Whenever you develop a marketing strategy , where do you start?
Do you immediately think of your public relations approach? Or do you start crafting social media marketing content for your various distribution channels?
There are several elements of a marketing program that you’ ll need to consider before you begin. That’ s why it helps to think of your approach as an ecosystem in contrast to unrelated parts.
Every element of your advertising plan and your marketing and advertising tactics should complement the other, which is why you’ lmost all want to develop them intentionally, together, with the impact of most pieces kept in mind.
Don’ t just create marketing content. Think of it as your marketing mix.
In this post, we’ re going to examine what the concept of the particular marketing mix is, the weather of the marketing mix, precisely why taking this managerial method of your basic marketing plan is definitely how you can ensure you have the correct promotional strategies in place to help speak to your target audience, and finally, how to reinvent the marketing mix for 2022.
What is a marketing mix?
First, a definition. According to Investopedia , your marketing mix “ includes multiple areas of concentrate as part of a comprehensive marketing strategy. ”
In the event that that sounds like too general of a definition, think of this in terms of the “ Four Ps. ”
Let’ s function with all four Ps of the marketing mix and identify precisely why getting them right is really critical for your marketing plan.
Before you write one word of copy or even design any graphics, you’ ll need to have an offer.
This is the most simple associated with the four Ps. To put it simply, your product is what you market to your customers.
It can be a physical product, sold in a physical store in a physical location. Or it can be a digital product sold over the internet.
It could be a distinctive, new product. Or it can be a new take on a classic product people already use, with a few vital tweaks to differentiate it from other offers.
Either way, you can’ t engage in marketing unless you have a product your customer wants. Before you target customers, you have to ensure you have something to sell them.
When you have a product, you’ lmost all ideally want it to do two things:
- Solve the problem of your consumer base, directly addressing customer needs.
- Stand above your competitors’ offering in one way or another.
When it comes to your product, you have to be forward-thinking and brutally honest about customer requirements. Determining how well it addresses those customers’ requirements will involve a decent amount of researching the market.
Another element of the marketing mix that requires plenty of research? Determining your product’ s price.
This is another simple idea of the marketing mix. Cost is how much you charge your customers for your product.
Calculating your price can be tricky. Generally speaking, it should be what your customers are willing to pay out.
But there are other factors to consider as well when identifying your pricing strategy . Ask yourself these queries:
- Are usually your rates competitive inside your target market ? Are you currently charging too much compared to your competition in this space?
- Are you charging too little? Pricing is not always about a competition to the bottom – not charging enough can leave you struggling to restock your own inventory.
Your price should reflect not just your own dollar price for building the product (doing research, testing it, advertising it, etc . ), but also what people are willing to pay.
Don’ t shortchange yourself in the hopes of making easy sales. It will cost a person in the long run.
The keeping of your product is all about where customers will be able to locate it. Placement refers to where you can send out the product and where it’ s likely to be sold.
What kind of product you’ re selling will impact where you sell it. For example , a person won’ t find diamond earrings at your grocery store just like you won’ t be able to buy deodorant at a high-end jeweler.
Of course , not every item can be held in your hand. A few are digital products that may only be sold online.
This will certainly impact your marketing activities – knowing how to position your product as a physical or online product can alter the way you promote it.
The final L is what most people think of if they hear the term marketing. Promotion represents what you do to signal-boost the existence of your product, how much it costs, and exactly where customers can find it for your target audience.
The key elements of promotion can include sales promotions, advertising, establishing partnerships with influencers, and compensated and organic reach through social media.
Promotion is greatly impacted by your own marketing communications . Whatever you say about your item depends on the factors listed above.
How you get that message out to your customers can be another crucial factor for promotion.
Now that you have a much better understanding of the four Ps of marketing, let’ s take a deeper dive into how you can reinvent these common concepts to better position your advertising approach for 2022.
How to reinvent the particular marketing mix for 2022
When it comes to developing your marketing campaigns, every aspect of the four Ps works in concert with the other. That’ s been true for as long as marketing has been a concept and continues to ring true today.
But just because that’ s still the case for marketing doesn’ to mean that every element of it is the same. To successfully market your brand, you must become adaptable to the current environment.
Below are some best practices for reinventing your marketing and advertising mix for 2022:
- The best marketing and advertising approach is an integrated method
- Don’ to always promote every element of your marketing mix in every single channel
- Don’ t try to do an excessive amount of
- View your own marketing mix as an evolving life cycle
The best marketing technique is an integrated approach
There was a time when all marketing was direct marketing – direct email, door-to-door personal selling, etc . Then digital marketing emerged as the internet and e-commerce became much more prevalent.
Some older companies rely on more traditional methods, shunning the new ways of doing business on the web. Some newly established companies may focus heavily over the digital side of the house, eager to embrace the new way of performing things.
Preferred that both are important.
Your marketing combine has to embrace digital advertising, but the foundations of it should still remain rooted within timeless principles. That means having time to craft a convincing offer and demonstrating the significance of your product.
Research shows that 78% of marketers use more than 5 tools to plan, handle, and execute their advertisments. Having all of your marketing efforts organized together, in one streamlined and integrated platform helps avoid confusion.
Don’ t always market every element of your marketing and advertising mix in every channel
It’ s also critical to not incorporate all elements of the four Ps into all marketing activities. Being a marketing manager, you have to know when to step up and when to dial back.
For example , you don’ capital t have to include the price on every piece of marketing. Also, it’ s appropriate to cover the price while not discussing every element of the product itself.
While all four Ps should be a consideration when your building your marketing strategy, you can highlight all four elements separately as well. Read the room and understand when it’ s suitable to highlight different bits of information.
Don’ t try to do too much
You’ ll feel pressure to set up stations on as many social networks as it can be. It’ s important to temper your expectations here.
After all, if your target audience isn’ t using a particular type of social media, it doesn’ t make much sense to dedicate much time to that channel.
When you’ re a consulting firm, setting up a LinkedIn profile makes sense as you can use it to establish authority in your topic and position yourself as a thought leader. Additional channels may not deliver exactly the same return on investment, so think carefully about where you dedicate your time plus resources.
Watch your marketing mix as an evolving life cycle
When it comes to the four Ps, the last thing you’ ll want to do is remain flat. Think of how all four Ps can change to meet the evolving needs of your customers:
- Item. Does your product nevertheless scratch an itch your own customer has? If product sales are lagging, you may need to tweak it – or perhaps you are able to explore ways to provide add-ons that improve the customer encounter.
- Price. Is what you’ re charging in line with the reality from the market? Is demand high enough that you can justify a rise to help grow your business?
- Placement. How are your customers’ behaviors changing? Are you still meeting them where these are?
- Promotion . What kind of engagement are usually your marketing efforts getting, both online and using more traditional methods?
Don’ t look at your own marketing mix as a “ set it and overlook it” plan of attack that you create and walk away from. It’ s a continuum that needs constant testing and assessment.
When it comes to your marketing mix, you have to have the perfect partner in place to ensure all elements are tuned in and supporting each other. Welcome has you covered with the right solutions plus tools to bolster all marketing efforts.
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