The Marketing Mix – How to Supercharge Your Business Strategy With Key Growth Tools
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The Marketing Mix – How to Supercharge Your Business Strategy With Key Growth Tools

Here’s a quick look at the Marketing Mix
– covering all the tools you’ll need for an effective business strategy that generates
huge results with a small effort and cost. Mastering the Marketing Mix will help you
jump-start the results of your business strategy while reducing the variables and risks often
involved with growing your business. The marketing mix is your toolbox of all the
strategic items to generate income and profits from your products and services. It’s comprised of the 4-Ps – product,
price, place and promotion. In recent years a few self-proclaimed -experts
have added to the 4-Ps to make themselves look smart. But the reality is, everything you’ll need
in your marketing mix for the most effective business strategy is in the 4-Ps formula. First, to create your ideal marketing mix,
you start by selecting a specific target market you want to sell to. You may have different groups you want as
customers. But by starting with a SINGLE group of people
or businesses that are similar, it’s much easier to mold your marketing mix — so you
get the results you want without losing your shirt on wasteful marketing. Once you know who you’re selling to, now
you go through the 4-Ps. Let’s start with Product. This includes which products and services
you offer, what features and benefits they have, their Positioning — meaning, what image
do you want for your product or service? Is it low price, high price? What’s the quality like? All this creates a perception in the customer’s
mind, and that’s your positioning. Next is branding, which includes your label,
logo, etc.; then packaging; and bundling, like how McDonald’s restaurants bundles
a burger with fries and a Coke into a meal. Finally, do you offer some kind of warranty? The next part of your marketing mix is price. Is your price consistent with the image you
are trying to have for your product or service? Used Pintos and new Mercedes are bought – but
their prices are strategically different. •What is the minimum quantity you will sell? •Is there a bundled price – like with
McDonald’s, where if you buy the meal you get a discount. •Do you offer a volume discount if people
by more than one at a time? •Do you upsell and have Add-Ons? As McDonald’s would say, Would You Like
Fries With That? •Do you offer payment options? Next in the marketing mix is Place or Distribution
Channels •Is Your Location important in selling your
product or service? •Will you use the Internet? •Will you do Direct Selling? •How about Mail Order? •Will you sell through Catalog Houses? •Will you get Large Organizations to sell
for you? Like ABC Baking who got the Girl Scouts to
sell their cookies. •Will you use OEMs – where your product
gets integrated into someone else’s product or service? •Will you sell through Retail stores, or
through Wholesalers? •How about Distributors and Affiliates? •Will you sell Peer-tp-Peer, where friends
sell friends? •How about Sales Reps – yours or independent
reps? •And will you be selling to the Government
or Internationally? This is the Place part of your marketing mix. Lastly in the marketing mix is Promotion. •This includes Special Offers, •Advertising and Pubic Relations, •Using Demonstrations or User Trials where
your customers try your product or service before they buy it? •How about Direct Mailing, or •Flyers and Posters? •Will you get Endorsements from notable
or influential people and businesses? •Will you use your Packaging to sell for
you? •How about On-Pack advertising – where
you have coupons on one product for another product. •Sales Promotion can be an important part
of your business strategy by getting people to take action now rather than waiting and
thinking about it. oWill you use Coupons and Discounts? oFree Gifts and Bonuses? oContests and Sweepstakes? oContinuity Programs – where you offer some
membership or gift card that gets customers coming back? •Will you use Displays or Shelf Talkers
that make your product stand out from the crowd? •How about partnering and Joint Ventures? Will you partner with someone to share the
cost and effort of marketing? Mastering the Marketing Mix is critical to
achieving your business strategy and generating a huge success for your business. If you found this tip helpful, subscribe to
my free newsletter using the link below. You’ll get instant access to this awesome
eBook called The Marketing Grid, with a list of just about every marketing tool you’ll
ever need to get customers. You can practically create your entire marketing
plan simply by checking a few boxes. I’ve also got some awesome videos coming up,
including a technique you can use to funnel loads of customers from other businesses to
yours. Once you subscribe, you’ll have access to
the growing collection of videos, demo files, templates, and cheat sheets which are available
to all free subscribers. Check it out now using the shortcut,

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