HELP
Business Marketing Strategy
Home Archive by Category "Business Marketing Strategy"

Category: Business Marketing Strategy

12 JunB2B Lead GenerationBusiness Marketing Strategy

How Predictive Analytics Transforms Marketing and Advertising Strategies

Picture of Nigetha

Nigetha

Table of Contents

Have you heard about Predictive analytics? It is really cool and powerful tool that can help businesses and organizations make informed decisions by forecasting future events or trends. This type of analysis can be used to make predictions about a wide range of business operations, including marketing and advertising. In this article, we will explore how predictive analytics is used in marketing and advertising, including its benefits and some of the challenges that organizations face when implementing predictive analytics.

What is Predictive Analytics?

predictive analytics

Predictive analytics is a type of advanced analytics that leverages statistical modeling, data mining, artificial intelligence, and machine learning techniques to analyze data and forecast future trends in marketing, customer behavior, and campaign results. Essentially, it entails utilizing algorithms, data, and statistical models to uncover patterns and trends in past data and make predictions about future events.

The Importance of Predictive Analytics in Business Strategy.

Although predictive marketing is not a new concept, its individual techniques and applications have been used by marketers for many years to improve their marketing campaigns and enhance their products’ targeting. However, with the incredible advancement of data science and analysis in recent years, along with the emergence of technologies, predictive analytics has become more accessible and affordable for almost any business. There are benefits of predictive analytics, Let’s look at some of the key benefits of predictive analytics:

Power of Predictive Analytics

  1. Improved Customer Targeting:  Predictive analytics enables businesses to gain a deeper understanding of their customers by analyzing their past behavior, preferences, and demographics. By leveraging this valuable information, businesses can create highly targeted and personalized marketing campaigns that resonate with customers and drive engagement. This precise targeting increases the likelihood of capturing customer interest and fostering meaningful connections with the audience.
  2. Increased ROI: By using predictive analytics to determine the most effective marketing channels and campaigns, businesses can allocate their resources with greater efficiency and effectiveness. This can lead to increased ROI and a better overall return on investment.
  3. Enhanced Lead Scoring: Predictive analytics helps businesses to accurately identify leads with the highest conversion potential, leading to enhanced lead scoring. By analyzing factors like website behavior, demographics, and engagement history, businesses can prioritize their sales efforts and focus on the leads that are most likely to convert into customers.
  4. Improved Customer Retention: Predictive analytics can support to the businesses to identify the customers who are in the risk of churn and taking proactive measures to retain them. By analyzing the past data such as purchases, engagement history, and customer feedback, businesses can identify patterns that indicate a customer may be at risk and take action to prevent them from leaving.
  5. Competitive Advantage: Finally, businesses that use predictive analytics in their marketing strategies can gain a significant competitive advantage. By using data and analytics to make better-informed decisions, businesses can stay ahead of the curve and stay ahead of their competitors.

How to integrate predictive analytics into your marketing campaigns?

predictive analytics in marketing

Let’s look at how to integrate predictive analytics into your marketing campaigns. Integrating predictive analytics into your marketing campaigns can help you to make better-informed decisions and improve the effectiveness of your campaigns. Let me give you some steps to follow:

  1. Define your objectives: The first step is to clearly define your marketing objectives. What are you trying to achieve? Are you seeking to enhance sales growth, enhance customer engagement, or mitigate customer churn? Once you have a clear understanding of your goals, then you can start to identify the metrics and data points that will help you measure progress toward those objectives.
  2. Collect and analyze data: Collect data from various sources, including customer behavior data, demographic data, and social media data. Analyze the data to identify patterns and trends that can help you make predictions about future customer behavior. There are many tools available that can help you collect and analyze data, such as Google Analytics, IBM Watson, and Tableau.
  3. Build predictive models: Once you have collected and analyzed your data, you can use machine learning algorithms to build predictive models. These models can help you forecast future customer behavior, such as which customers are likely to churn, which customers are likely to buy a certain product, or which customers are likely to respond to a particular marketing message.
  4. Test and refine your models: It’s important to test your predictive models to ensure they are accurate and effective. You can do this by running A/B tests, where you compare the performance of your predictive model against a control group. Use the insights gained from these tests to refine your models and improve their accuracy.
  5. Implement your models into marketing campaigns: Once you have built and tested your predictive models, you can integrate them into your marketing campaigns. Use the insights gained from your predictive models to tailor your messaging, offers, and promotions to specific customer segments. For example, you might send a targeted email campaign to customers who are most likely to be interested in a particular product.
  6. Monitor and measure results: Finally, monitor and measure the results of your marketing campaigns to see how well your predictive models are performing. Use the insights gained from your analysis to further refine your models and improve their accuracy over time.
Three examples of predictive analytics in marketing:

