Test your marketing mix - 4Ps analysis
When designing a market success strategy, we often focus mainly on the core aspects of our products and services, as well as on price. We put a lot of energy into developing products and improving services, but we neglect just as equally important aspects that facilitate its purchase. Quite often, we don’t combine all the marketing tools to achieve the required response in the target market. Simply, we do not manage the marketing mix well enough.
Marketing mix management is an optimal combination of product, price, place, and promotion (4P), mixed effectively to meet customer needs and achieve sales results. Each element of the mix is equally important for achieving results, and one without the other has very limited value. We can’t sell a great product if nobody knows about it. Also, a better price will not bring us higher sales if customers can’t find our products to buy.
How to test your marketing mix
Market share is the percent of total sales in an industry generated by an individual company. Market share is calculated by taking the company’s sales over the period and dividing it by the total sales of the industry over that same period. This metric gives a general idea of the size of a company compared to its market and its competitors.
To test your mix, you have to think carefully and grade the strength of each marketing mix element on a scale of 1 to 10. Since this evaluation is pretty subjective, it can easily happen that you overestimate or underestimate the value of your work. For the sake of control, it’s good to start with the analysis for the period when you have accurate data, like for the previous year. If you give yourself realistic estimates, the obtained result will coincide with the real values of your realized sales.
When you manage to get matching sales data, you can assume that you have realistically evaluated the elements of your marketing mix. Now you have a more transparent picture of what you are doing well and where you have room for improvement. Based on these indicators, you can plan further marketing activities to improve your marketing mix and to achieve a higher market share. Practical, isn’t it?
Increase Your Market Share
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