8 Product Marketing Mix Tips-1. To sell your company effectively, you must first grasp the unique prospects and how they vary from other forms of media.
These eight Ps assist marketers in gaining a new perspective and identifying new marketing mix opportunities. Product, price, promotion, place, positioning, people, packaging, and partnership.
Consider how you and your team may enhance your next go-to-market strategy, product launch, or sales campaign by going through each “P” below.
8 Product Marketing Mix Tips-1 and how it works
A good product can be sold at any price. If a product has no perceived value, it will not be purchased regardless of price. It may be free, but no one will pay for it. It may cost only $1 and people won’t buy it because of its perceived value.
A product sells for what people are willing to pay for it PLUS the value they place on its benefits over the competition PLUS what they are willing to pay for the service or delivery plus the entire experience of obtaining or consuming the product or service.
The perceived value of a product or service to the consumer is one of the most important success factors in selling today (and in business today as well). What does your company sell? How does your product/service/idea compare to others?
What makes your company unique and different? Use this page as an exercise to list your key values and benefits and why people should buy from you rather than your competition.
Is there a right price? Yes, if you understand how buyers think about value.
If you know what they consider valuable to them, you can determine what they are willing to pay for it, but if you price too high, you’ll lose out on sales, perhaps forever! If you price too low, you’ll lose profit margin and perhaps have trouble making ends meet.
Price doesn’t matter if nobody buys your product! Price is all about perception…is one thing worth more than another based on its perceived value?
Does something cost more because it’s better quality than something else? Sometimes this is true and sometimes not! What should the packaging cost?
The shipping costs? Should the marketing budget be included in your overall pricing structure? What do your prospects really want for their money? How do they decide which one to choose from all of these choices?
And How does your company compare with other companies in terms of pricing and perceived value? How will competitors react when you change prices (or don’t change them)? Will customers stay loyal to your brand if prices increase over time?
Promotion is the communication of your product’s features and benefits to prospects. It’s how you tell the world what you have to offer. Promotion is an integral part of the overall marketing mix.
Hence, Promotion is more than just advertising, although advertising is part of it. Promotion includes all the activities that inform potential customers about your product or service.
It’s a strategic plan to put your organization and your products in front of your target market at the right time, in the right way, with the right message to get them to buy. It’s a critical part of selling that should be carefully planned and implemented.