So you’re not a brand specialist or an author of creative copy for promotional emails, but did you know your role is likely just as essential to a marketing team’s success? Reporting performance analytics, reviewing the distribution schedule, or setting the price for new products are all pieces of the “marketing mix.”
Understanding the marketing mix, the term for the combination of strategic factors that a company or individual can control to influence its audience, can lead to an improved bottom line, higher customer retention, and of course, profit. The four factors, known as the 4 Ps, are Product, Price, Place, and Promotion.
A Break Down of the 4 Ps of The Marketing Mix:
Product: Product, in terms of the marketing mix, refers to both the goods and services your business sells to its target audience. A successful product is a solution to the following questions: “Is there a need for this product?” “Does my audience feel unsatisfied with their current substitutes?” “Will my product provide value?”
Your good must not only fill a particular need, but also provide unique value that will set your product apart in today’s world of substitutes. The important thing here is the value and solution that ensures the strength of your product.
Price: The “price” slice of the marketing mix the most daunting for many. Setting the Price impacts profit margins, supply, demand, and marketing strategy. This means your finance strategists play a significant role in the marketing mix.
The key elements to determining price include not only what makes operational sense for your company, but also what your audience is willing to pay. Implementing Marketing research is necessary for identifying a price that your audience will pay while optimizing the return on investment. It is important to consistently evaluate this “P” to monitor price competition, demand, cost of production, etc.
Place: Think of place as your distribution efforts. Are you reaching your audience in the right place at the right time? Do you have fluid buyer’s journey? Where will you convert potential clients into actual clients: on your website, in a brick and mortar location? How will you distribute the product to your client? Even if you have the best product available, without the proper distribution processes in place, your clients won’t have access.
Promotion: Think back to your product and its competitive value. Whether you want to be known for price, quality, luxury, durability, desirability, service, etc., your distinguishable value should be one of the most critical factors that you are promoting.
Think back to your target audience. What is the best way to get your product in front of them? Ensure the majority of your promotion efforts are directed to where your audience is actively spending their time. Looking for millennials? Try Instagram and digital advertising. Hoping to earn the business of seniors? Perhaps a print ad is right for you.
Do yourself a favor and add the Marketing Mix’s 4 Ps to your business lexicon, as they are commonly referenced when planning marketing strategy and identifying the marketing mix. Remember that the key players in marketing extend beyond the distinguished department.