How to build the best marketing mix strategy for your business
When deciding to start a new business or to improve an existing one, owners need to start thinking abut adjusting the marketing mix.
What are marketing mix elements?
The 4Ps (Product, promotion, place and price) are known as the marketing mix. The strategy used to adjust these four elements is vital for the success of any business.
Here are some tips to keep in mind when choosing the best marketing mix for your business
1. Set goals
Whether it is monetary achievement or awareness building, you need to have a specific goal and paint a clear picture of what success looks like for your business. Once you know what you want for your business, then it will be easier to build a marketing mix strategy.
2. Assess and analyze your competition
Observe your closest competitors in the market and see what they are doing well and what parts they are preforming poorly on. Then you can get a benchmark of where you can start to build a strategy to have the best unique and competitive marketing mix for your business.
3. Understand your customers
For your business to succeed, you need to identify who uses your products or services, and what attracts them to your offers in the first place. This information will help you to adjust your unique marketing mix strategy that best understands the target audience and keeps them satisfied.
4. Test your strategies
Don’t be afraid to try different strategies until you are able to achieve your initial set goals. To be successful as a business you need to be adaptive to changes in the market and be creative to overcome challenges. Goals may not be achieved with the first go but testing your strategies and adjusting them accordingly will help you to be successful.
Looking for a professional marketing help?
If you are trying to adjust your existing marketing mix or trying to build a market mix strategy for your new business, contact our marketing professionals at Elby Marketing to assist you.
Kotler, P., Adam, S., Brown, L., Armstrong, G., 2001. Principles of Marketing. 10th ed. Singapore: Kyodo Printing Co..
Terech A. An Introduction to Marketing and Branding. Generations [serial online]. Spring2018 2018;42(1):45-49. Available from: Academic Search Alumni Edition, Ipswich, MA. Accessed September 19, 2018.