Marketing Mix Strategies « Zenworkz Blog

Marketing Mix Strategies

The Artists Marketing Strategy Conundrum Solved

For artists and creatives the tricky marketing question is: are you producing what the customer want and needs; or producing what you prefer to make or produce; or a bit of both – it’s the ultimate marketing strategy conundrum?

Artist and creatives would say that they make unique products that attract purchasers and that they produce what they are creatively inspired to make. Artists understand that in many businesses producing what the customer wants and needs is critical, however what they make and offer is unique, it is the ‘product’ of their creativity and they never really know who will want it or need it.

Most artists and creatives have their own style and that style evolves often as their “business” become more successful, so by becoming more successful – is the customer influencing the artists style? There is also a set of customer needs and wants in terms of prompt delivery, and price when they chose to purchase from an artist.

Are artists and creatives an exception to the marketing strategy norm because they are driven by their passion to create? How does this relate to classic marketing strategy that suggests that the customers needs and wants should determine what you offer the market to satisfy them?

Many artists and creatives believe they can manage both. The classic example is a Mum who develops her own creative product because she can’t find a product that satisfies her or her families need. Her product is then seen by other Mums looking for exactly that same product. A gap in the marketplace is filled, a small niche market is created – a small business is born. I have heard these words so many times “I just sort of fell into it and it grew from there!”.

So, is it possible to give customers what they need using your skills, knowledge and satisfy their needs with products that you love and believe in? Of course it is.

The most vital step in marketing strategy development for any artistic or creative business is to understand the needs and specific motivations that underlie the customer behaviours you wish to influence. This will only be possible when the artist or creative has sold their ‘products’ to a range of customers. Understanding these customers better will enable the development of targeted promotional goals and greater sales.

Even artists and creatives are constantly getting feedback from customers and discovering what “product” customers are more willing to buy. Providing a range of ‘products’; and the quality and value customers want is a critical first step in marketing. Otherwise, you will be facing an uphill battle if you only provide something that you want to produce; and then always trying to convince someone to buy it.

Ultimately, it is the job of marketing strategy to define how marketing will support the achievement of artists and creatives business goals.

If you are an artist or creative business, I would love to know your thoughts?

About the author: Teresa Bassham is the boss lady of Zenworkz Authentic Marketing and educates businesses to think, create, engage and optimise their marketing effort. She coaches customers in Strategies for traditional and online Marketing; and implementation. If you would like free how-to-do-it-yourself marketing resources or to subscribe to free e-news about all things marketing, please visit the website:

http://www.zenworkz.com/

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Defining Products and Services / Marketing 101 / Marketing Mix Strategies / Marketing Plans / Positioning / Pricing / Selling — 2 Comments
20
Mar 13

The difference between the marketing process and selling

I want you to think about the elements that need to be in place prior to the sale of anything. Let’s use the example of a set of biodegradable bamboo pegs. Are you selling pegs or a complex set of benefits? Are you selling a tool that hangs clothes on the washing line or the feeling that your customer gets from buying an environmentally friendly and sustainable alternative to plastic? Is this a choice about convenience or values? The marketing process for each is quite different.

If someone only needed pegs as a convenience, they will throw them in the shopping trolley during the weekly shop without even thinking about them. They will be cheap, mass produced in India or China; and made of plastic that will never break down in our life time. Both the bamboo and plastic products fulfill the need to hang clothes on the washing line, but only one product is a conscious choice based on a set of values and complex benefits. Why develop biodegradable bamboo pegs as a product when the alternative product is cheap, and easily available? Because there is an obvious customer demand, and this product development was part of a marketing process.

Sales happen when all the elements of the marketing process (product/service development, market offer, pricing, distribution channel, positioning and marketing communications etc) have been strategically thought through and delivered.

