Finding the Right Marketing Mix

Building your business requires building a customer base. This requires a cohesive marketing strategy including the development of a marketing mix. A variety of tactics that will consistently draw customers over a long period of time. The first step is to know who your customers are.

Know your Customer

marketing mix and target customers

Knowing your target market doesn’t mean that you exclude those who don’t fit that criteria, but it does mean that your target market is where you focus most of your attention. Your target market can be defined by a number of things – gender, income, marital status and geography. You may have more than one target market. Ask yourself what kind of people use – or will benefit from using – the products or services that you deliver. Look at your existing customers, survey them and find out why they buy from you such as what price price and benefits they are looking for.

Research your Competition

Research your competition and understand who they are targeting and how. You may not want to target the same people but rather look for a niche market that they aren’t paying much attention to. Once you know who your potential customers are you can start breaking them down into demographics and matching those demographics with your products and services.

Customised Marketing Strategy

The next step is to develop a marketing strategy that will reach them. A lot of this depends on your budget and and what your sales targets are. How many new customers do you want to add and how quickly do you want to add them? Your goals should match your budget.
Even so, there are a number of marketing tactics that do not require a great deal of out of pocket expense. This is where the Internet comes in handy and social media is your friend.promark marketing mentor

While a given marketing mix of strategies depends a great deal on the type of business and the nature of products, you should always have one or two tactics that will draw in customers quickly, and three or four tactics that are designed to bring in customers over the long term. This will create a sustainable business model where new marketing elements can be added while lowering the chances of losing market share by putting too many eggs in one basket.

Ultimately, the right marketing mix will be the one that best serves your business needs.

Scroll to Top