Whether you are just getting started on your eCommerce journey or you have already begun building your company, everyone comes to a point where they have to form a solid marketing strategy. There are a ton of do’s and don’ts on the internet regarding this stage in the game and you want to make sure you are following the most up-to-date advice.
The only thing more difficult than building your strategy is attempting to do so with techniques that are out of date. These days, the best way to begin forming your strategy is by creating a marketing mix. You may not know what this is or think it unnecessary for your business.
Do not underestimate what kind of effect a well thought out strategy can have on your overall success. This article will help you understand how to go about constructing an organized eCommerce marketing mix and also give you some signs that indicate that it is time for your business to do so.
What is the eCommerce Marketing Mix?
The marketing mix is a compilation of tools that companies use to define and produce their desired response from the market they have chosen to target. It outlines everything the company must do in order to build up a demand for its’ product. This outline is composed of the 4 P’s of marketing. These 4 P’s stand for:
Product. The product you have constructed and now want to sell.
Price. What price is appropriate for your product and will ultimately account for costs of production, segment targeted, supply and demand, and be competitive with the other products that exist in the same segment.
Place. The point of sale or the market where this product will be most fitting and desired.
Promotion. The types of activities or actions you will take to make the product effectively known to the target user. This often includes advertising, press reports, incentives, word of mouth, etc.
Each one of these elements has an influence on the other. This is why it is necessary to construct a plan for every P. If handled right, your eCommerce marketing mix can make your company very successful. If you haven’t already, start off by thinking about your ideal customers, what your goal and budget is, and where your competition lies.
Why Your Business Needs a Marketing Strategy
Examples of signs that it is time to formulate a better strategy:
- If you have been depending on paid advertising. Pinpointing a successful marketing strategy and knowing your goals and budget will open up a variety of advertising methods that will ultimately be more effective and affordable.
- If you have not defined your ideal customer. If you are unsure who the people are that will find your product most appealing, you may be wasting your money advertising in the wrong markets.
- If you don’t know how much you are spending per customer. If you are not aware of this number, you are not properly budgeting your eCommerce business. Knowing how much you are spending per person to acquire them will give you a good guideline on how much to spend on marketing initiatives and help you understand your sales revenue better.
These are just a few examples to give you an idea of how a strategy can simplify your company’s goals and get you properly set up to make the most profit. In any case, you probably know if your company is in need of a change. Now that you have the list of P’s, take a look at your set-up and see what needs to be fine-tuned.
The more specific you can be with it, the clearer it will be to your ideal customers why this is something they should be investing in. Do not forget to continue to pay attention to what your competitors are up to. Keeping a close eye on them will clue you in on what works and what is a waste of time and money.
Lastly, give your customers a way of providing you with their feedback. They are your ultimate source of information and hearing what they have to say will tell you a great deal about how your company is doing.