Marketing Mix modeling is calculated analysis of marketing activities through 4ps of marketing Mix. In Marketing Mix modeling mostly we use 4Ps of marketing mix to check and enhance the performance of every medium or source we have used for promotion of business.
Every business needs planning calculation to preform well in the market. Without planning its useless to conduct any business activity. So every activity related to business is calculated and organized with proper planning, knowing its pros and cons.
Why use Marketing Mix Modeling?
Marketing is one of the main element that contribute in the success of every business. But it benefits only if its done in a proper way. Proper planning and analysis is required to determine the directions of digital marketing. For that we use Marketing Mix Modeling
What is Marketing Mix Modeling?
Marketing Mix Modeling is to understand statistically which marketing plan is performing well as compared to others. In Digital Marketing different platforms are used to promote, products, services or business related other content. Each medium has its own dynamics, uses and features. That help businesses to grow in different ways. So technique or process to determining which medium is more beneficial and effective for our businesses this analysis through statistics is Marketing Mix Modeling
How to Use Marketing Mix Modeling?
Marketing Mix Modeling is to plan or analyse about any business or product going to launch. Its purpose is to determine its success and failure rate. Whether this business or product have the potential to generate revenue or potential to succeed in the market. For that most popular method used by the marketer is 4ps of marketing Mix. Its the basic technique consist of 4ps that include Product, Price, Place and Promotion. Lately it was upgraded and more three more “Ps” included that are People, Physical Environment and Process.
Initially we describe the Basic 4ps of Marketing Mix Modeling because these are the main elements of marketing mix.
Product
Every Product needs a pre launch planning. That planning require answers of some questions and data. Before launching a product search why your are going to launch this product. Whats the need of this products in the market. What customers want or why they buy this products. These are some of the questions to be answered before launching any products, services or business. For that you can use different tools for data collection. Use Google Search to know what people are searching for related to your product niche. Find the keywords people use for search for that. See what are the trends of the market. You can use Google Keyword Planner and Google Trends or want more deep results in professional way use SEMRush keyword research tool. SEMRush has more options then Google Keyword planner and Google Trends. Also analyse competitor data for more accurate results. After search, analyse the approx potential customers or target audience and evaluate does your product has the potential to meet with competitors and generate revenue.
Price
After product analysis and knowing the needs of the customers. Next step is to set the price of the product you are going to launch.To determine the price of product, consider production cost profit margin,supply or demand ratio in the market. Competitors price for the similar products. Products with low price and superior quality get more attraction. So try to keep the price low then competitors and produce high quality products for the customers if want success in the market.
Place
Its also a part of product research to seethe perfect market for your product. But its necessary to discuss it separately as well. Before launching a product focus the market where you are going to launch products or services.Either you are going to launch it globally or on a local market. It should be easily available. Then decide the proper time for its launch according to the local and international market. It depends on the location when customers want this product most in specific location.
Promotion
Last but not the least in 4ps pf marketing mix is Promotion. Its also as important as the above three steps. Without promotion of any products, services or business, success is impossible. But its should be done in a proper way. Without planning its useless or waste of resources. Properly plan the promotion. Choose proper platform and create content according to that platform. Because every platform has its own dynamics and specific audience. For promotion you can use Paid Advertising, Website with proper SEO, Social Media Marketing, Email Marketing or Marketing Automation with Getresponse. One of the best tool for Email Marketing and marketing Automation used by most of the business and get success through Getresponse. Use video marketing for business promotion through Youtube, Webinars and others
These are basic 4ps of marketing mix but later they were updated and more elements added in that. Which makes 5ps and even 7ps of marketing. The Ps lately added were Process, Physical Environment and People. So lets check out these as well to understand the marketing mix in a better way.
People
In Marketing Mix People refer to the employees or the persons whole are involved in the business activities. In other words who conduct the whole business or marketing activity they should be skilled. Their skills should be relevant to the business activity so that they can perform business activities in a better way.
Process
The process means the activities takes place in the business during the sales generation and others. Every business owner or marketer should focus those activities and remove any hurdle in the process of sales. These process include sales funnels, payment system and other things like that
Physical Evidence
Its about whats the perception of your products in the market. Does your products or services are in the market and in the minds of your customers.Are people trust your product. In simple is your product available and reliable in the market for your customers. This is Physical Evidence in the marketing.
Now these are 4ps, 5ps or 7ps of Marketing and mostly used but their is one another p for marketing and considered by the marketers for their marketing mix and that is Productivity & Quality
Productivity and Quality
It the basic need and demand of the customer when he decide to purchase any product or service. He want productivity and quality to justify his purchase. So to be successful in the business. Productivity and quality should be preferred.
So including Productivity and quality these are the 8ps of marketing mix. That you can focus to get success in business. These are not the final or ultimate you can also add more points you think beneficial for your business.
Its a review blog and some of the links are affiliate links.
