How To Leverage The Marketing Mix In 2023 and Beyond
The concept of marketing has been around for centuries. Pictures were painted on the sides of buildings to advertise events at the Roman Colosseum thousands of years ago, and nowadays, we see all kinds of marketing, no matter where you are or what you are doing. Read about the marketing mix here.
It has always been a vital part of selling a product or service, and 2023 is the year you and your business can leverage the famous Marketing Mix to not only sell more products but become well-known across the globe.
What is the Marketing Mix?
In simple terms, the marketing mix is the ever-changing strategy of advertising your business and the product or service you sell. It encompasses everything, from the packaging you use to where you sell your products and how you connect with customers.
A marketing mix is an ever-evolving entity that changes as your customers and their needs change. While one marketing mix is not the same as the next, there are seven parts that every marketing mix should have to succeed.
The 7 P’s of Marketing
The 7 P’s of marketing have been used throughout business to create a marketing strategy that connects to potential consumers and turns them into repeat buyers..
Product
The first P is for the product, and while this is fairly self-explanatory, it is essential to remember. For your company to be successful, your product needs to be one of the best on the market.
This includes everything from how it looks to how it is packaged, the quality of the materials used, and any features and variants it may have. In simple terms, if you want to advertise an incredible product, you need to have one, to begin with.
Promotion
The next P stands for promotion. This includes every way you try and get your product into the eyes of your audience. It includes taking advantage of social media and brand deals, lead generation, and using PR to brand yourself and your product.
Price
How you price a product can be a very difficult task, but it is one aspect that can make or break your sales. The price depends on the competition you will face, where you are selling a product, or does it have any unique features consumers will pay more for.
The price of your product is something you need to reevaluate regularly to take advantage of changes in the market.
Place
Where you sell your product or service can vary greatly and should always be looked at and modified when necessary. You must also think beyond your physical location, such as selling online, on social media, at trade shows, etc.
Where you sell heavily depends on which type of consumer frequents these platforms or locations.
People
Many businesses tend to forget that every person who comes into contact with their product before the consumer buys it is part of their marketing strategy. Whether it be the sales associate at the store or a business partner, they are part of your product and brand.
Therefore, it is imperative that all of these people understand your product and what your brand stands for. It would be best if you had brand-conscious sales partners to stand before potential buyers and convince them to spend their money with you.
Process
The process aspect of the marketing mix is an umbrella term that covers how your business functions. This includes your delivery systems, supply chain, staff, buying processes, and everything else that is required to get the product from the planning stage into the hands of consumers.
A seamless processing system will help you get products out quicker and better, give you an edge over the competition, and leave your customers happy and coming back for more.
Physical Evidence
Physical evidence ranges from a customer’s receipt to a thank you email after purchasing something online. It is the final touch that, in essence, leaves a good taste in their mouth and lets them know that they are dealing with an honest company that cares about their customers.
Why a Marketing Mix is Important
A marketing mix is an invaluable tool that will not only bring you success but will bring you repeated success. No company has become the market leader with a product by only selling one to each customer.
A marketing mix allows you to constantly meet the needs of your customers and potential customers and appeal to them in a way that your competitors aren’t, and therefore generating more business for yourself.
To conclude, the marketing mix is a vital part of selling any product or service. Successful companies become successful because they can adapt the seven P’s to their environment and customers and then execute a tailored plan.
They are also able to adapt and change it when they need to, meaning that customers don’t need to change products or services when their need for either is modified. The seven P’s and the marketing mix should be one of the most important aspects of any business.
