Marketers have to focus on 4 interrelated decisions and their consequent actions in order to create great value to the product or service they want to sell. These are known as the Marketing Mix, a controllable set of choices the firm uses to attract and respond to the needs and wants from its targeted market.
Firstly, they have to create value through the product. You have to develop a product and or service that satisfies your targeted customers’ needs. You want to be sure this product is what they are looking for and presented in such a way that it’s appealing to them, for example; how the image of the product or service is being presented, does it have the enough information to educate customers on how your product has high value for them?
Secondly, value can be captured by price. Determining a competitive price for your product or service is a key element that can launch your product to success. Marketers have to carefully analyze if the price reflects the potential buyer’s belief on its value, always taking in consideration profit margins which are discussed in the pricing strategies.
Thirdly, location, location and location. I remember this because my father used to talk about it all the time, you have to be in the right place at the right time. Marketers need to find out where and what method is the most efficient in getting the product or service to the targeted customers when they want it. For example some people find great value in purchasing their regular goods online through sellers like Amazon because it saves them time by not going to the grocery store. In short, any process that can make life easier and faster for you customers gives value to your product or service.
Lastly, constant communication to inform, remind and persuade your loyal, new and potential customers of your product or service. For marketers this is known as promotion, where you are constantly sending email marketing, promotions, newsletters and using all the social media to communicate what the brand is doing, what they are working on and reminding customers if there are any deals or sales going on. This is also important because you can communicate what happens behind the scenes, educate your customers by adding more value and how their purchase impacts and makes a difference.
Interested in talking about your marketing needs and strategies? Connect with us for a free consultation!
Determining a competitive price for your product or service is a key element that can launch your product to success.