There is no such thing as a product or service that sells itself – it must be marketed. Its easy to think that if your customers love your product or service, that will automatically lead to many more potential customer sales! For sales to be successful, product or services must be marketed to potential customers you have identified as having similar want and needs as customers who love your products or services.

The marketing process is important in the promotion of intangible and tangible customer benefits. People make buying decisions using their emotions, based on benefits and not as you would expect, in a logical thought process. That’s why there are sales of biodegradable bamboo pegs.

People then justify their decision with facts. The emotions and feelings are the hooks, the facts are the rational justification for the purchase decision. There are rational decisions for buying supermarket plastic pegs.

The marketing process helps you answer the customers “what’s in it for me” question, including perceived value. The value to the buyer has to be greater than the asking price and that is why they will still buy the more expensive biodegradable bamboo pegs over it’s cheaper rival.

All the strategic marketing tactics discussed here are delivered through the marketing planning process. However, here are five tried and tested tactics that will improve your sales performance:

Develop 30-day sales goals each month

Break down how many sales you need each month to meet your planned revenue targets. Determine exactly how many face to face meetings, calls, emails and blog posts you need to have, make, send or write to generate your target sales.

Make the first task of every day, activities to create sales

Focus each day, first thing in the morning, on actions that are “sales development” or will definitely lead to sales. Do this offline and don’t go online* (*read getting distracted) until complete. You should be doing at least 60 minutes of sales development activities per day.

Ask existing customer for referrals

Ask for referrals, they can always say no – but be honest – you need the work or you need to sell.

Prepare for “ Sales Objections”

Write down all the “sales objections” you get from potential customers and then script positive responses – so you are prepared for them when they are spoken, it will be the difference between passive and active selling that will get better results.

Follow up old sales leads

Get out every old business card, brochure or any other sales lead that you may have and start calling these contacts. Take out any old enquiries that had not been converted into sales and follow up on every single one of them.

Let me know if find you find these tactics helpful or have some others that work well for you?

Please leave a comment below, it’s the only way I know you are reading my blog:

About the author: Teresa Bassham is the Chief Coach & Boss Lady of Zenworkz Authentic Marketing, and is passionate about educating small business professionals to create their authentic marketing message and attract their ideal customers. She coach customers face to face, online and by phone – if you would like to discuss your needs - please contact.

For more daily Authentic Marketing updates visit and like my facebook page:

http://www.facebook.com/Zenworkz.Authentic.Marketing

Customer Service / Marketing Analysis Tools / Marketing Mix Strategies / Relationship Marketing — No Comments
13
Mar 13

Why the Elements of the Marketing Mix are so important

Consideration of the marketing mix elements and how they fit together is the basis of your marketing program. For a long time we called them the 4P’s because it was easy to remember.

Why do we call it a Mix?

All elements from the Marketing Mix have an interaction on and with each other. If you have a product, you will have to create a price and sell it. The way you communicate this product will make it either more or less visible to your target market. The price you ask for the product will infer a special quality. If you communicate effectively about the product, it will need to be for sale in a place where your target market has access to it. These elements, product, price, place and promotion all influence each other.

In addition to the traditional 4Ps it is now customary to add 3 more Ps to the mix to give us 7Ps. The additional Ps have been added because:

marketing is far more customer service oriented than ever before;
the service sector has come to dominate economic activity; and
more products are augmented with service elements to gain competitive advantage and differentiation.

The three extra Ps for small or micro businesses are:

Physical and visual environment

Consumers typically come into contact with products and services in a number of ways:

Your retail units where customers expect a high level of presentation in modern shops, they need to easily find their way around the store, and expect a good standard or presentation.
Your website greets visitors with highly focused information that aids their product or service research and evaluation process, as well as providing them an easy way to engage with you and buy your products.
Your social media and blog posts reinforce your brand and demonstrate your broad knowledge regarding what you offer. Your engagement works to get potential customers to take immediate action and buy something, or at least start the buying cycle by contacting you.