 

Example of Predictive Analytics

1.Customer Lifetime Value (CLV) Prediction

Predictive analytics can be used to forecast a customer’s potential future value to the business, based on their historical purchase behavior, demographic information, and other relevant factors. This information can help marketers to identify high-value customers and tailor their marketing efforts to maximize their lifetime value to the business.

2. Churn Prediction

Predictive analytics can be used to identify customers who are at risk of churning, based on their behavior, purchase history, and other factors. This information can help marketers to intervene with targeted retention efforts before the customer leaves, increasing the likelihood of retaining them and reducing churn rate.

3. Cross-Selling and Upselling

Predictive analytics can be used to identify which products or services a customer is most likely to buy based on their purchase history, browsing behavior, and other factors. Marketers can use this information to recommend complementary products and services to the customer, increasing the likelihood of cross-selling and upselling.

Wrapping up

 

As I said in the beginning, predictive analytics is a really valuable tool for businesses and organizations these days. It helps them make smart decisions based on data and statistical models. At Prime One Global, we understand the power of predictive analytics and its impact on marketing success. Discover how our team leverages predictive analytics to personalize targeting, optimize ROI, and enhance customer understanding. It’s all about gaining that competitive edge, you know? So, when it comes to marketing campaigns, integrating predictive analytics is key. It involves defining your goals, collecting and analyzing data, building models that predict outcomes, testing and refining those models, and then using them in your campaigns. And the best part is, you can keep an eye on how it’s all performing and make adjustments as needed. With predictive analytics, businesses can make smarter marketing decisions and improve their overall performance. As technology and analytics keep advancing, predictive analytics will only become more crucial for businesses that want to stay ahead of the game and achieve their marketing goals. Take your marketing strategies to the next level with Prime One Global. Visit our website today to learn more and unlock the potential of predictive analytics for your business.

bd176233d1865e412bd0f9ace10b8a96dc36d41c5f9db9ee0f81b253f746c62a?s=96&d=mm&r=g

Nigetha

Nigetha Thurairajah, Senior Digital Marketing Manager for Partner's Growth at Prime One Global, Nigetha Thurairajah, Senior Digital Marketing Manager at Prime One Global, having more than 10 years of experience in Digital Marketing industry, specializing in Analytics and Conversion Rate Optimization. Skilled in Search Engine Optimization (SEO), Content Marketing, Analytics, Google Trends, Site Analysis, Web architecture, Competitor research and Keyword Research. I am extremely passionate about public speaking and doing podcast 🙂

All Posts

Share this article:

Read More
28 AprB2B Lead GenerationBusiness Marketing Strategy

Unleash Your B2B Lead Generation: Secrets to Generate High-Quality Leads and Fuel Business Growth

Picture of Verginiya

Verginiya

Table of Contents

Every B2B business is in the process of attracting the right high-quality leads to sustain itself in the competitive market. In today’s fast-paced world, it’s more challenging for every business in the B2B domain than ever to capture the attention of your target audience amid countless distractions. So businesses should have an effective B2B lead generation strategy in place that increases and automates the lead generation, but the ugly truth is you have to customize your approach to fit your organization, industry, product/service and audience. 

In this blog post, we will walk you through the best B2B lead generation strategies that fit your business in 2023 to maximize your ROI.

b2b lead generation strategies

What is B2B Lead Generation?

B2B Lead Generation is the process of identifying potential customers for your product or service and nurturing them to purchase. Lead generation is a critical and initial stage in the sales funnel and guides potential customers throughout the funnel and persuades them to buy your product or service. B2B lead generation involves collecting information about potential customers such as name, email address and company name and then feeding the information further down the sales funnel.

