For many businesses, marketing and sales seem to go hand-in-hand. Marketing spreads awareness of and trust in a company’s products or services, so the sales team is able to close the sale. While some companies may find success by chance, most attain the results through a strategic marketing plan. That plan begins with a full understanding of The Marketing Mix.
The Marketing Mix is made of up seven elements that every manager and communications professional must consider when making decisions about the brand. From how to position the messaging to where it should be communicated, each question presented in The Marketing Mix is designed to prompt discussion on the direction and purpose of each marketing decision.
1. Product / Service
At the base of every marketing initiative is a deep understanding of the products and services being offered. What are the details of each product or service? What benefits do they offer customers? Is it the right offering for the market at the time?
The price of a product or service plays a large role in the ability to sell it. What is the current price of the products or service? How does the company charge for it? Is there a better way to price or charge for the offerings?
The promotion of a product or service covers all of the methods utilized by the company to market, advertise, and sell the product. In which promotional activities have you engaged? What opportunities have been passed up? What revisions can you make to your methods in order to increase your sales?
Where your product or service is offered plays a large role in your customers’ ability to find it. Where are you selling your products or services? Do customers have multiple avenues for accessing your offerings? Are there ways to expand your locations to increase your reach?
Up to 95% of your customers’ initial judgments on your company are based on your visual appearance. What can you do to improve the packaging of your product? How does the storefront or office building look to a new prospect? Is your branding consistent across all of your promotions and locations? How do your employees look when meeting with customers?
The way your customers think about you and your brand is partially developed through strategic messaging and partially through organic experience. Do your customers think of you when you aren’t directly engaging them? If so, what do they think? What words or emotions come to mind when they hear about your products or services? What can you do to improve your positioning?
A company’s greatest asset is its people, but those same people can also be the company’s greatest weakness. Who are the people that interact the most with your customers? What is their role, and is there a good balance between sales and customer service? How do those individuals represent the brand?
For many business owners, marketing success can feel like a constantly moving target. However, with a strategic marketing plan that is built upon a full understanding of your company, your audience, and your resources, you’ll be able to set the course and stay on track throughout the year.
Our coaches are experts with helping businesses of all sizes analyze their current marketing initiatives and improve or develop their strategic marketing plans. It all starts with a free business evaluation.