Provision of customer service

Customer service lies at the heart of modern marketing transactions as a mechanism for building long term customer relationships of mutual advantage. Customers are loyal to businesses that serve them well, from the way in which a phone or email query is handled, the timeliness and reliability of product and service delivery expectations, and direct face-to-face interactions.

Processes

Good processes make marketing effective in a business. Processes for handling customer complaints, identifying customer needs and requirements, handling orders and product or service difficulties.

The 7Ps – product, price, place, promotion, physical environment, provision of customer service, and processes comprise the modern marketing mix that is relevant in the service industry, but is also relevant to any form of business where meeting the needs of customers has high priority.

In my experience, one of the most important reasons to use a marketing mix decision model, is when something doesn’t work as you thought it would. When you are not getting the result you expected, and are able to examine where the failure is and in correcting it.

Of course, when trying to balance the different elements, it is very important to understand the market in which you want to sell. You can see how each element of your marketing mix plays a specific role that works collectively with the other elements to:

Define the right offer and price
Establish awareness
Nurture the customer relationship
Get the desired sales response

Most small businesses understand the marketing mix; but finding the right marketing mix balance takes time to put together. As long as your customers are leading your marketing program, you’ll find the right mix every time.

Love to know what you think? Please comment below.

About the author: Teresa Bassham is the principle of Zenworkz Authentic Marketing, and is passionate about educating small and medium business professionals to create their differential advantage, attract more ideal customers and create a marketing plan to achieve success. She coaches customers face to face, online and by phone – if you would like to request coaching – please contact.

Business Transformation / Integrated Marketing Strategy / Marketing Masterclass / Marketing Mix Strategies / Marketing Plans / Positioning / Setting Marketing Strategies — No Comments
9
Nov 12

How to define your Marketing Plan Strategies

In the last ZENWORKZ MARKETING MASTERCLASS, we decided the priority marketing objectives for your business. The next step in the planning process is defining your Marketing Strategies or the ways and means of realising your objectives.

There are two levels working together to form your authentic marketing strategies, they are: positioning strategies and marketing mix (remember the 4 P’s +) strategies.

Getting your product or service into the customer’s hands depends on the product or service itself, on its price, the place (policies for channel and customer service levels) and promotion (advertising, sales promotion, public relations, events, etc.).

If an objective is ‘What we want’ then a strategy is ‘How we get it’.

In developing your marketing mix strategy you need to consider the various market forces that act on your marketing decisions. The important forces include:

The customer and their buying behaviour, motivations, habits, environment, market size and buying power.
The industry behaviour of retailers, wholesalers and any members of the distribution chain and their motivations, structure, and attitudes.
Competitor’s position and behaviours as influenced by industry structure and competition.
Government and regulatory controls which relate to marketing activities and competitive practise.

The marketing planning process aims to develop the best match between the internal capabilities of your business and the external market environment. This recognises that the marketing mix elements are largely controllable by you and that the market forces are largely uncontrollable.

Creative marketing with the four + marketing mix elements dictates constantly questioning existing situations and looking for ways to enhance your marketing mix – deleting existing services or products, selling them at a different price, offering them in different places or distribution, or promoting them differently.

When designing your marketing strategies list and explain what specific actions you will use to meet your authentic marketing objectives for each element of the marketing mix: Product, Price, Place or Distribution, Promotion, Provision of Customer Service, People or Workforce, and Processes.

Once you have a detailed list of what strategies you will take to address the marketing mix elements above, decide when you should start and finish each one. Including:

What to do
When it will happen
How to achieve
Who will do it
How much will it cost
How will you measure success

Ideally you will use your SWOT analysis and a statement of key issues and opportunities to help you choose the market segments in which you will compete, and determine how to position your business relative to your competition. You need to develop strategies to meet those objectives. Provide a statement outlining your approach to the market and how you will create brand awareness.