B2B Lead Generation Process

The sales and marketing team plays a crucial role in the lead generation process. Ideally these two departments will be cohesively aligned and create a proven lead generation framework to convert their prospects into paying customers.  If you’re serious about boosting your sales, you need to follow an enticing lead-generation process. But do we know the actual process of generating B2B leads?

b2b lead generation process

✅ Step 1
 
Identifying your B2B Sales Lead

The first step in the lead generation strategy is finding the contact information (name, email, address..) of the potential customer. But it’s crucial to know who is the prospect you want to get in touch with.  Start by creating a buyer persona, which includes their industry, job title, where they go for information and what are the pain points they have.

Once you have a clear picture of the prospects with whom you need to be in touch, you can create targeted marketing campaigns that speak to the specific needs of your ideal customers.

✅ Step 2
 
Contacting Potential Leads

Now you have a database of your potential high-quality leads, it’s time to reach the potential leads. The sales team or representative can reach out through SEO, Content marketing, paid advertising, cold calls, email or social media. To optimize the effectiveness of your strategies, it is essential to maintain a sharp focus on the persona(s) you have developed and remain flexible and adaptable to refine and tweak your approach as you progress.

✅ Step 3
 
Qualifying and Prospect High-Quality Leads

As sales reps start to interact with the leads, it’s important to determine how likely they are to buy. It can be understood by identifying the stage of lead in the buying process.


☑ Awareness Stage: In this stage, the potential buyer is aware of a problem and seeking a solution and they start to learn more about it. They’ll be reading blog posts and case studies , downloading white papers or either perform web searches.

☑ Consideration Stage: At this stage, the potential buyer knows the actual product/service needed. They begin to research more about the products/services but yet not ready to purchase.

☑ Decision Stage: At this stage, the lead has done maximum research and filtered the vendors that suit their needs. They are likely to have meetings, book demos, and check in with other decision-makers in their organization to make a purchase. Sales Reps need to initiate nurturing campaigns to turn leads into buyers.


Keep in my mind the efforts you make in the awareness stage won’t work in the decision stage. For example creating awareness through social media, blog posts and emails works at awareness but won’t help leads to make a decision; at this stage, they prefer demo calls or either free trials.

✅ Step 4
 
Closing a Deal – Make a sale

Success! You have successfully closed the deal with the lead and converted them to customers. They’ll now be transferred to customer success for onboarding.

B2B Lead Generation Strategies that Work on 2023

Most of B2B companies focus on generating high-quality leads than high-quantity leads. The best way to generate qualified leads is to have an enticing B2B lead generation strategy in place. Businesses need to tailor their strategy around your industry, product/service and buyer. There is no single one size fits all solution, your sales and marketing team needs to experiment, learn and implement multiple lead generation strategies until you find the best that suits you. Ready to explore? Below we shared proven 8 b2b lead generation strategies to increase your sales. b2b lead generation strategies 2023
  1. Run an A/B Tests 
    2. Generating leads is crucial for the growth and success of your business. You can’t nail down your marketing and outreach strategies on the first attempt. In fact, many businesses don’t. This is where A/B testing comes in. It isn’t quite easy to identify which campaign is the most effective. A/B testing involves experimenting with different landing pages, formats, colors, messages and CTAs to observe which version generates the high level of engagement Potential leads may be on the look for the best products in the market since they are human beings with specific interests, even a small change in a CTA button can make a huge impact on the engagement rate. There’s no any limit on how much A/B testing you can do, so test with as many variations as you like until you’re confident your lead generation strategies are fully optimized. So you have to continuously track the different campaigns to find which works for you.

  2. Using an evergreen content campaign continuously generates B2B leads
    3. Content marketing has been proven to be one of the most effective ways to generate leads. By creating valuable, informative content that speaks directly to your target audience’s pain points and challenges, you can attract potential customers to your website and capture their contact information. You can use lead magnets such as whitepapers, comprehensive guides and case studies and create videos and publish blogs.

  3. Build your trust with social proof
    4. Social Proof is the most powerful part of B2B lead generation.  B2B customers are fussier when purchasing products or services, they look for social proof before they make a purchasing decision. If the customers trust your product or services, they will be more interested to purchase your product or service. So collecting more social proof for your website will build trust among potential customers and will generate more leads. Here are some  ways to build social proof for your business;
    • Showcase your reviews on your website – If you had a long-term relationship with your clients, encourage your customers, to leave testimonials on your landing page and also you can display third-party reviews from Trustpilot, Google or G2 crowd.
    • Display your case studies – Sharing your success stories with your customers is an excellent way to build trust. 
    • Display your business stats – Display the stats of your business such as subscribers, no.of.clients, and downloads to showcase your performance. It will help you to build credibility and build trust with your customers
    • Dont let leads escape your landing page – Create a winning Landing Page
    81 per cent of marketers agree that engaging content is more effective in grabbing customers attraction than static content. When it comes to B2B lead generation, the landing page plays a crucial role in the buyer’s journey. When a potential lead clicks your landing page, you don’t have time, you have to act quickly to grab their attention through catchy headlines, pop-ups, Clear and enticing CTAs, and use a live chat. Build your winning landing page:
    • Upgrade with catchy headlines to catch the attention of buyers
    • Build trust with social proof – Make louder for the people in back
    • Make your CTAs stand out to entice visitors to take action
    • Integrate Live chat functionality within your page

