Do you end up spending huge amounts of time and money on marketing just to discover that your efforts are practically wasted and you have no new business to show for it? You are not alone – this scenario is common among small business owners and entrepreneurs, really it’s common in all sorts of business, even the larger ones. Successful promotion of your business depends on a number of factors, but one of the key elements of any marketing program is a correct usage of the”Marketing Mix”.
So just what is the”Marketing Mix”?
Your Marketing Plan and ultimately its’ success will depend on the correct use of these four elements. You may have to add new goods – or services – or modify present ones. You may need to change pricing, the location of sale or the promotional methods used. Its all about finding the proper balance between the”4 P’s” as modifying one of the elements are going to have an effect on the others. Let us start with a brief explanation of all one of those components.
What product or service are you really going to market? What special features does it have? How can you Brand it? Which kind of packaging are you going to utilize? Are you going to offer any guarantees or warranties? What additional services will you offer? Is it a top quality product or service? These are just a few of the questions you’ll need to reply but remember to always identify exactly what it does to your client.
The vital question is what are you going to charge for your product or service? Are you really going to offer volume discounts? What payment terms are you really going to offer you? What specific pricing plan will you use? Market skimming? Market penetration?
The point to make here is that pricing strategy has an influence on the other elements of this mix as you’ll have to discover unique methods of distribution and different marketing channels depending on the price level you have chosen.
Where are you going to sell your product? Are you going to market only in 1 socket? Are you really going to market in Mass as many outlets as possible? Are you really going to market straight or are you going to utilize wholesalers or retailers? Is your product more suited to Internet sales?
Promotion includes all the advertising and selling efforts for your marketing plan.
Advertising – Television, Radio, Internet, Newspapers, etc
Personal Marketing – This is used when You Have to make direct contact with a buyer in order to personalise your message
Sales Promotions – Samples, Coupons, Refunds, etc
Public Relations – The notion is to create positive word-of-mouth about your product not directly market it
Immediate Sales – Catalogs, Internet sales, direct mail. This permits you to target your market using a focused mailing list and then deliver a sales letter.
So let us try and apply the above strategies to a real product for instance. We’ll keep it simple in order to underline the key things – Rolex Watches.
Product – specific watches, constructed and designed to exceptionally high standards, well packed in designer boxes, excellent after sales service, branded as a luxury item and targeted at high net worth individuals.
Price – prices reflects the target market and consequently has a high price level
Location – All These watches are usually only accessible specialised jewellery stores or high end department stores. ie exclusivity.
Promotion – Promotion in high excellent lifestyle publications, Television, Sponsorship of”high end” sporting events such as yachting. This is possible as a result of pricing strategy and margins got.
The brief example above is simply to emphasize how each of the elements in the”Marketing Mix” affects the others and the value of getting the proper balance to ensure a successful advertising plan. It is possible to change all the components and then determine if this change enhances your sales and profitability but just keep in mind they are all interlinked and the smallest change in one may have a profound effect on the others – your direction of the marketing mix needs to be a dynamic process that’s constantly being tweaked in response to market forces.
Small business advertising services are just the beginning.
1. Craft a elevator pitch
You ought to be marketing all of the time — where you are. Consequently, you need a compelling elevator pitch.
Research indicates the average attention span of an adult is about six to eight minutes. That is all the time you need to grab somebody’s attention.
Should you engage them, then you only have a little over a minute to really sell them on your goods or service. Invest the time to craft a killer elevator pitch. The yield on your investment will pay huge dividends concerning creating business opportunities.
2. Leverage your neighborhood
You do not need to believe big when it comes to your marketing efforts. Think locally. What’s going on in your area?
Print bookmarks and leave them in the local library.
Then hunt for chances to get in front of your customer with your marketing message.
Collect a set of Licensed, non-competitive businesses in your area and consent to cross-promote.
You can utilize coupons, fliers, reciprocal website links, bundled promotions or social media platforms. By collaborating with each other, you can enlarge your customer base because you are going to be reaching new men and women.
I am a huge fan of media. I don’t think there is any better way to build a business than to get out there, shake a few hands, and get to know folks.
5. Give a speech
Plenty of individuals hate public speaking. However, there are many organizations searching for qualified, subject-matter specialists who can present to their groups.
You don’t need to become a pro so long as the information that you share is helpful to the audience.
6. Create buzz
I began my company career in the field of public relations and the business has changed significantly due to technologies.
Today, a small business operator can accomplish a lot without hiring a specialist firm. You can respond to reporters’ queries that are looking for story ideas and resources. Some are small websites opportunities, while others are major media outlets that use this service too.
7. Ask for referrals
Don’t be shy about asking for client referrals. Nearly all people say that they are eager to provide a referral if requested, however, very few take the initiative to take action by themselves.
Referrals make it a lot easier to get at the door with new customers. If you are not requesting them, you’re missing opportunities.
8. Build relationships
That’s why establishing strong relationships with your client base is crucial. One of the ways that you can do that is by keeping in touch with folks through email marketing.
Ask clients to their email address when they come to your store or website. Then, create your communications enlightening, helpful and professional — something your customers will look forward to getting.
9. Offer coupons
Coupons are a good way for many businesses to attract new clients. Research shows that individuals will go out of their way to use a coupon, demonstrating that this method is effective in expanding your client base.
Coupons can also generate return visits. For example, if you provide a client a coupon for a discount to use on future business, there is a high likelihood they will be back.
10. Give it away
If someone has the opportunity to experience your product or service, it is likely that they will want to buy more.
Don’t be afraid to give someone a free trial or even a sample. In today’s market, people are more comfortable purchasing something they have been able to encounter first.
These ten, inexpensive marketing approaches will allow you to engage customers, build relationships, and finally keep your brand top-of-mind. It’s not always about the cash which you have to spend on marketing, it’s all about the time and effort that you put into it and above all, the relevance it has to your clients.