The annual marketing budget for most companies increased by 50%, according to a 2018 report by Omnicore Agency. The essence of the marketing mix used by businesses is to capture the attention of the targeted customers presently in the market. The right marketing mix proves how your products and services are unique from competitors, giving you an edge in the market. Your marketing mix also provides a clear roadmap to accomplishing your business objectives. Using different forms of marketing is critical to increasing sales and achieving growth.
Focusing on these three ingredients can help you create the perfect marketing mix:
Identify Your Target Market
Incorporating the right marketing strategies for your target audience should be a priority. A short and concise promotional video that directly relates to the needs of your customers creates loyalty towards your brand. The four P’s of marketing, i.e. product, place, price and promotion should be aligned with the main goal of identifying, retaining and growing customers. Before conducting a promotional campaign for your products, research about the needs of your customers that have been overlooked by your rivals. You can add an extra feature to the product that benefits them to justify your price and gain the market share. The brand image can be evaluated during budgeting to reflect your business idea.
Outline Your Budget and Business Goals
Before you decide on the perfect marketing mix, have a list of measurable goals that the marketing campaign team can achieve. Making realistic goals and budgeting is critical to the successful promotion of products. However, the marketing budget can depend on the type of product your advertising. Launching of new products might require significant funding from your company for educational purposes and to motivate the audience to purchase the product. Besides, other influencing factors affecting the budget cost can include the promoting platforms to be used by the company. Some of the cost-effective promotional platforms businesses use to reach their targeted customer base include social media, TV adverts, print media, road shows among others.
Create Customer Loyalty
When your business offers superior customer service than your rivals, sales are bound to increase. Customers want to buy products that suit their needs. Finding solutions to their needs and enhancing features in your product builds trust and customer loyalty. The positive customer feedback you get also retains your customers and can attract more clients to purchase your products. To increase customer loyalty, your business can offer rewards, membership programs, discounts, and prizes. This will encourage customers to buy more of your products than your rivals.
The purpose of your business is to grow revenues consistently. The three considerations highlighted above are vital for companies in getting the right marketing mix. By achieving this, you can increase your sales and grow your customer base.