  4. Publish and Promote more case studies
    5. Case studies are the most important part of the rise of B2B marketing and B2B lead generation. B2B buyers tend to be extremely more analytical, risk-averse investors, and ROI-focused people before calling for a final decision. Nowadays case studies are ranked in the top third in the top used content types in B2B sales next to email newsletters, blog posts and short videos. Many B2B buyers admitted that case studies are utilized at the middle and bottom of the lead generation process to persuade the buyers to make a purchase. B2B buyers heavily rely on facts, so don’t leave the case studies idle on your website. Share your success stories to skyrocket your credibility.

  5. Capture the attention of your Visual Audience with Video content
    6. Still, you’re  not using videos in your lead generation process, here are the reasons why  you should;
    • Ninety per cent of marketers admit that video is the best way to repurpose your content.
    • Next to Google, Youtube is the largest search engine platform on the web.
    Video content has better engagement than images or text which helps to generate more leads. Video content on Youtube can have a great impact on your B2B lead generation process. You don’t need a blockbuster video, you also can repurpose the existing content into an engaging video. For example, let’s say a prospect is interested in purchasing a lead generation tool, but they need to ensure there is a tutorial on how to use the particular tool. If the prospect searches on Google he/she will flood with mixed results but if they search on youtube, they will find companies that filmed in-depth tutorials So, don’t miss using videos on your B2B lead generation.

  6. Target leads on LinkedIn
    7. LinkedIn has become a popular social network platform among professionals. It is the ultimate platform for B2B lead generation as many businesses use it for professional networking. It can help you to attract twice as many leads compared to other social platforms. LinkedIn offer you exclusive features like LinkedIn ads, Marketing partners to attract your B2B leads. With LinkedIn, it’s easy to nurture high-quality leads but make sure you have set up your profile properly. If you’re planning to advertise on LinkedIn make sure to Offer Premium B2B products or services or Unique, high-level education.
Final Thoughts!

The B2B lead generation process involves defining your ideal customer profile, developing a lead magnet, driving traffic to your lead magnet, capturing leads, nurturing leads, qualifying leads, and closing deals. Generating B2B leads and increasing sales can be challenging but, it’s possible if you have an effective lead generation plan in place and implement it successfully. 

Ready to take your B2B lead generation to the next level and drive business growth? Start by implementing these proven strategies and tactics today. Remember to remain focused on your buyer personas and be open to refining your approach along the way. With persistence and a data-driven mindset, you can achieve B2B lead generation success. Don’t wait – start implementing these tips now and watch your sales soar!

de7ab30c5fcad9628526642bd4a2be3365e6397c1f6009acd7df7139e490ab5a?s=96&d=mm&r=g

Verginiya

Hey, this is Verginiya Patrick, Senior Manager - Enterprise Digital Marketing and Operation, with extensive experience in developing data-driven marketing campaigns and strategies, successfully managing marketing teams, and monitoring the performance of digital marketing campaigns.

All Posts

Share this article:

Read More
01 AprBusiness Marketing StrategyDigital Marketing StrategiesGrowth Marketing

What is Growth Marketing and How Does it help for Business Growth?

