Do you know if there is a marketing mix in your company? Perhaps the concept is not easy to recognize, but we assure you that you live with it daily. Below we will share information with you so that you know it in more detail.
When advising a company that was going through difficult times, we realized that a fundamental detail was missing: direction and marketing strategy. That is to say: this company did not have a marketing mix.
This means that although they were clear about where they wanted to go, they did not know how to achieve that goal. And that situation is frequent in many companies.
Therefore, if you find yourself in a similar circumstance, it is essential to know exactly what the marketing mix is and why it is so important for your company to have a well-defined strategy.
What Is The Marketing Mix?
The marketing mix is the set of tools that help a company achieve its goals and make better market decisions. Through different variables, a joint effort is made to influence consumers and motivate them to choose a particular product or service.
Various factors and transformations influence consumer behavior, forcing companies to keep their products or services in constant evolution, to continue meeting the expectations of their customers.
What Is The Marketing Mix For?
The purpose of the marketing mix is to determine what are the actions that a company or brand must undertake to satisfy customers (by analyzing their behaviors).
Jerome McCarthy in his 1960 book Basic Marketing: A Managerial Approach ( Basic Marketing: A Managerial Approach ) proposed a theory of good marketing strategies, originally called the 4Ps, which were actually reformulated by Robert F. Lauterborn in 1990 and today they are known as the 4Cs and are the variables of the marketing mix.
The 4 Variables Of The Marketing Mix
The difference between the 4Ps and 4Cs lies in giving a greater focus to customer service. This seeks to carry out an evaluation of the wishes and needs of the client to please them with a product or service.
Each “C” represents one of the marketing mix variables. We explain each one in detail below:
1. Consumer
Understanding consumer needs is key to any marketing strategy; For this it is important to study the client. When you focus your attention directly on it and everything around it, you can more effectively give direction to your product or service. So you can achieve the success you are looking for.
If you know what consumers want and need, then you can offer concrete solutions to their problems and better set your sales goals.
To better define this variable you can answer the following questions:
- Who is your ideal client or buyer persona ?
- How does your product or service meet their needs?
- What does your product or service provide that the competition does not?
- What are the benefits of your product or service to your customer?
2. Product cost
With the number of options that exist in the market today, the cost of your product or service represents a very important element. You must analyze the amount that the client is going to pay very carefully and seek to reduce it from the manufacturing process. This factor, along with others, will determine whether or not customers will purchase your product or service.
There is no specific formula to establish an adequate and attractive cost, but you could define it based on the following questions:
- What is the total cost the customer will pay for your product or service?
- Is the cost of the product or service fair?
- Is the cost equivalent to the quality of the product or service?
- Compared to the competition, is the cost of your product or service more affordable for the customer?
3. Convenience
This element refers to the place where it is most convenient for the consumer to purchase your product or service. It can be a physical point of sale or your website, and for this it is necessary to know the habits of your buyer persona. This is one of the variables that has evolved the most in the marketing mix strategy. Since the arrival of new technologies, the way in which consumers purchase their products is very different and covers very specific needs.
To better define this element, answer the following questions:
- How is the distribution of your products?
- Do you have an e-commerce site?
- On which channels are your products available?
- Which channel simplifies the buying process for your ideal client?
- Do you have good customer service ?
4. Communication
With the advent of social networks, the interaction that users have with brands has increased. For this reason, it is important to establish a dialogue through all media and create content that allows fluid and clear communication, which makes it possible to promote your products and services, as well as answer consumer questions. Building a cordial and healthy relationship with customers is one of the keys to the success of any marketing strategy. For this, it is important to have a communication strategy of excellence.
Answer the following questions to better define this variable:
- What are your leads’ favorite communication channels?
- Are there appropriate communication strategies for each of the channels where your consumers are?
- What is your customers’ favorite communication style?
- Is communication in general done with your leads in mind?
- How are you promoting your product or service?
Remember that all the variables of your marketing mix strategy must operate together, in an organic and well-planned way. In addition, the way in which you implement them must be consistent, because only then will you be successful.
If you think about it, all these variables are quite obvious and necessary, especially with the advent of the digital age. Marketing strategies must adapt to these changes and take into account that what is essential is not the product or the company, but the client; and products or services are the way to delight them.
What Are The Marketing Mix Strategies
1. Generate unique customer experiences
Currently, there is no doubt that consumers interact more with companies thanks to technological development. Therefore, understanding and analyzing the consumer to create personalized content and unique experiences that take them through the sales cycle are essential activities of a good marketing strategy. In this context, trust and personalization are basic factors for strategies to work.
