It is always seemingly hard for a small or new business to survive in the highly competitive market, but it is not an impossible task with the sophisticated technologies emerging today. Business owners and marketers would find a myriad of dynamic marketing mix which could be applied to boost their small business quickly to be in the market limelight.
Understanding Marketing Mix
Businesses must apply the right marketing mix at the right place and time to enjoy success. This may require in-depth market research and brainstorming with an analytical approach to gather the right data for making the best marketing decisions.
The right marketing mix involves certain relevant techniques, tactics and strategies to be implemented in promoting the product, service or brand. This comprises the 4 Ps; namely, Product, Price, Place and Promotion. There may be more components to extend the viability of the marketing mix but these are the more important factors.
Product refers to any item that is promoted by the business to be sold for profit while Price is the value placed on the Product. Place refers to the exact location where the Product is to be promoted or sold while Promotion refers to the mixture of activities and campaigns which would be implemented to generate greater market awareness of the Product for increased sales and profit.
Business owners and marketers need to understand marketing mix and the best proportions of the factors in order to expand the business. The right constituents of these factors form the successful marketing strategy for the business. This also forms the proper foundation of the business to ensure lowest risks and challenges for growth and expansion.
Marketing Mix for Small Business Growth
The best marketing mix is generated when the product is properly understood. The business owner or marketer needs to have a full understanding of the product as a viable solution for targeted audiences.
Then there must be the best of designs for the product to be lucrative to the potential buyers. The design should convey the business and contents aptly to potential customers who would be directed to take favorable actions towards the brand or company. When business owners or marketers know their products well, the other Ps of the marketing mix could be integrated appropriately.
Linking Product with Price
One of the most challenging tasks in marketing is to put a price on the product. Most business owners or marketers tend to struggle with this as there is a myriad of factors to be considered. First, the type of preferred audience must be identified. This refers to the target audience in which the product would appeal to.
Next, the production materials in creating the product must be identified on their cost to ensure a full coverage if not profit. Then there is the identification of the market competition; current and future. This would provide the necessary insights on the buying power of the product in the market.
A product could be appealing to a niche market, but a price too low could result in expenses not covered. This could cause the business to be highly vulnerable to failure and not viable in the market over time. The preferred price must cover all production costs with a stipulated number of purchases.
When these factors are aptly taken into proper consideration, the product price can be identified or set. A new business must bear in mind that there may not be sufficient customers to charge the product for the intended or preferred value until enough profits come to light.
Linking Price with Place
Besides linking the product with price, marketers need to link the price with the intended place of sale also. These factors are interrelated for a successful marketing mix to happen. The right product with the best price must be targeted to the right consumers who are willing to buy at the intended price.
The place refers to the type of consumers identified by the business to ensure that the product would be favorable to the market audience. Business owners and marketers need to perform market research prior to promoting their products so that the right people would be available for the products to be viable.
A product may be sellable online, but not on retail store shelves where the target audience is not available. Hence, the “place” is an important factor in the marketing mix to enjoy the desired sales. The right place identified ensures the right type of people with the right purchase decisions executed.
Linking Place with Promotion
Once the other factors are considered appropriately, promotion must be integrated with careful insight. This involves ensuring the best of promotion actions or events that would attract the right crowd in droves, if possible. The promotion could happen on identified social networking platforms with the targeted audiences readily available.
Promotional activities and events should match the identified marketing place with the right peripherals and components that would attract the right crowds. These events are often intensifying to cause greater market awareness of the product.
Once the right product is aptly created with the perfect price, the promotional campaigns need to be professionally strategized for success. This is where the P’s are set into motion to generate the desired end results.
It is imperative that all the P’s of marketing mix be linked properly together for the best marketing plan to happen. A lot of hard work and dedication is required in the initial stages of the marketing mix process before success would be enjoyed. It is impossible to know the market without relevant in-depth market research or product surveys where relevant and current data are collected.
Such data would assist the business owner in pricing the product aptly to be competitive and draw more attention in the market. Promotional means could be generated from conventional and contemporary methods with the advanced sophistication of digital technologies. It is possible to go big with professional marketing and website analytics on social media platforms without incurring too much cost.