If you’ve been following me for a while, you probably know that I’m very passionate about the Marketing Mix and the role it plays in every business.
Whether you realise it or not, every single business has a marketing mix. Wonder why?
The reason is that the Marketing Mix, also known as the 4Ps, it is covering the four fundamental elements of every business - Product, Price, Place and Promotion. It is one of the most essential elements of your entire marketing and business strategy. And this is why it plays such a crucial part in your success!
What’s crazy is that for some unknown reason the marketing mix is something that very few businesses do right - through a marketing perspective. The ones that do however are one of the most successful brands on the market, the kinds of Amazon and Apple.
So let me reveal why is you need to focus on your marketing mix RIGHT NOW!
1. There is NO Way Around a Bad Product
The biggest myth about marketing is that with the right amount of promotion you can sell anything! Well, that’s not the case!
Regardless of how much you advertise, if you have a bad product that simply doesn’t deliver on its promise, your business will never become a success! The reason is that even if you get some initial revenue, if your customers are dissatisfied, they simply won’t come back and the worst of it all is that they will tell EVERYONE not to shop from your brand! So, you better save your money on ads and invest in your product and service first!
2. The Wrong Price is a Dealbreaker, always
Pricing is one of the hardest parts of the business. And if you don’t think so maybe you should rethink your own pricing strategy. The truth is that with the excessive number of options on today’s market if you are not priced right, your customers will just walk away and go to the competitors. To prevent that you need to study to market and adopt a value-based pricing strategy – in other words, use marketing in the process!
3. We’re Not Playing Hide & Seek
With so many options to position your offer – both online and offline - it seems like whatever decision you make you’ll always succeed! Or at least that what you’re made to believe.
This is of course too good to be true! In reality, the market is so saturated and customers buying behavior is so different that if you don’t nail your Place, you can forget about sales, regardless of how good your offer is. Customers won’t search for you too long before they jump to the competitor! Don’t want that – then you need to choose the place strategically considering your target audience buying behavior, not just the logistics!
4. Excessive Promotion CANNOT Fix it All
Way too many companies think that if they dedicate enough money on advertising, they can get their business on top of any crisis!
Well, unfortunately, things are not that simple. While promotion is key element of your marketing, if it is not executed in a strategic way that works for the specific brand, target audience and business objective, it won’t do much than waste your money.
Believe it or not, the wrong promotion can do worse that good for your brand – damage your brand, portray the wrong brand image and the very least waste your money and time! If you don’t want to be victim of this, you need to invest in smart promotion done at the right place and time and with the right message for you and your customers!
Now that we’ve busted some of the biggest myths, I hope you understand why getting all the 4Ps of your marketing mix right is so crucial for your success! Until you get all the right pieces of the puzzle work in synergy, there will always be something in your way to success!
So stop wasting your potential and dive into your marketing mix now!
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