Estate Agents have nailed their formula for success on the head: ‘location, location, location’. If you don’t happen to be in the estate agency business, what would be your formula for success? What should you be looking for to create the best conditions for your business to thrive? Have you heard of the marketing mix and how to use it to create a business formula for success?
The marketing mix formula evolved over 40 years ago when it was realized that there were 4 main ingredients necessary for marketing success and they became known as the 4 ‘P’s.
The following is the traditional marketing mix for creating a successful business formula:
1) Product Branding – What do you have to meet your customer needs? Product branding includes name, design, function and quality, but also should include things like packaging and the back-up services that will be available, such as accessories, warranties and repairs.
2) Price – setting the correct price. The best marketing mix tactic is to research your competitor’s products and price get a clue as to where your place should be in the market. Traditionally, it has been seen that consumers place a higher value on the more expensive products, but there has been a shift in the trend. People are buying what they need as opposed to what they want so take this into consideration. Price testing will be essential to achieving the right level to balance your profits.
3) Promotion – what advertisement plan do you have to market your product or service? Whether online or offline, getting traffic to view your business is the lifeline to building a successful business.
Choosing the correct marketing option for your budget is essential. For instance, paying for a hugely expensive web site will only work if you know how to generate lots of interest to lead people to view your business. You will need to have a good understanding of how the internet is used and what part keyword research has in growing a long-lasting business.
4) Place – where is your business going to be based? Actually this is where the “location, location, location” comes into play. So many excellent businesses have gone bust due to the simple mistake of opening a shop where there is not enough foot traffic, car parking or other businesses to generate a healthy passing trade. Careful research will show how busy the area is in a 24 hour period. If there is an active newsagent, mini-market or hairdresser nearby, you can piggy-back on their foot traffic and gain a valuable resource to building up your business base.
As you can see, the marketing mix can provide a helpful framework for success, especially if all four elements are used in your own business situation. If you need more help in learning how to use the internet to market your product, check us out. Training is continually up-dated in online marketing. Simply add it to your marketing mix and create an even better business formula for success.