Breaking Down the Marketing Mix: Where Your Business Should Focus Its Efforts and Why

When it comes to your business, you have limited time and finances so even though it’s crucial to take full advantage of the marketing mix, you need to determine which aspects you should focus on for your marketing strategy. Here’s a look at what you should emphasize in order to boost your online marketing efforts:

Product: Customer Value

Differentiating your product or service ultimately comes down to knowing the minute details of your target customer to ensure you meet their needs. To get started, use Connectivity’s Customer Insights to segment your customers based on geographic distance, marital status, household income and other demographic information. With this important data on hand, you can frame the way you market your product or service to them.

Price: Customer Cost

Of course, before you sell your product, you have to think about the price. But think beyond the price you set for your product and consider the costs a marketing budget requires in order to acquire new customers and increase your sales. Consider how much time and money you want to invest in your marketing efforts, and whether it’s better for you to focus on say, social media (which is free to use but will cost money if you want to hire someone to maintain your accounts if you don’t have the time to do it yourself) or email campaigns (the cost of which will vary depending on the tool you choose).

Promotion: Social Media and Email Campaigns

The product and price both inform how you market your product or service so how you communicate your product or service is crucial. Social media is fast becoming a popular form of online promotion. 73% of people use some form of social media, and different demographics use different channels. Determine which platforms your target market regularly uses, and then read our article on using social media for entrepreneurs. You can cut down on time by using management tools like Hootsuite or Tweetdeck.

When it comes to email campaigns, the key is to deliver relevant and interesting content. Consider including special offers such as discounts or exclusive sales as incentives for customers to visit your business. You can make the process simpler by using Connectivity’s Automated Marketing Campaigns.

Place: Your Website

Customers need to be able to find your product or service easily, and a readily accessible place is your website. Even when your store is closed, people can find your business online. According to a Google study, 50% of mobile users are most likely to visit a store after conducting a local search, with 18% of local searches leading to sales. So make sure your website appeals to local customers and captures search interest. Use data analytics to improve visitor experience.

By revisiting the four Ps through this digital framework, you’ll create an effective online marketing strategy. With the right tools, you can implement these tactics even more efficiently.

Top image credit: Cienpies Design/Shutterstock

Jennifer Fenske is a Content Strategist for Connectivity. 


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