Consider these questions in developing your plan:

Which elements of your marketing are essential?
Which are preferable but optional?
Do you have a clear understanding of your customer’s needs?
Do you understand your strengths?
How will you differentiate your product from competition?

Next determine your marketing mudget and the time and resources you will allocate to your marketing strategies.

The authentic marketing plan will change as your business changes and grows. Think of your authentic marketing plan as a living document that grows and matures with your business needs.

Recap Process Step: Capture this analysis in a document: save it as My Business Marketing Plan?

Any questions or comments, please feel free to leave a comment here or on Facebook?

About the author: Teresa Bassham is the principle of Zenworkz Authentic Marketing, and is passionate about educating small and medium business professionals to create their differential advantage, attract more ideal customers and create a marketing plan to achieve success. She coaches customers online and by phone – if you would like to request coaching – please contact me.

To participate in MARKETING MASTERCLASS visit and “like” my facebook page:http://www.facebook.com/Zenworkz.Authentic.Marketing

Attracting Customers / Integrated Marketing Strategy / Marketing Analysis Tools / Marketing Masterclass / Marketing Mix Strategies / Marketing Plans — No Comments
7
Oct 12

Marketing Masterclass Questions 1 and 2 – getting started!

MARKETING IS EVERYTHING you do to grow your business, from the moment you conceive it, to the point where customers buy your product or service, and keep coming back on a regular basis.

“You can see marketing as a circle that starts with your idea for making a living doing what you love, and completes itself when you have the patronage of repeat and referral customers” ~ Zenworkz Marketing Coach

Marketing includes your business name, determining the best product or service to meet a demand by customers, the colours, sizes, and shape of your product, the packaging, the location of your business, whether it’s brick and mortar or an online shop, the advertising/promotion, the public relations, the sales training, the sales presentation, phone enquires, problem solving, the growth plan, the referral plan, and the follow up. What you see is that marketing is a complex process.

Your business purpose, differentiation strategy, defining your product or service, identifying viable customer segments, unique marketing message or selling point, marketing mix elements, market forces analysis, SWOT analysis …. overwhelmed yet? Well, of course you are.

Because if you try to tackle all of these things at once, you’ll give up. No person can process all of that in one hit. But the good news is I will make it easier through this Facebook series of discussion questions: MARKETING MASTERCLASS, where each of those complex questions can be broken into relatively simple discussion topics and best practice.

Clarity can be gained. Challenges can be overcome. Problems can be solved. Solutions can be put into place. One question at a time, each weeknight, just in time to tackle the next one. When you feel alone and frustrated by the complexity, you can find a community of fellow business owners who can help you with ideas, feedback and support.

1. What is your business purpose?

The point here is just to communicate the essence of what makes you get up in the morning and what impact you want to make for a customer with your work. Your business purpose statement expresses how you want yourself and your business to be seen to the wider customer community.

2. How is your business different?

It is the unique and the different that makes a lasting impression. Never be afraid to be different or take the road less travelled. Do not be afraid to do or say something others will not (caveat: diplomacy and tact take precedence here). Be creative and stand out from the crowd in a positive way.

The goal for MARKETING MASTERCLASS is to ask the hard questions and through your answers, facilitate and enable you to develop a plan to use in marketing your business. The process of planning is based on matching your purpose, skills and capabilities with your customer needs/wants/challenges, in the environment in which your business operates.

Process Step: Capture each question in a document: save it as _______ Business Marketing Plan and let’s get started?

Any questions or comments, please feel free to leave a comment here or on Facebook?

About the author: Teresa Bassham is the principle of Zenworkz Authentic Marketing, and is passionate about educating small and medium business professionals to create their differential advantage, attract more ideal customers and create a marketing plan to achieve success. She coach customers online and by phone – if you would like to request coaching – please contact me.

