Tag Archives for " Marketing Strategy "

The New Marketing Mix 2020 – The Four P’s And Four C’s Of Marketing

The New Marketing Mix 2020 - The Four P’s And Four C’s Of Marketing

A marketing mix is a set of various marketing tools that a businesses use to sell services or products to their target customers. A marketing mix of any company is often composed of various approaches in order for the business to be able to effectively market its services or products. Finding your marketing mix is important regardless of the size of the business or the products and services it offers. On the other hand, even if it is important to define your marketing mix, you also need to determine when is the right time for you to include enablers and mindset barriers to make sure your marketing mix will have a powerful impact.

For years, novice marketers were schooled in the Four Ps of marketing referring to Product, Price, Place and Promotion. But with the continued changes in marketing conditions, marketing experts have replaced this old maxim with the Four Cs, referring to Customer, Cost, Convenience and Communication.

Marketing Mix

The Four P’s of Marketing

It is often correct that the culture of any market group will dictate how your marketing strategy should be designed.

4 Ps of marketing
Product

This refers to what is being sold. Any marketer must take into account the life cycle of the product to identify any challenges that may arise in the future. This must also conform with what the market segment really wants. You cannot just sell any product when there are no identified consumer for it.

Price

This refers to the cost to purchase a product. No matter what the market condition is, the price often depends on the perceived value of the customer regarding the product. Value perception can significantly change your marketing strategy. Providing a lower price will definitely make a product more accessible to customers, while a higher price may have its appeal to customers looking for exclusivity. But in order for your business to make profit, the price must always be greater than the cost of production.

Place

This refers to any physical location where your customer can use,  purchase, or access a product. This includes distribution hubs, transport, inventory decisions, storage, and franchises.

Promotion

This refers to all advertising, direct marketing, and sales promotion you create for your product. From basic TV commercials to printed catalogs, billboards, internet ads as well as other promotional platforms, this marketing mix also includes public relations endeavors such as press releases and continued relationship with the media. Promotion includes what it is you want to communicate, who you want to communicate it to, how are you planning to reach your target audience, and how often promotion occurs.

The Four C’s of Marketing

A lot of marketers insist that the four C’s of marketing is a much more effective marketing mix tool than the traditional four P’s.

4 Cs of marketing
Customer Solution

Instead of focusing mainly on the product you are offering, this reminds you to have the extra effort on providing solution or filling a void based on the experience of your customer. For any type of business, it is only important that you understand the customers to whom you market your products or services. The more you understand them, the better it will be for your products to be beneficial and useful to your customers. This will also allow you to be able determine the perfect marketing platform that will allow you to reach them more efficiently.

Cost

The cost of the product does not mean its price. When you consider it, the price is actually just a small part of your overall cost that goes into buying a product, based on your customers’ perspectives. With this marketing mix, you must be able to establish your product’s overall cost and provide this information to your customer.

Convenience

Once you are able to study your market’s habits, you will be able to identify their shopping preference whether they want to purchase it online or from a traditional brick and mortar store as wells as the extent to which your customer will go to buy your product. In part, the convenience of your product will be determined by its overall cost. If you are able to make your product or services more cost efficient and easily accessible without requiring your customers to go the extra mile to avail it, then you are already setting yourself up for success.

Communication

This part of the mix is crucial to the success of your marketing endeavors. Communication means how you interact with your customers and to do this, you need to understand them well. At present, the social media platform is one of the most effective communication tools for businesses. Communication is different from promotion because when you are promoting your products, it does not necessarily mean that you are communicating with your target market. You need to use this to focus on how you can build a sustainable relationships while engaging in meaningful conversations with the people you want to market your products to. The easier your customer is able to communicate with you, the more chances you have for a repeat customer.

Recap

With the present condition of the economy, there is no better time to include different elements in your marketing mix. Identifying the 4Cs and 4Ps in your marketing will be a quick path towards your marketing success. The 4C’s for achieving better and more efficient profit earning business include cost, convenience, customer solution and communication. When used together in a marketing mix, the 4Cs and the 4Ps will play a major part on the success of any businesses particularly in the first stage of creating and implementing a sound marketing strategy plan.

Integrating different elements into the marketing mix instead of just following the traditional approach is often a challenging feat for individuals and organizations. Everybody knows that implementing major changes in mindsets is not an easy task to achieve. However, you must understand that these are natural but by making it visible, mindset barriers can be unlocked and enablers implemented to increase the enterprising behavior while reinforcing your marketing attempts.

