How Long Is Formula Good After You Mix It The Marketing Mix – How to Create a Business Formula For Success

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The Marketing Mix – How to Create a Business Formula For Success

Estate agents have nailed their formula for success on the head: ‘location, location, location’. If you are not in the estate age business, what is your formula for success? What should you look for to create the best conditions for your business to succeed? 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 recognized that there are 4 key ingredients necessary for marketing success and they are known as the 4 ‘P’s.

The following is a traditional marketing mix to create a successful business formula:

1) Product Integration – What do you have to meet your customer needs? Product branding includes name, design, function and quality, but it should also include things like packaging and after-sales services that will be available, such as accessories, warranties and repairs.

2) Price – setting the right price. The best marketing mix strategy is to research your competitor’s products and pricing to get a clue of where your position should be in the market. Traditionally, it has been observed that consumers place a higher value on expensive products, but there is a change in trend. People buy things they need as opposed to what they want so take this into consideration. Pricing will be critical to achieving the right level of profitability measurement.

3) Marketing – what marketing plan do you have in place to sell your product or service? Whether online or offline, getting traffic to your business is the number one way to build a successful business.

Choosing the right marketing strategy for your budget is important. For example, paying for an expensive web site will only work if you are able to generate a lot of interest to drive people to your business. You must have a good understanding of how the internet is used and what part keyword research plays in growing a long-lasting business.

4) Location – where will your business be based? Actually this is where “location, location, location” comes into play. Many excellent businesses have failed due to the simple mistake of opening a store where there is not enough foot traffic, parking or other businesses to generate healthy foot traffic. A thorough search will show how busy the site is in a 24-hour period. If there’s an active newsagent, small business or hairdresser nearby, you can tap into the foot traffic and get a valuable tool to build your business base.

As you can see, the marketing mix can provide a useful guide to success, especially if all four factors are applied to your business situation. If you need more help learning how to use the internet to market your product, check us out. The training is constantly updated on internet marketing. Just add it to your marketing mix and create a better business formula for success.

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