Not all marketing strategies are created equal. Not all are the same. Each business is unique, making each marketing mix original. However, there are a few basic approaches (http://www.smallbusinessbc.ca/growing-a-business/how-grow-your-business-right-marketing-mix) in discovering the perfect marketing mix for your small business.
- Evaluate your target markets. How well are you reaching your current audiences? Could you reach more potential customers more efficiently? ? What about undiscovered markets? Are there new territories in need of research and discovery? What about smaller, niche markets? Rest assured there is still unchartered territory waiting to be discovered.
- Pricing. What is your pricing like? Are you overpriced? Underpriced? Based on your evaluations of your markets and your products and services, are your prices the right amount for each audience? Review each market, as well as your products and services you offer. Based on your quality of service and product, as well as any new features, added extras, discounts, etc., and then factor in the demographics of all your markets; your pricing strategy should evolve from these market characteristics.
- Branding and Promotions. What is your business? Does your brand still reflect your business’ promise, values, and image you’d like portrayed to your customers? If not, what is the new brand image your business needs, how will you promote the new image and still maintain current customers, as well as gain new ones? If your brand image is still portraying your business accurately, what are a few ways to improve the brand awareness through promotion? Are there new channels your current customers are using that your business could pursue in regards to creative advertising and promotions? What about new customers? Is there a new, specific audience you’d like to reach? What channel will create the most brand awareness in reach them? Over all, which channels optimize brand awareness and promotional budget?
- Evaluate your products and services. Remember, there’s always room for improvement. Sometimes, your original product or service no longer fits the markets you’re currently serving or aiming to serve in the future. Changes may need to be made; special features, added extras, discounts, and benefits, may need to be added, removed, or adjusted accordingly for each audience.
Each business is different. Ultimately, the approach to find the perfect marketing mix is the same, however, approaching the process creatively results in innovative marketing mixes that can potentially set your business a part from competitors.
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