While creating your annual marketing plan, using a combination of elements (4 from the marketing mix) is the key to success.
The marketing mix contains four elements. The combination of the four elements is used to satisfy consumer needs and company goals, stimulate consumer interest, and generate sales.
1. Product/Service – what are you trying to sell?
2. Price – how much will it cost in contrast to competitors in the market?
3. Place and distribution – where will it be sold and how will it be delivered?
4. Promotion – how will you deliver the message to the market – advertising, public relations, direct marketing, or online marketing?
By arranging these four elements in a variety of ways, it will help you determine the highest return on investment. You might have to use a lower price, offer a coupon, and/or give a way a free-gift with the purchase in one market, while pricing the product/service a little higher and using nicer packaging in a sophisticated market.
The key to success is to try various element combinations, because it is unlikely using only one mix will generate the results you want.
A few tips on marketing:
Test, test, and test your product/service in various market segments within your target market
Offer a coupon with the next purchase on one test and use another call to action another test to see which offer generates the best response
Make your business stand out in the crowd by making yourself accessible to prospects and existing customers because most other companies will not
Understand your market’s buying behaviors, needs, wants and give them what they want.
Make sure all marketing material messages are consistent because you don’t want to cause confusion.
Make sure the product/service’s positioning is not contradictory.
The tone of all marketing materials should be consistent.
A brand’s colors must be consistent.
Test all combinations to see which combination yields the best results.
Make the USP stand out.
If you need designing your marketing mix for your annual marketing plan, email Kristin at [email protected] for more information.