Digital Marketing Challange
As an entrepreneur, traders, or business people we’ve to understand how to advertise our products or services to the client. The rise of digital marketing gives advantages to small and big businesses, but this sector currently still needs many improvements and experiments.
Digital Marketing platforms like analytics and data visualization tools make entry-level marketers get confused while collecting the conclusion from that information.
What is Marketing Mix and How It’s Works
Marketing mix is a strategy analytics that can help your brand increase the number of returns and get a deeper understanding of how your business functions.
The statistical information of this method can determine historical and forecast data more accurately than other analytical models.
So you can decide which factors have had the biggest impact on return and which factors have contributed the most to the success of your business campaign.
Marketing Mix Variable
A good product isn’t enough, you need to apply the right marketing strategy, most businesses go bankrupt, because of marketing failure. The marketing mix helps the owner and marketer understand your actual customer with 5 variables, such:
- Product
Creating product must answering this question :
– Customer problem
– Solution that your business can offer
– Effectiveness and efficiency of your product
– Uniqueness of your product
Many companies fail while running their business, because they can’t solve that problem. 36% of start-ups create bad products due to lack of research.
2. Price
The marketing mix uses Break Even Price, which is the smallest price that can be placed on the product so that the business does not lose money. The formula is (Total Fixed Cost/Production Volume) + Variable Cost Per Unit = Break-Even Price.
3. Place
Choosing the right location by considering function and cost is important for business owners. In the digitization era, place can be related to social media, marketplace, and websites. Both of them have their advantages.
4. Promotion
Good promotion create brand awareness. Ads, organic traffic, social media, digital and conventional marketing have to engage the audience. But speaking with their language is more important.
5. People
The people referred here besides customers are employees. Managing human resources is not easy and business owners must take the recruitment process seriously. With valueable employee company can quickly achieve its goals.
This model is very important to know by business owner while designing and running a business. So you can determine the right and effective marketing strategy.
