your customers’ information in an organized manner. It improves your sales management, customer management, and increases your productivity. There are several options available in the market, chose the one that meets your business needs.
Price
Your product must offer good value for money. This depends on factors such as competition and market share. If your product’s price is higher than the competition, you need to convince prospects and customers why the premium price is justified.
Placement
A difficult purchase process is detrimental to sales. Make your product or service accessible to customers so that they find you easily. For online sales, you need to carefully consider all the steps that a customer needs to go through to make a purchase. Make sure the process is simple and quick. Also, carefully study your target market and put your product in places where your target audience spends most of their time.
Physical Evidence
Everything that a customer comes in contact with while purchasing from you is considered physical evidence. Think about all the aspects that a prospect encounter. It can be the cleanliness and courtesy of the staff in a brick and mortar store or the design and navigation of the website in an online business. All these aspects convey an image of quality which convinces customers to buy again from you.
Promotion
You need to advertise, market and promote your business, both offline and online, to reach the right audience with the right message. The promotion can either be paid for, or it can be organic. Use the Internet and the right SEO Company to rank higher in search engines. Focus on finding the right keyword terms relevant to your business and use them in your content to bring your product or service in front of potential customers.
If you’re using direct mail, make sure you carefully chose the mailing list. Direct mail needs little resources and can be far more focused on your target market.
Process
Make sure the purchase process is simple, reliable, and well-tested. The process shall be made easy and shouldn’t take long from the time customers see or hear about your marketing till they respond to your ‘call to action’. If the process is time conserving, you will see your customers return to buy again from you.
Conclusion
Understanding your target market is imperative for defining your marketing mix. When you know the consumer side of your market, you are in a much better position to create something valuable to your target market. If your product brings value to customers and you follow an effective marketing strategy, you’ll see customers return to you for more purchases.
