Accelerate your business with these expert tips on "Marketing Mix" - take a look and discover this TIP!
Marketing is responsible for analysing the commercial management of your company with the aim of attracting, capturing, retaining and building customer loyalty by satisfying their needs or solving their problems.
Philip Kotler is one of the most renowned masters of marketing. Kotler defines marketing as "a social and managerial process in which groups and individuals obtain what they need and want by generating, offering and exchanging value-added products with their peers".
According to E. J. McCarthy, another great expert in the field, the 4'Ps of marketing are a simple formula for identifying and working on the essential elements of your marketing strategy.
Product or service (Product).
Remember that in lean startup we created the product always after identifying the customer segment and being clear that the value proposition is sufficient for them to pay.
It is better to define the product or service from the needs and motivations of the consumer and the benefits it brings, and not so much from the characteristics or attributes of the object.
The product or service is the root of any marketing strategy, because it is the key to satisfying the desires of the target audience. That which you as a company offer to exceed the expectations of your customers.
Point of sale or distribution (Place).
Strategic marketing locations can range from an online shop to a distribution chain with physical stores in various locations and countries. The purpose of the distribution strategy is to facilitate easy access to the product or service for potential customers and provide a good brand experience in the purchasing process.
The price that we will put on our product or service is a decision very important within the marketing strategy.
Pricing depends on factors such as:
- The price is not set by us, it is set by the market, so we have to analyse what prices are set by the competition and possible substitutes.
- What strategic positioning we have decided.
- What target do we want to position ourselves for: what purchasing power do our consumers have, do we want to enter the luxury market or do we want to go for the mass market?
- The margin we expect to make (economic viability)
- Trends and fashions
- Price increase to give a higher quality image
They are all those marketing and communication actions that we carry out to disseminate the characteristics and benefits of our product or service. This is how we manage to increase sales.
In the canvas model, it is equivalent to the "channel".
SOME IDEAS OF STRATEGIES TO IMPLEMENT MARKETING IN YOUR COMPANY
Strategies for the product:
- Expand product line.
- Launch a new brand.
- Launch a new product with a low price to achieve rapid market penetration.
- Give coupons or discount vouchers.
- Special prices for distinguished customers.
- Locate our products only in sales outlets that are convenient for the type of product we sell (selective distribution).
- Locate our products only in a single point of sale that is exclusive (exclusive distribution).
- Establish strategic alliances with other businesses to place your products in their physical or virtual shops.
Strategies for promotion:
- Create traditional or electronic newsletters.
- Create activities or events.
- Sponsor an institution or other company.
- Create sweepstakes or contests among our customers.
- Advertisements in specialised magazines or newspapers, airlines or bus companies.
Strategies for online promotion:
- Create an attractive and dynamic website.
- Create a Blog and publish articles of interest to our potential or current market.
- Actively participate in the social networks where our market is located.
- Create a podcast channel.
- Using mobile applications to promote themselves through advertisements.
- Generate SEO and SEM strategies.
- Create Email Marketing campaigns.
Strategies for service:
- Have well-defined policies on customer service.
- Create a good Customer Management through a CRM.
- Create a Customer Loyalty Programme
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