Analyze how your product meets the needs of your customers. Your product should clearly serve specific customer needs. It’s important to be able to articulate what those needs are and how your product or service uniquely meets them. You’ll use this information later when you develop a marketing campaign that tells customers what your product does and why they should buy it. You should be able to point to market research and other data that backs up these customer needs.
Understand the places where your target audience shops. Evaluate what sorts of retail stores and online platforms your target customers frequent. If your product is being sold in a physical location, make sure that it’s available in neighbourhoods where your customer base lives and at stores where they shop. If you are selling a product online, be sure that customers in your target market actually shop at the ecommerce sites you are featured on.
Decide on a price for your product. Draw on market research to set a proper valuation for your product that will appeal to your target customer. Valuation should rely on economic data regarding the budget and spending habits of your customer base. Some marketing professionals will arise their product’s price to make it seem more exclusive or luxurious.
Formulate marketing messages to promote your product. Develop marketing concepts that will appeal to your customer base and communicate how your product serves them. This is also the stage of your marketing mix process when you’ll decide what types of marketing communications to invest in. Depending on your product and target customer, your marketing plan could use a variety of channels including traditional marketing methods, direct marketing, or digital marketing.
Look at the four Ps for your product holistically and decide if they fit together. Now that you’ve created a cohesive marketing mix, take a look at each of your 4 Ps and decide if your plan fits together. Constructing a marketing mix is all about crafting a plan where each element works in concert with the others.