Marketing Mix – 4 areas you need to think about when marketing your business.
It won’t surprise you to know, that at Piece of Cake Marketing we believe the marketing mix is very important and if you think about it like baking a cake, you can create a beautiful recipe that your business can use time and time again.
The marketing mix is the set of actions, or tactics, that a company uses to promote its brand or product in the market.
If you don’t add the right ingredients in the right quantities your cake won’t rise. This is very much the same for your business, you need to get all of the elements working well together.
Have you ever heard of the 4 P’s? This term stands for … price, product, promotion and place.
You could have a great product that you know is priced competitively but if you ‘re not promoting your product in the right place you might not see the results that you want.
Knowing your target market is also key. As a local shop you might not be able to compete with supermarkets on price but you do offer convenience and a level of customer service that the supermarkets can’t match, this all needs to be taken into account.
What questions should I ask myself when thinking about marketing my business?
What does the customer want?
How will the customer use the product?
What is the branding strategy?
How much does the product cost to produce?
What margin do you need to make?
What margin does the rest of the industry make?
How price sensitive is the customer?
What are your timings for promotion?
What will be your channels of promotion?
How will you increase brand awareness?
How will you promote yourselves differently to the competition?
What will be your distribution channels?
How will you manage your distribution channels?
You may look at the above and say that it’s not relevant to you as you offer a service, but your service is still a product.
The marketing mix may be a new concept to some small business owners but as you probably now realise, you use it every day in your business life without even realising it.
Piece of Cake Marketing can help you to create a marketing strategy that gets your business cooking on gas!
Want to know more? Contact us today.