Everything You Need to Know About Marketing Mix for Entrepreneurs?

According to Alan Safahi, an entrepreneur, business expert, marketing professional, and founder of a startup company in San Francisco, understanding and implementing a marketing mix strategy is critical for entrepreneurs to achieve their goals and promote their brands, products, or services. It has four Ps:

• Product
• Price
• Placement
• Promotion

Today’s article will discuss the 4Ps of the marketing mix and give you a few practical ways to streamline your strategy based on Alan Safahi’s experience and insights. Read on!

4Ps of Marketing Mix

When you perfect your marketing mix via the four Ps model, you can achieve your goals, improve your business reputation, increase sales, and generate more revenues. Here is what you need to know!

Product

According to Safahi, a solid marketing mix strategy starts with a product or service that meets consumers’ needs. Therefore, it is crucial to assess your product and its features before launching it on the market.

For example, when you develop a new product, you need to understand how it can positively change consumers’ lives and whether it aligns with their demands, preferences, and lifestyle.

Remember, the product is an integral component of a sophisticated marketing mix strategy. So, understanding your product inside and out is critical to optimizing your marketing strategy and achieving your goals.

Price

Alan Safahi Orinda says pricing is essential for entrepreneurs and small businesses. For instance, if you set higher prices, you will lose customers. On the other hand, you won’t generate higher revenues when you set low prices.

Therefore, you need to focus on the product pricing strategy and set its prices according to the market conditions. Otherwise, you won’t achieve a competitive advantage. Consider pricing as a marathon and not a sprint.

When you frequently set or change prices, it will create a sense of distrust among consumers. So, find the correct/suitable price for your product or service and make changes according to the market or competitor’s strategy to stay afloat.

Place

The third P of the marketing mix model is the place. It refers to the geographical location or eCommerce market to sell your product or service. It also involves the methods for sourcing the materials and delivery of the product.

Therefore, Safahi recommends evaluating the domain/area and knowing your target audience. Create a buyer’s persona and decide the sort of business or platform to attract more customers.

Promotion

Promotion is the last P of the marketing mix model that involves improving public relations, using rewards/promotional products, developing discount strategies, and leveraging different online/offline channels to market your product or service.

According to Alan Safahi, digital marketing has dominated the business world. Social media sites like Facebook, Twitter, and Instagram, allow entrepreneurs and businesses to use targeted ads to reach their audience or potential customers.

However, a marketing mix strategy also requires using traditional advertising methods, such as signage, billboards, print ads, and broadcast ads. Thus, you can reach your target audience online and offline and encourage them to know more about your brand, product, or service.