9 Reasons Why Marketing Mix Is Important To Your Business
Marketing Mix is important to your business for a number of reasons.
There are a number of important elements that make up marketing mix.
The elements play out individually and collectively to make sales to take place.
Below are the elements that interact together to generate sales for your business:
Marketing Mix: Products
Products are very important components of marketing mix.
You cannot say you are in business if you have no products that you want to sell to consumers.
Consequently, it is products that attract customers to your shop.
However, for people to buy from you, the products you are selling must meet the following criteria:
- High quality
- Long lasting
- Easy to use
- Meet the needs of your customers
- Make customer happy
- And satisfied
You cannot expect to drive sales if you are selling products that nobody wants to put his money.
Most importantly, the products you are selling should make your customers satisfied enough to make them to recommend your business to their family, friends and associates.
Marketing mix: People
People element is another important component of marketing mix.
In business things do not just happen. It is people that make things happen
You need the services or inputs of people to close sales.
For example, you will need:
- Drivers to make delivery to customers
- Storekeeper to record goods received from suppliers
- Accounts clerks to write up the invoices
- Cleaners to ensure that goods on the counter are not dirty
- People to provide security for the goods
- Sales men to move around canvassing for sales
- Front desk personnel to handle customer service issues
- and so on
Most importantly, you should realize that even the best products will not sell themselves: people must play some roles to make sales.
Marketing mix: Place
The place where you do business is another important component of marketing mix.
Place is where you have your office, shop, store or warehouse.
Moreover, it is the place where most of your business activities take place.
More importantly, to meet the expectations of customers, the place must meet the following criteria.
The place must be:
- Convenient for your customers, suppliers and employees
- Easily accessible
- Safe and secure
- Pleasant and attractive
- Properly fitted with good lights
To enable you keep your existing customers and get new ones, you need to regularly upgrade the PLACE where you do business.
Marketing mix: Price
Price is an important component of marketing mix that can make or break your business.
You must remember that the concept of price is nothing but an estimate of what the customer will be willing and able to pay.
Consequently, product pricing has and will continue to be a source of worries to all businesses.
In spite of these obvious pricing challenges prices must still be set because businesses must move on.
Firstly, if you price your products too high you will scare your customers away.
On the other hand, if you price your products too low, you run the risk of operating at a loss.
This is because you will not be able to cover the cost of running your business.
You should y able to cover your operating expenses before you can talk of profits.
Thirdly, if you set your prices too low, customers may think that your products are inferior.
More importantly, you should make sure that you set prices at levels that will enable you to compete in the marketplace.
Remember to regularly review your prices to align with prevailing market prices.
Business promotion is one of the important elements of marketing mix you need to drive sales in your small business.
Advertising, public relations, marketing and sales promotion are some of the tools you need to make sales.
For example, if you do not promote or advertise your business many people will not know that your business exists.
Furthermore, when many people know about your business, chances are that they will buy from you.
Marketing mix: Process
Process here simply means all takes to do business with you.
It is an important component of marketing mix.
For example, your business processes can include:
- Ease of doing business
- Excellent customer service
- Trust and confidence in your business
- Ability to help your customers, when they ask for it
- That you fulfill your promises
Therefore, the entire business process should be seamless, purpose driven and results oriented.
Physical environment refers to the availability of suitable environment that will be good to you and your customers.
Basically they include, among others:
- Good access road
- Parking slot for customers, suppliers and employees
- Light and water
- Security for your investment, customers and employees
For example, some areas are known for crimes, violence and other criminal activities.
And so such areas cannot be safe and secure for you to do business.
For instance, suppose a customer parks his car in the front of your shop and somebody makes away with the vehicle.
Clearly this will be a bad experience for the customer and a big minus for your business.
Such customer customer will not be happy to recommend your business to his friends, family and associates.
Therefore, for you to succeed in your business, you need to make sure that you are coordinate all the elements of marketing mix.
All of them are important. None should be ignored.