To participate in MARKETING MASTERCLASS visit and “like” my facebook page:http://www.facebook.com/Zenworkz.Authentic.Marketing

Marketing Mix Strategies / Niche Marketing / Positioning — No Comments
28
Sep 12

The courage to be where everyone else isn’t – Unique Positioning

This week I posted a picture on Facebook about “Being where everyone else isn’t” – positioning your business. The reaction was: “How?”

To explain further, positioning is a strategy, or a statement of intent you make to position your product or service offer in the mind of your target customer, to make it so unique and different that it is difficult to compare because it appears to stand “where everyone else isn’t”.

For your business, this is the articulation of your “what, how, where and who” you are. This positioning drives the principles and practices of your business and your branding – creating communications and a delivery structure to achieve a certain result in relationship to those around you (these could be your competitors).

Strategic positioning will incorporate all elements of your marketing mix – the pricing, distribution, people, customer service, processes and the product or service itself.

So how can you go about finding your unique positioning and what do you do with it when you have it?

The first thing to do is identify, develop and then communicate a differential advantage which makes your services or products superior to others in the marketplace, purely in the mind of your target customer.

Recently, I needed to choose a business for a Whale Watching Trip in Hervey Bay. There are many options for seeing whales in Hervey Bay. There are boats that do three trips a day, for three hours at a time; there are small boats and HUGE boats, all promising a great experience.

Talking to reception at the resort, initially wishing to do a short trip because we had to put our pooch in doggie day care; and our lack of sea legs, the large boat was recommended, they did two trips per day, were very stable, therefore less likely to make you sea sick. We talked about very fast boats that reduced the travelling time, and one did shorter trips because they were doing three a day.

On further discussion, I revealed that my issue was more about going doing below to use the loo – that confined space, and movement had already caused me to lose a lovely devonshire tea, in the Dart River, in Devon UK – completely wasting my lovely treat as burley over the side of the boat. The reception then revealed there was a boat with a secret advantage – the loo with a view in the very stable wheel house, which was available to all guests on the boat. It was a 3/4 day trip for not much more than the 3 hours trip, but we were assured that this made for a really relaxed outing, and we were sold.

To cut a long story short, buyers (like me going Whale Watching) sometimes have different needs and therefore are attracted to different offers. In creating your differential advantage, you need to satisfy the following, that the difference is:

highly valued to a sufficiently large market,
distinctly superior to other offers available,
possible to communicate it in a simple and strong way,
not easily copied by competitors,
that the target customers will be able and willing to pay for and any additional costs will be perceived as valuable to compensate, and,
that the business will achieve additional profits as a result of being different.

Unique businesses offer a different customer experience. What can you do that is different than your competition and is a real benefit in the minds of your target customer?

About the author: Teresa Bassham is the principle of Zenworkz Authentic Marketing, and is passionate about educating small and medium business professionals to create their differential advantage, attract more ideal customers and create a marketing plan to achieve success. She coach customers online and by phone – if you would like to request coaching – please contact me.

For more regular Authentic Marketing updates visit and “like” my facebook page:http://www.facebook.com/Zenworkz.Authentic.Marketing

Business Transformation / Cash Management / Keep Calm & Keep Marketing / Marketing Mix Strategies / Pricing / Process Improvement — No Comments
24
Jul 12

Keep Calm and Keep Marketing Part 3 – Focus on Cash Management and Pricing

Recently I responded to a request to help small businesses that were feeling despondent because of falling sales and general feelings of frustration with marketing a small business in difficult, trading times.

This series of Keep Calm articles has been created to help improve feelings of confidence and personal power; Part 3 will focus on tips to improve Cash Management and Pricing:

Focus on Cash Management

Cut expenses and track cash flow carefully. It is extremely important for you to understand your monthly cash position. Determine where you can cut costs, and make sure on a weekly basis that you understand what money is coming in. As you cut costs use this formula, for every $2 dollars you cut in business expenses, invest $1 into your marketing investment.