Picture of Verginiya

Verginiya

Table of Contents

In the emerging fast-paced world it’s really challenging for all kinds of businesses to stay ahead of their competitors. In order to stand out from the competition, businesses have to implement marketing tactics, adopt new innovative marketing strategies and use data. This is where the term Growth Marketing plays a crucial role. In recent years Growth Marketing has emerged as buzz word among marketers and businesses that focus to drive revenue growth. So, in this post let’s explore what growth marketing is, how it differs from traditional marketing, and how it can help businesses to scale.
growth-marketing-2023

Actually, growth marketing is a long-term data-driven strategy that focuses on driving robust and sustainable growth for businesses. The ultimate goal of growth marketing is to identify the most efficient and effective ways to drive user acquisition and retention, rather than just building brand awareness. The two main factors of growth marketing are data and experimentation. Growth marketers run various continuous iterative experiments and gather data on customers’ behaviour, interest, intent, and market insights to get an understanding of customers and optimize customer journey touchpoints. With the right mix of tactics, growth marketing tactics can provide a snowball effect on businesses and their bottom line.

2. What differs growth marketing from traditional marketing

difference-between-growth-marketing-and-traditional marketing

Essentially Growth marketing goes beyond traditional marketing methods. The main difference between growth marketing and traditional marketing is the focus on growth.

Traditional marketing focuses on the top of the funnel to drive brand awareness while growth marketing focuses on the full funnel to acquire, engage and retain customers and turn them into the champions of your brand; this means growth marketers involve in experimentation and use customer data-driven tactics and strategies at each stage of the funnel to rapidly scale their business. They work relentlessly to identify the innovative approaches that work best for their businesses.

Another key difference is in the traditional marketing decision-making approach is based on opinion or gut feeling, on the other hand, growth marketing is based on evidence which led to data-driven decisions.

Overall, growth marketing is a more agile and data-driven approach to marketing that is focused on driving sustainable and scalable growth. Traditional marketing, while still important, may not be as effective in a rapidly evolving digital landscape where consumers are increasingly empowered and demand more personalized and relevant experiences.

components-of-growth-marketing

✅ A/B Testing

A/B testing also called a multivariate test, is one of the core components of Growth Marketing. Growth marketers use A/B testing to compare the two different versions. This involves testing option A against option B for example testing two different versions of landing pages, Ad copy, design, and other features. Once the growth marketer finds the best variation that drives greater engagement and conversion, they can then optimize future marketing efforts upon the effective variation to scale their growth plan.

✅ Cross Channel Marketing

Cross Channel Marketing focuses on prospects and current customers through multi-channels such as email marketing, Digital advertising campaigns, Social media, and other channels. While Integrating multi-channel marketing into your growth marketing strategy plan ensures the customer experience is consistent and relevant. One of the finest ways to provide a multi-channel experience is to implement a Conversational Marketing Platform.

✅ Customer lifecycle

The customer lifecycle is also an important part of growth marketing. The customer lifecycle is the journey that your customer goes through during their relationship with your brand. This involves how customers move through different stages of their customer journey, from becoming aware of the product to making a purchase and converting into a loyal customer. As a growth marketer, a crucial aspect is to identify the stages within the customer lifecycle that offer growth opportunities. To determine these stages, it is essential to analyze your business data thoroughly. By doing so, businesses can create effective marketing campaigns to accommodate the changing needs of customers at each stage.

✅ Customer Feedback

Another key component of Growth marketing is customer feedback. The ultimate goal of the growth marketing strategy is to build a long-term relationship with your customers. Gathering, customer feedback continuously gives you insights about what’s their experience and what’s making the frustrated. To gain insights quickly, data analysis is valuable, but interacting with customers directly can provide feedback much faster. You can collect customer insights through surveys, interviews, social listening, and focus group to identify what is working and what is not and based on their opinion to optimize your campaigns.

04. How Growth Marketing Campaigns can be implemented using Pirate Funnel

pirate-funnel

The Pirate Funnel is also called as AAARRR model which helps to scale your business and achieve exponential growth. It is mostly used by growth marketers to find their bottleneck and to find where to pay more attention. AAARRR frameworks track metrics across the customer journey from awareness, acquisition, activation, revenue, and retention to referral.

☑ Awareness

Awareness is the first stage of the funnel, where the customer interacts with your brand for the very first time and learns about your brand and solution, while businesses aim to make people aware of the product and create interest among them. You might have an excellent product that offers immense value but it can be challenging to acquire customers if they did not know about the product. Growth marketers need to focus on a cohesive approach to drive the customers to the awareness stage and retain them throughout the funnel.

For example, Growth marketers can run A/B testing to test which type of blog content or social media posts helps to generate more traffic and engagement.

☑ Acquisition

The acquisition is the process of attracting and converting potential customers into actual paying customers through personalized emails, gated content, giveaways, or sign up for a free trial. At this stage, businesses focus on increasing the customer base and revenue. This stage is very crucial for brands to achieve sustainable growth. So, they have to focus on the right audience.

