Once you are settled on a product, next step is to develop the marketing mix product. What is a marketing mix? marketing mix is also referred as the 4 Ps: product, price, place, and promotion. The task requires you to establish a plan in writing with a mind map, advisable, on how to design and best “mix” these element for optimum results.
The best combination of the four elements will be determinant to the success of your business. Each component has to fit as best as possible. So typically here is where your first considerations must focus:
-Product- there is a market (need), large enough to be profitable?
-Price- what are competitors charging for products like mine or similar?
-Placement- how will you deliver or distribute your product?
-Promotion- How do you plan to advertise?
In trying to answer these questions, you will be able to better analyze strength and weaknesses in addressing your marketing strategy for the product.
Digging deeper, the strategy also requires you to research and have questions answered on several topics, too many to have here considered and explained. But here are someones that can be applied. As you proceed in your task, you may discover points requiring to refine the process.
– Marketing objectives – the goal, what you want to achieve, where you want to be.
– Target your market – find out who your potential customers are (like age, sex, income, lifestyle).
– Competition- find out about your competitors strength and weakness.
– Selling point – differentiate your product by a unique property.
– Advertising – Diversify, test and track results.
– Upsell, Downsell – whenever the circumstance, offer a cheaper or better alternative of your product.
Whilst it is best for you to have your own product, many prefer to concentrate on affiliate marketing. That is, promoting someone’s else product or service, generally for a commission of 50% or more on the sales. Very attractive proposition, when you consider the advantages:
– No product creation, research, development with time and cost associated with them.
– Very low start-up cost and just a computer with internet connection needed.
– you are your own boss. Work anywhere. No schedule to follow.
– Wide choice of markets.
– Expert training and marketing aids almost always made available by companies.
– No inventory, no employees, no paperwork.
– No payment processing, no product handling, no customer care, no refunds.
Although it is natural to assume that the owner must have carefully done all the homework in the creation of the product, that alone doesn’t discount the fact that you are ultimately at risk. Before you proceed, You should be able to tell with your own research whether the marketing mix product in the affiliate program you choose, passes your test.
Gianfranco Focarelli, for experience aware of unrealistic promises, always looking to
identify the easiest and simplest method to successful internet marketing. Please visit
his blog at: http://targetmarketstrategy.com/ and find proven marketing strategies and tactics.