Real estate agents have their formula for success nailed to their heads: ‘location, location, location’. If you are not in the real estate business, what would be your formula for success? What should you look for to create the best conditions for your business to prosper? Have you heard of the marketing mix and how to use it to create a business formula for success?
The marketing mix formula evolved over 40 years ago when it was realized that there were 4 main ingredients necessary for successful marketing and they became known as the 4 ‘P’s.
The following is the traditional marketing mix to create a successful business formula:
1) Product brand: What do you have to meet the needs of your customers? Product branding includes name, design, function, and quality, but it should also include items such as packaging and support services that will be available, such as accessories, warranties, and repairs.
2) Price: set the correct price. The best marketing mix tactic is to research your competitor’s products and price to get an idea of where your place should be in the market. Traditionally, it has been seen that consumers value more expensive products, but there has been a change in trend. People are buying what they need rather than what they want, so keep this in mind. The price test will be essential to achieve the right level to balance your profits.
3) Promotion: what advertising plan do you have to market your product or service? Whether online or offline, getting traffic to view your business is the foundation for building a successful business.
Choosing the right marketing option for your budget is critical. For example, paying for a hugely expensive website will only work if you know how to generate a lot of interest for people to see your business. You will need to have a good understanding of how the internet is used and what part keyword research has in growing a lasting business.
4) Location: where will your business be located? Actually, this is where “location, location, location” comes in. So many great businesses have gone bankrupt due to the simple mistake of opening a store where there is not enough foot traffic, car parking, or other businesses to generate healthy passenger trade. Careful research will show how busy the area is in a 24 hour period. If there’s an active newsstand, convenience store, or hair salon nearby, you can take advantage of its foot traffic and gain a valuable resource to develop your business base.
As you can see, the marketing mix can provide a useful framework for success, especially if all four elements are used in your own business situation. If you need more help learning how to use the Internet to market your product, please visit us. Training is continually updated in online marketing. Just add it to your marketing mix and create an even better business formula for success.