☑ Activation

Activation is the third stage of the Pirate metric, it is a part of the customer onboarding process. At this stage, businesses convert the acquired customers into active and engaged customers. The main goal is to increase the customer experience. This is the process aiming active customers to use the product or service purchased as soon as possible. Growth marketers run experiments with different onboarding tactics like video demos, and personalized customer services to find what methods are most effective to activate your audience.

☑ Retention

The retention stage of the pirate funnel is to keep the customers engaged continuously and increase the customer lifetime value through continuous purchases. After customers have activated its crucial to retain them. Keeping the customers delighted is a key component of a growth marketing strategy, it’s also important to acquire new users but at the same time, it’s essential to generate revenue from the existing customers. Data enrichment and customer data science assist growth marketers to gather insights about customer opportunities and creating growth marketing strategies like continuous customer support and releasing new product features.

☑ Revenue

Once you have a base of loyal customers, the next step is to focus on generating revenue, where businesses need to monetize their offerings and convert active customers into paying customers. In order to increase sales or revenue streams, growth marketers can experiment and improve pricing strategies by offering premium features, upselling the current customers and developing new price models.

It is crucial to understand that the revenue stage is highly dependent on the previous stages specifically activation and retention. A business will struggle If a business failed to activate and retain its customers. Therefore, it’s important to have a sound knowledge of how all these stages work together to achieve sustainable growth.

☑ Referral

The referral stage is the final stage in the customer journey, where loyal customers play a role as brand ambassadors to refer your products and services to new customers. Meantime growth marketers can experiment with different referral programs by offering incentives or promotional methods like discounts, free upgrades, vouchers, or cash back to customers who refer your business to others. This kind of innovative approach helps to increase referral rates.

🔔 Wrapping Up

To sum up, Growth marketing is a powerful strategy for businesses that thrive to scale and achieve sustainable growth. With the best combination of data-driven insights and experimentation growth marketing helps to attract, acquire, activate, and retain customers to accelerate growth. If you are looking to scale your business and want to increase your ROI, but are unsure where to begin? Start your growth marketing journey today and unleash the full potential of growth marketing to take your business to next level.

de7ab30c5fcad9628526642bd4a2be3365e6397c1f6009acd7df7139e490ab5a?s=96&d=mm&r=g

Verginiya

Hey, this is Verginiya Patrick, Senior Manager - Enterprise Digital Marketing and Operation, with extensive experience in developing data-driven marketing campaigns and strategies, successfully managing marketing teams, and monitoring the performance of digital marketing campaigns.

All Posts

Share this article:

Read More
07 AprBusiness Marketing Strategy

10 Steps to Build the Perfect Marketing Mix for Your Business

When it comes to your business growth, the marketing mix is a very important tool to build the most effective marketing strategy plan. It will help you to show your potential customers why your product or service is unique and better than your competitors. Today in this article I will talk about what is the marketing mix? Why does the marketing mix important for your business? And the 10 most effective steps to develop the ideal marketing mix for your business. So, Stay tuned with me till the end!

introduction to marketing mix

An Introduction to Marketing Mix

The marketing mix refers to the various elements of your business that helps you to put your product or service in the right place, at the right time with the right price. The marketing mix is primarily connected with the 4P’s elements of marketing, the 7P’s elements of service marketing, and the 4 Cs theories formed in the 1990s based on the 4p’s elements of marketing.

 

A Quick Look at Marketing Mix 4P’s

The Marketing 4Ps was developed by the marketing expert named E. Jerome McCarthy in the 1960s which has been used throughout the world as the basic concept of marketing. It also the ground foundation for marketing mix.

