So you’re launching a new product or service and you’re not sure where to get started? This one’s for you…
You might have heard the term “marketing mix” used before or maybe you’ve heard about the 4 P’s of marketing? What exactly do those terms mean and why is it helpful to know from a business standpoint?
“Marketing mix” is a marketing model for businesses that is centered around product, price, place, and promotion (AKA the 4 P’s). It’s a “set of marketing tools that a business uses to pursue its marketing objectives in the target market.”
Implementing a new service or launching a new product? The marketing mix approach is a great place to start. It helps avoid mistakes and failed launches.
According to Mind Tools, the 4 P’s (created by E.J. McCarthy) are just one way of defining the marketing mix.
When launching a new service or product, ask yourself these questions in relation to the 4 P’s:
(1) Product or Service
- Why would your customer want to buy your product/service (think about needs)?
- What features does your product or service have that will meet these needs?
- How does your product or service look (aesthetically speaking)?
- What is your service/product called?
- How are you branding your product?
- How will customers experience your product/service?
- How is this different from what your competition offers?
(2) Place
- Where can customers find your product or service?
- Do you need sales to help promote? Can you promote online and/or does it need to be in a store?
- Where do your competitors present similar services/products?
(3) Price
- Do your competitors have prices established for a similar product or service? How does your pricing compare?
- What discounts or special offers can you make for this offering?
- What is the overall value of the product or service to your customer?
(4) Promotion
- How will you reach your target audience (online, press, TV, email, mailers, etc.)?
- Where should you get your marketing message across to reach your target audience?
- When should you start marketing your new product or service?
- How are competitors marketing similar services/products?
It should be clear from reading the 4 P’s that branding needs to be at the forefront of a new service or product launch. When you prioritize branding a new service or product, you’ll be able to understand WHO your target audience is, WHERE to reach them, the NEEDS your product/service fills, and what your CUSTOMER JOURNEY looks like.
Curious about implementing a marketing mix or branding strategy for your next product or service launch? Slide over our Contact page to schedule a free 30 minute consultation.
