The right marketing mix strategy is imperative for every business, big or small. Also, there’s never a one-size-fits-all when it comes to such strategies for businesses. If something works for your brand, doesn’t mean that it would work fine for the rest. Hence, a well-researched marketing mix strategy should be there for every business which can differentiate its services and products from the rest.
In this article, we will help you with a few rules to follow if you wish to have a rocking marketing mix for your small business in Canada. However, before jumping straight to the point, let’s first understand what exactly do we mean by a marketing mix.
What is a Marketing Mix?
These are the tools that are required to meet the business goals and consumer needs. There are four elements that comprise a ‘marketing mix’. They are also referred to as the four Ps of marketing in general. What are they?
a. Product: It is the basic element. The product or service that you deal with which you are ready to offer to your target audience.
b. Price: How much does your product cost? The right kind of pricing strategy is vital to be able to reach out to a bigger customer base.
c. Place: The placement of your products or services will help you to gauge your customers better. This also refers to the decision of the distribution of your goods from the manufacturing end to the customer’s doorstep.
d. Promotion: This one is the sum of all communication between the seller and the buyer which is facilitated through direct or indirect means.
The Right Marketing Mix for Your Business
Now that you are aware of all the four Ps of marketing, let’s walk you through the 6 simple steps to develop a marketing mix for your small business in Canada.
1. Set Functional Goals
Now, the very first thing to do is create a smart and achievable goal for your business. You, as a brand, should be able to understand the end results of your business. Depending upon your business strategy, you will have to fix a few goals which could be more customers, an increase in profits or creating better brand awareness.
2. Define a Budget
As a small business owner, it is essential to define a budget for your business. You should be able to allocate the proper money that you wish to spend on product research, product launch, and product promotion. Allocating a budget is extremely vital during defining your marketing mix. If there’s no predefined budget, it will not be possible for you to carry out your brand activities in peace.
3. Establish Your USP
A USP or Unique Selling Proposition is a marketing strategy that your users will look at while approaching you with their needs. This is basically something that will make your products and services different from your competitors. Also, it will define how your customers will benefit from your brand. Do not forget to mention in your USP that your product or service is capable of solving a problem and how it is unique from the rest.
4. Define Your Target Audience
For better communication of your solutions, it is most important to define your target audience. This will also save a lot of time in the future. Marketing your products/services to everyone isn’t a good idea. All businesses should be able to select a particular segment to reach out to or to market themselves who will be most likely to be interested in their offerings.
5. Take Customer Feedback Seriously
If you have been ignoring the same all this while, don’t do that anymore. Your customer’s feedback is very valuable information that can help you make some vital improvements in your business. You can create online surveys or questionnaires which could be an efficient way to store valuable feedback.
6. Define Your Pricing Strategy
This is a very important part of your business’s marketing mix. You should be able to well-define your pricing strategy for better growth in the future. You need to do research on how much your competitors are charging. You can, in no way, charge your customers more money. This will also help you understand the price basket that your target audience will be willing to pay. Going above that range won’t help you with selling your product.
Wrapping it Up,
Having a well-defined marketing mix strategy for your business can help you reach your customers in a much better way. If you can follow the above-mentioned steps properly, you will be able to successfully integrate a working marketing mix strategy for your business.
Also, if you wish to learn more about such vital tips to make your small business thriving, subscribe to the CanadianSME Small Business Magazine now!