 

marketing-mix-4P’s
Marketing-mix-4P’s
1.Product

A product is an element that is manufactured to fulfil the needs of a certain group of people. It can be quantifiable or unquantifiable as it can be in the form of goods or services. You should ensure to have the right product that your target market demands. So, in the product development stage, you must do a broad study on the life cycle of your product involving product branding and product packaging in order to make the right product mix.

product

 

2. Price

The price of a particular product is basically the amount of money that a consumer willing to pay to get the benefit from the particular product. Price is a very essential factor in your marketing plan as it defines your firm’s profit and survival level. Modifying your product price has a great influence on your entire marketing strategy, sales and the demand for the product. While fixing the product price be sure to examine competitors pricing methods and price your product accordingly.

price

3.Place

Planning the distribution or positioning of your product or service is a very crucial part of the marketing mix. You have to position or distribute your product or service in a place that is easily accessible to your potential buyers. For this, you need to have a deep understanding of your target market. By having a clear understanding of your target market inside out, you will find out the most efficient placing and distribution channels for your product that directly connect with your target market and target audience.

place

4.Promotion

Promotion is very important to boost your brand’s recognition and products sales. Promotion is about informing your target market about your product or service. This action will involve direct communication among sellers and potential buyers. Promotion is comprised of various elements such as sales organization, public relations, advertising and sales promotion. Your promotional strategies will depend on your budget and your target market.

promotion

A Rapid Check of Marketing Mix 7P’s

The 7Ps of the marketing mix is a modification from the 4Ps model which is generally used in the service industries. Here is a quick look at the extensions from the 4Ps to the 7Ps version.

 

Marketing Mix 7P's
5.People

Target market and people are directly linked to your business, therefore it’s essential to find out whether there is sufficient amount of people in your target market that is in demand for specific products or services that you are offering. Your firm’s employees also play a crucial part in marketing because they are the ones who deliver the product or service that your target market demands. Thus, it’s really essential to appoint and train the right people to deliver superior product or service to the clients, whether they run customer service, or they are copywriters, designers, or etc. The people in your target market and the people who work in the company will help you to scale and grow your business.

people

 

6.Process

The systems and the processes in your organization affect your execution of the service and product. That’s why it’s essential to have a well-tailored process in place whether it’s your sales funnel, distribution system, a payment system or other procedures. An effective process of working helps you to run your business efficiently.

process

7.Physical Evidence

Physical evidence is very important for a business, especially in service industries. There should be physical evidence of how a business and its products or services are perceived in the marketplace. Physical evidence is the establishment of a business’ presence in the market. For example, when you think about sports Adidas or Nike comes to your mind and when I say Pizza “Pizza Hut” instantly pop up in your mind because these brands establish strong physical evidence in their niche market, thus their brands appear first in line when we asked someone to “name a brand” in their industry or niche.

Physical Evidence

4Ps to 4Cs Marketing Mix

The 4Cs model is a modification of the 4Ps marketing mix model and it’s not a basic part of the marketing mix. But an extensive version of the marketing mix. Let’s check out the 4Cs components one by one.

4Ps to 4Cs Marketing Mix

1) Cost

Price is not the sole cost being incurred when purchasing a product or service. It may be the cost you incur to satisfy a consumer, so, cost of time, cost of conscience or opportunity cost are also the elements of the cost

2) Consumer

You should only sell a product or service that addresses your consumer demand. Therefore, you carefully research your consumers’ needs and wants. So that you can give valuable products and services to your consumers with a Unique Selling Proposition.

3) Communication

Based on the needs and wants of your customers, you need to create open communication with your customers because your customers want to be engaged with meaningful interactions to understand your products and services.

4) Convenience

Usually, consumers looking for products and services readily available to them. Thus, while marketing, you should strategically place your products or services in several visible distribution points that are convenient to your consumers. In simple words make it convenient for your consumers to buy.

Importance of Marketing Mix 

In your everyday business activities, it’s become hard to focus on the big picture, especially when you’re handling multiple things. In this condition, your marketing mix strategy gives you a clear roadmap for your business objectives.

It will help you to be on track while keeping your target market in the forefront of your mind that helps you to market the right product or service to the right people at the right time with the right price.

10 Steps to Build an Effective Marketing Mix 

Above I explained to you about Marketing mix, it’s elements and why it’s important for your business. Now I am going to tell about the 10 effective steps that will give you assistance in building your ideal marketing mix for your successful business. Have a look at them below.

1. Get to Know Your Goals & Objectives

To create the right marketing mix for your business, first, you need to define what you want to achieve as an end result, for example, define whether you want more customers, increase brand awareness or want to get higher sales.

giphy

Every marketing plan has its own goals and objectives. So you need to find out your own goals and objectives and have to set a specific time frame to achieve them.