Start collections at 7 days past due. You need your money now. Once a customer gets to 7 days past due, get on the phone and track down whoever pays the accounts for an update. Be sure you are ready with payment options to get paid faster.

Focus on Pricing

Time to raise your prices? It’s a new financial year and with the cost pressures of the last year, it’s reasonable to consider your pricing. If you raise your prices by 1% that will give you an approximate 11% increase in income. In comparison, you would need to increase sales volume by 1% to yield a 5% increase in income. One warning though, don’t tell people you are raising your prices because of the Carbon Tax – as you have seen, this is not good PR.

It’s important to add value, when increasing prices! Continuously adding value to your products and services is the best way to get repeat customers and new business through referrals.

The secret of pricing is this knowledge: When the right customer sees your product or service in the right context – price will not be the primary element in their decision to buy!

If you need support from someone who can guide you – a coach or mentor who can look at your business and your progress with an honest and objective eye; guide you away from costly mistakes and head in a direction that may challenge you, but also helps you to survive and thrive – please contact me. The next Keep Calm topic will be “Mindset” – how to stay positive and outcomes focused!

Let me know if find you find these tips helpful? Please leave a comment below:

Author, Teresa Bassham principle Marketing Coach at Zenworkz Marketing, inspires small businesses to foster a positive marketing mindset and develop a empowering marketing plan for business profitability. See full services at http://www.zenworkz.com

Attracting Customers / Customer Research / Integrated Marketing Strategy / Marketing 101 / Marketing Mix Strategies — No Comments
29
Apr 12

The Secret of Pricing Products and Services

The secret of pricing is this knowledge: When the right customer sees your product or service in the right context – price will not be the primary element in their decision to buy!

Before you get to pricing your product or service have you considered all the other elements in the marketing mix (Product, Place, Promotion and People)? Finding out if there is a customer market is always a great place to start. It is surprising how many business’ don’t know enough about their preferred customer.

Do you know what your customer needs and do they want what you sell? Then, what is the right promotional context for your service or product – are you trying to sell coal to Newcastle? What are the prices of similar products and services; and how are you positioning your product and services in the marketplace?

Pricing is a psychological, emotional and confidence decision that you have to make, even before you consider the price your customer will be willing to pay.

The two questions you need to answer:

How much should I charge?
How much am I brave enough to charge?

For customers, when considering the benefits derived, what will they perceive as value for money? When people say they can’t afford your service or product, they haven’t truly seen the value. So, how are you communicating your value?

Here is a pricing vs value matrix to help you consider the right pricing strategy:

	Low Price	Medium Price	High Price
High Value	Give away pricing strategy.	Market penetration. Value for money pricing strategy.	Prestige & quality pricing strategy.
Medium Value	Sale strategy.	Price and value are in balance pricing strategy.	Overpriced: Commercial pricing strategy.
Low Value	Tourist trap strategy.	"Caveat emptor" pricing strategy.	The hit and run pricing strategy.

Attracting customers today is becoming more complex due to increasing choice, economic conditions and a more educated consumer who make informed decisions when it comes to purchasing almost everything. Customers also now have increasing service expectations.

To buy from you they need to form an emotional connection with your business. This means you have to show them the person behind the business. People will buy from those that they know and trust – and from those who have created the right service and product in the right context for just for them.

I would love to hear of any experiences or advice you have to share?

Please feel free to leave a comment or question below.

About the author: Teresa Bassham is the principle of Zenworkz Authentic Marketing, and is passionate about educating small and medium business professionals to research their customer market; create their authentic marketing message; attract more ideal customers; and create a marketing plan to achieve success in 2012/2013. She runs local workshops in Northern NSW and coaches customers online and by phone – if you would like to attend the next scheduled workshops on 6^th & 7^th June, 2012 or request distance coaching online –please contact me. While you are visiting my website – subscribe for weekly e-News updates on all topics related marketing.

For daily Authentic Marketing updates visit and “like” my facebook page:

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