2. Have adequate sales tools
The proper use of sales tools is also a key element to better interact with your customers; In addition, it will improve decision-making regarding the promotion of your product or service. Remember to have a website, e-commerce, social networks, email marketing and contact forms.
Both marketing mix strategies can drive the 4C variables. However, the marketing department will need to consider which approach to prioritize, depending on your company’s particular circumstances. In any case, it is recommended that both perspectives work together, as this will achieve better results for your company.
On the other hand, you can also make use of HubSpot’s free marketing tools. With them, you’ll learn how to initiate, nurture, and manage relationships with your leads and customers using HubSpot’s free CRM and marketing tools.
You can create a HubSpot Academy account completely free: it will give you unlimited access to our entire catalog of educational tools and free software. Create an account and you will never have to give your data to access the content again.
Examples Of Marketing Mix
1. Marketing mix at McDonald’s
Consumer
Fast food is one of the industries that can best exemplify this type of strategy in the market, since it focuses mainly on the consumer and their needs. Therefore, it dedicates its efforts to better understand its customers, their habits and lifestyle, in order to offer them products that meet their needs.
McDonald’s has best practices focused on the 4C variables. One of its main missions is to gain the trust of its customers and overcome the image that its products are not very nutritious. For this reason, since 2011, this company has made changes to its ingredients to improve the nutritional balance of the Happy Meal: it has integrated fruits and healthier portions for children; it has also included salads in its menu.
product cost
With these previous efforts and changes, the brand demonstrates that it directs its marketing mix strategies towards the consumer by caring about the ingredients and portions it offers; just as you worry about the total cost you will pay for the product. So it has been dedicated to designing different packages for all wallets.
Convenience
This brand became famous for its physical restaurants, but now you can place your orders from its website or its application and pick them up at the nearest branch. In this way it offers greater ease of purchase.
Communication
Its application has allowed it to innovate the relationship with its clients, since it maintains continuous communication with its consumers, through its campaigns and the different promotional channels, such as social networks.
2. Marketing mix in DiDi
Consumer
The private transport company is also an excellent example of a marketing mix, which successfully meets its variables. The company has functionally adapted to the needs of its consumers, as it has created a very intuitive and easy-to-use mobile application, both for iOS and Android. In addition, it expanded its market by offering shipping, food delivery and supermarket shopping services.
product cost
The cost of its service is completely competitive (although it faces great competition), since it offers prices adapted to the needs of its clients.
Convenience
DiDi’s convenience with its clients has been growing strongly, since in addition to having coverage in different Latin American countries (such as Mexico, Argentina, Brazil, Colombia, among others), it also has an international presence in Asia and Oceania.
Communication
DiDi is present in all online and offline channels. In addition, it has different marketing strategies with influencers to approach audiences from different niches, to which it can provide different transportation services.
3. Marketing mix at Adidas
Consumer
Michael Jordan himself admitted that when he was beginning to stand out as a basketball player, one of his dreams was to be sponsored by Adidas. And it is not for less, since this brand has worked hard, since its foundation, in the manufacture of footwear specialized in different sports. In addition to that it has expanded its clothing offer for all ages.
product cost
Regarding its prices, it is certainly not the cheapest option in the sports shoe section, but it does have affordable prices for mid-range models. Also, the quality of their products definitely represents a good investment.
Convenience
Like any global brand, Adidas has its own physical stores, distribution in sports stores and shopping centers, as well as its online store available in multiple countries.
Communication
It is a brand that strives to show commitment to athletes, especially on its social networks, where it shows a fresh, passionate, focused and adventurous image.
4. Marketing mix in Paypal
Consumer
Paypal came to provide a solution to one of the greatest needs of the modern world: secure purchases on the Internet. Best of all, transactions or movements can be done from any device, something that your consumers definitely love.
product cost
When it started, the commissions were so low that they barely showed on the receipts; now they have increased and are different for each country, however they do not exceed 4%. A fairly fair figure for the good service it provides.
Convenience
This company is almost universal, since it has agreements in almost all countries, and there are very few exceptions. It is enough to have access to the internet and a debit or credit card to have an account.
Communication
The greatest interaction occurs with its customers through its platform and through email with notifications and advertising. In addition, his presence is very active on social networks.
Now that you know what the marketing mix is, its variables through the 4Cs (consumer, cost, convenience and communication) and you have seen examples of well-known brands, you can develop them in your business and expect success to come to your company.
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