 

2.Create Your Budget Plan

After getting to know about your goals and objectives for your marketing mix plan, then you need to define how much money are you willing to spend? Like how much money you are ready to spend on product innovation, product promotion and consumer research. It’s really important to create your budget in order to build an effective marketing mix for your business.

giphy

 

3. Decide Your Unique Selling Proposition (USP) Method

In a world of competitors, it’s really important to advertise and market your product in an effective and unique way and we call it a “unique selling proposition” (USP). Describe your users about the benefits they will get from using your product or service. And tell them what unique problem you’re solving with your product and service better than anyone else in the market.

giphy

4.Define Your Own Target Market

In order to have effective communication with your target audience, you need to know who they are, their expectations from your product or service, their preference and how they want to be communicated with. Build an in-depth profile of your ideal buyer. Make sure you have collected all the essential customer information to create a complete picture of your ideal customer with enough details.

giphy

 

5. Get Advice from Your Customers

Ask your customers what they are thinking about your products or services and what the expectations they have are. You can gather this information by asking your customers questions like What do they think of your product?, How satisfied are they with the quality? Are the benefits apparent? and How is your product effectively or not effectively meeting their needs?. Use their answers and feedback to improve your service or product. This tactic also helps you to appear more relatable and approachable to your customers.

giphy

 

6.Describe Your Product or Service in Detail

To plan a perfect marketing mix, first, you need to have a good understanding of your product or service. Therefore, take your time to describe the specific qualities and value of your product or service. Get to know the unique features that show the worth of your product or service. Knowing your product worth help you to build an effective marketing mix that enhances your products or services.

giphy

 

7. Be Aware of Your Distribution Channels

Identify which distribution channels you are going to use for marketing your product or service. Because your choice of distribution channels will influence your promotion methods and the pricing of your products or services. Depending on your product and target audience your distribution channels will be: Selling to wholesalers who will sell to retailers, who will then sell to the consumers or selling directly to the retailers or selling directly to your consumers.

giphy

 

8. Make Your Pricing Strategy

You need to find out the smart ways to differentiate your product on price. Do proper research on your competitors and make sure you are not overcharging your customers for the product. Also, get to know what your target audience might be willing to pay for your product and what it costs to produce your product. Based on these facts you can create a better pricing strategy.

giphy

 

9.Select Your Promotional Methods

You should make your target audience to be aware of your product or service offering. Successful promotional methods include numerous tactics like:

  • Direct Marketing –Directly connecting with the targeted individuals through catalogues, telephone marketing or mobile marketing.
  • Public Relations –Connect with the massive amount of public through Press releases, exhibitions, conferences and sponsorship deals.
  • Advertising –Introduce your new product or service through advertisements on Television, radio and print advertisements in the newspaper.
  • Personal Selling –Do personal presentation and demonstrating how your product works through your sales team.
  • Word of Mouth –Creating positive word about your product or service through social media and buyers’ recommendations.

Based on your product, target audience and your industry niche select your promotional methods and plan your promotional strategy.

giphy

 

10. Make Use of Inbound Marketing

Inbound Marketing also plays an important role in developing a marketing mix for your business. So, in your Marketing mix plan, you should include effective inbound marketing as well. In your inbound marketing plan include the below elements:

  • Website –Nowadays customers want to interact with the brands where they are making their purchases. So, having a business website for your brand will provide a platform for your customers to interact with your brands and products.
  • SEO –Search Engine Optimization (SEO) will help you to rank your website on search engines like Google so the online users can get directed to your website where you can convert your website, visitors, into customers.
  • Email Marketing –You must collect your customer contact database and follow up them regularly. Email is an effective way to communicate with your customers and keep then information about your new products or offers.
  • Social Media– Having a website is not enough, you should use popular social media channels like Facebook, Twitter, Instagram to deliver messages to your target audience and build brand awareness in your target market.
  • Blogging –By putting out regular content through blogging you can make your business stay in the top in the mind of your target audience and there are high chances to get leads through your blogs. So, make sure to write good content.

Use of Inbound Marketing

Conclusion

Creating a perfect marketing mix will help you to develop the best products and services that better fulfil the needs and wants of your target customers. It also helps you to make your target customers know why your product or service is better than the product or service of your competitors. Even though 4P’s remain the core to create a marketing mix, you should include inbound marketing in your overall marketing strategy for your business. I am pretty sure that the above 10 steps will help you to build a perfect marketing mix for your business.

Hope you’ve enjoyed reading my post. Please leave a comment regarding the blog post or let me know if you’re interested in learning more about the marketing mix.

 

Read More