Do you know what makes your competitors successful? Researching your competitors can help to give you insights to inform your own marketing strategy. Competitor research can also show you what you're up against and learn what works for others in your industry. You can then leverage this information to stand out from your competition and reach potential customers in new ways.
Speaking at our event Marketing Disruptions: The New Normal, Jason Suapaia will be joining us on our panel. Jason was the Board President of the Film and Video Association of Hawai‘i, co-founder of ‘Ohina The Short Film Showcase and in 2011 was named as a young business stand-out (Forty Under 40) by Pacific Business News. He currently is the Executive Director at Ocean Blue Hawaii + Japan. We are excited to hear Jason share of his many accomplishments in the creative industry. You can purchase your tickets through the link in our BIO.
When I began working in marketing in the mid 1990s, the term "marketing mix" was the heart of all marketing strategy. Essentially the marketing mix is the actions or tactics which are used to market a product or service.
It consisted then of four P's - product, price, promotion and place. This has evolved to now include people, process and physical evidence.
In a nutshell:
PRODUCT refers to all of the features of the product or service you are offering. This includes its benefits to the consumer.
PRICE is obviously what you are selling your service or product for. When considering pricing, you need to take into account the price of making the product, what profit margins you wish to achieve as well as what price your competitors are selling their products/services.
PROMOTION includes all of the marketing you use to get people to see your product or service. This includes advertising, email campaigns, word of mouth, social media etc.
PLACE means not only where your products or services are made and carried out but also where and how they are distributed. Access to what you are selling is vital.
PEOPLE refers to all staff, including the owner, who are the face of the company. Exceptional customer service is key and it creates brand loyalty and repeat business.
PROCESS is about ensuring quality standards in delivery and management of the sales process. Do you have a good returns policy? Do you deliver the same level of service to everyone?
PHYSICAL EVIDENCE centers on every interaction your client has with your business. It includes your branding, packaging, your retail space, how your staff dress etc.
Hopefully I've given an easy explanation of what a marketing mix is. If not, please leave a question below or direct message me.