What is the marketing mix? Well, this combination refers to the four factors you need to keep in mind for the successful production, distribution, and sale of your products or services. Let’s have a quick look at what the mix entails.
This concept came to be back in the 1960s, thanks to E Jerome McCarthy. In his definition, he explained that marketing comes into play at each stage of the business from the inception until the moment you are ready to introduce your product to the world. And it all comes down to four key things:
Taking time to consider the product you have in mind is key to succeeding in your business. Many people have started businesses because they had a passion for something only to for the ventures to fail and they did not have a clue why that happened. The truth is that having an idea is one thing but turning it into money is another. You may find that though the concept is excellent, its time is yet to come. How can you know if you should go ahead with what you have in mind?
One, you need to research the market. In doing so, figure out who you intend to sell the product to and whether people are willing to demand the same. Also, is the market ready for what you have in mind and how likely are they to change their minds? If the demand is available, how do you plan on communicating with the target audience and how effective are the methods in place? Depending on what the market needs, how can you alter your product to satisfy the consumers? Create focus groups and get to hear what people have to say about the products. Do they have questions? Are they willing to demand the product, or would they rather stick with what they know? If so, why is it the case? All the hesitations that you come across will either help you realize that your product cannot work or that you need to develop the product using another perspective. Whichever way you go, the knowledge gained from this research will go a long way in aiding your next step.
Now that you have studied your consumers, you can tell how they prefer to shop. Some may be into retail spaces while others may prefer online shopping owing to convenience. Whatever you choose, ensure that it is in line with their needs to keep them streaming in for more.
This p is where the fun begins, and you start to see the light. But don’t get too excited yet, we have a way to go. You probably aren’t the only one selling a product to your target audience, and if you are, there are substitutes in the market. You thus have to know what the current prices are, and you can use this in setting a price. It also helps to know how much your target consumers are willing to pay through the use of surveys and focus groups. Rates that are too high or too low will scare off potential customers, and you need to get it right. And don’t forget to factor in the cost of production.
Yes, we are now in the last stage! And this is the phase that could make or break you. You could have the best product in the market, but without adequate promotion, your business could die. You thus need to make your target consumers aware that you have what they want to get them to demand the products. Luckily for you, advertisement venues have increased over the years, and a few taps on your screen will have customers heading your way.
Do you have a better understanding of how you can increase your sales? Keep reading for more insights.