Marketing Strategy – How To Develop The Best Strategy For Your Business In 2020

With the world getting highly competitive, it is not easy to bring development in any business. There are times when the business owners fail to understand the importance of real marketing plan. Despite of their huge spending on different types of marketing strategy, they do not achieve the expected results. It happens because their approach in marketing is not really good and effective.

Marketing Strategy - How To Develop The Best Strategy For Your Business In 2020

The motive of every business is to reach as many potential customers as possible. But if the approach is not correct, then reaching to them becomes a bit difficult. With the advent of modern marketing platforms and resources, it has become easier to approach the targeted customers at cost effective prices with the help of a good and well planned marketing strategy. It basically targets the people showing interest in the products and services of the organization or in the certain line of business.

Marketing Objectives

At the center of any well-written marketing plan is a list of clear and strategic marketing objectives. These are your defined goals that outline your marketing efforts intentions while providing your team with a clear and precise direction to execute and follow. This also provides the necessary information for business executives to evaluate and support.

To have a successful marketing campaign, you need to know exactly what your goals are. You must also be able to develop focus in order to achieve your goals. You have to understand that things do not happen by themselves so by defining your marketing objectives; you will know what to do in order to achieve it. This will also allow you not to be easily distracted by typical get – rich – sales pitch because if you know where you are really going, you will not end up somewhere else but on the path towards marketing success.

To help with your marketing objectives, you can follow the AIDA model.

The AIDA Model
  • Awareness – your marketing objective must be based on brand awareness or affiliation with your product or service.
  • Interest - creating interest in the benefits of your brand, and enough interest to urge the buyer to start to research further.
  • Desire – creating desire for your product or service using an 'emotional connection', and showcasing your brand’s personality. Make sure you are able to transform a consumer from 'liking' your product or services to 'wanting it'.
  • Action – ensure a call to action strategy. From basic interaction you’re your company, urge the buyer to take the next step such as fill up the contact information sheet, download a brochure, joins your newsletter or make a phone inquiry among others.

Audience Targeting

In modern marketing strategy, Segmentation, Targeting and Positioning or STP is a well-known strategic approach in creating a successful marketing plan. The STP approach is helpful when creating marketing communications plans because it guides marketers to prioritize proposals and then establish and dispense personalized and pertinent messages to connect with different audiences. If you want to have a successful marketing campaign, you need to know what your audience really need and you can do this by simply listening to what they want instead of focusing on what you need to accomplish.

Audience targeting allows you to reach out to consumers interested in your business. This approach helps you get your message to the right people and customized your campaigns based on your audiences’ preferences. This way, you know your marketing strategy performs better because it is targeting the specific market segment for your business. With audience marketing, you will be able to spend less on your marketing campaigns and focus on getting more conversions.

Through audience targeting, you have more chance of reaching consumers who are interested in your products or services and deliver relevant messaging. It also reduces the odds that you will waste vital resources on your marketing campaign on uninterested viewership and help move potential clients down the proverbial funnel.

Competitive Analysis

When developing a marketing strategy, it is best to first evaluate your marketing campaign and determine how it is performing based on your objectives. Look for solutions on how you can optimize or revise your approaches, marketing channels and marketing activities.

When creating strategic planning using competitive analysis method, it is important to take into account not only the company’s business but also the activities of your competitors as well as the current events in the industry your company belongs to. Most of the time, having a competitive analysis enables you to significantly minimize the direct effect of your weaknesses to the opportunities that may present for your business. This also allows you to maximize your strengths and create advanced strategies for known threats that may negatively impact your marketing.

Competitor Analysis

Don’t be afraid to explore the competitive landscape. Find out what companies have interesting products? Whose brand gets talked about on social media? A competitive analysis will help you identify different challenges and threats before they become serious problems in the future.


Click below to download your free Competitor Analysis Tool:

Download Your Free Business Tool


From Marketing Strategy to Marketing Tactics

Marketing tactics refer to every strategic action you carry out that direct the marketing of a product to influence specific marketing goals. From your marketing strategies, you can develop high level marketing tactics that will ensure the success of your marketing efforts. When you define your marketing tactics, it must reflect the present situation and have a clear plan on how you will be able to maintain and nurture it so these factors will always be the driving forces of your marketing campaign. When you know your audience, you can also see the actual needs of your target market that are not being met. In essence, these opportunities are actually your future strengths and must be prioritized among others.

Know by heart all the effective strategies of marketing. Your marketing strategies will only be successful if you know the right tactics to employ. Without them, you will never know how to make your business click to your target market. It will also be better to develop a market niche so you can have a specific group to focus on.