At the center of any successful business strategy is a considered marketing mix that blends the right elements to attract customers, drive sales and build a strong brand. But with so many different traditional and digital marketing tactics at your fingertips, how do you know the right marketing mix for your business? What combination of online and offline marketing tactics is right for your product or service? Should you invest more money in print or digital ads? If you’re asking these questions, this article is for you.
We’ll break down what makes an effective marketing mix for businesses today, offering research data, practical insights and real-life examples that show which traditional and digital marketing tactics resonate with customers. Whether you’re refining your product, setting prices, selecting distribution channels or planning promotions, you’ll get the tools and insights to create a balanced and effective marketing mix that drives results for your business.
Table of contents:
What is a marketing mix, and why is it important?
The strategic combination of marketing tactics that businesses use to meet objectives, deliver value to customers and sell products or services is known as the marketing mix. The marketing mix is like a well-tuned engine that helps businesses connect with their target audience and achieve their goals.
Here’s why having a balanced marketing mix matters:
- Holistic strategy: Helps to create a cohesive and effective marketing strategy that aligns every aspect of your business: product, price, promotion and distribution.
- Targeted marketing: Enhances your ability to reach and engage your target audience, fine-tuning every element of your offerings to match exactly what your audience wants.
- Competitive edge: Allows you to differentiate yourself from competitors and create a distinct market position by optimizing your businesses’ combination of the 4 principles of marketing.
- Effective resource allocation: Ensures resources are used where they’ll have the most impact, reducing waste, boosting ROI (return of investment) and achieving higher profitability.
- Adaptability: Provides the flexibility to quickly adjust your strategy in response to market changes, consumer behavior shifts or competitive pressures.
This concept was first laid out in the 1960s by E. Jerome McCarthy, who introduced the four principles of marketing (also known as the 4 Ps of marketing): product, price, place and promotion. The 4 Ps gave businesses a clear and practical way to understand the factors that influence customer choices, making it easier to craft effective marketing strategies.
The 4 Ps of marketing
Before you get into developing the perfect marketing mix for your business, you need to understand the four building blocks of marketing: product (what you’re selling), price (how much you charge), place (where you sell it) and promotion (how you get the word out). These are known as the 4 Ps of marketing. Understanding these elements of your business means you can craft an effective marketing strategy that gets customers in the door and keeps them coming back.
Product
The product element of the marketing mix refers to the goods or services a business offers. It’s the cornerstone of any business strategy because, without a compelling product that meets customer needs, the other elements—price, place and promotion—can’t achieve their full potential.
When working on the product aspect of the marketing mix, businesses need to configure many elements, such as quality, product features, design, brand identity and packaging design.
Source: Mailer box packaging via VistaPrint
Price
The price element of the 4 Ps of marketing is all about setting a price that balances customer value with profitability.
Getting the price right involves figuring out the following:
- Pricing strategy: The approach you take to set the price of your product or service, whether that’s based on competition, value or cost.
- Cost consideration: Ensuring the price covers production, marketing and distribution costs while allowing for profit.
- Price-based customer perception: How your pricing influences customer views of your brand and where your product sits in the market.
Place
The place element of the marketing mix refers to how and where your products are made available to customers. It’s about selecting the right distribution channels to ensure your product reaches the right people at the right time, playing a crucial role in the success of your overall marketing strategy.
Source: Storefront banner via VistaPrint
Promotion
The promotion element of the 4 Ps is all about getting the word out and making your audience want to buy your product. It’s where you create buzz and generate excitement. Promotion is the lifeblood of your marketing strategy, shaping brand perception and driving those all-important sales. Need some ideas? Here are 20 ways to promote your small business.
The 7 Ps of marketing
In today’s ever-evolving market, sticking to just the 4 Ps can feel a little old-school. To keep up with modern consumer expectations, savvy marketers have expanded the mix with three extra Ps, giving you the 7 Ps of marketing because sometimes, more is better:
- People: This P is all about the human element—everyone from your team to your customers. It’s making sure the folks behind your brand deliver top-notch experiences that leave a lasting impression.
- Process: The behind-the-scenes magic that keeps everything running smoothly. A well-oiled process ensures products and services are delivered consistently, building trust and satisfaction.
- Physical evidence/packaging: This covers everything tangible that your customers encounter, like packaging, branding and even the physical space where your business operates, encompassing the power of what customers see and touch.
Source: Standing banner promoting a live event via VistaPrint
How to develop the perfect marketing mix?
Knowing the 4 Ps of marketing is a great start, but it’s not enough to guarantee success. To truly make an impact, you need to fine-tune each element to fit your unique business, its needs and audience. That’s why we’ll provide our top insights for crafting a balanced marketing mix that resonates with consumers.
Jump to:
- What makes a good marketing mix?
- How to choose the right distribution channels?
- How to promote your products or services?
- What product features to focus on?
- How to set a price?
What makes a good marketing mix?
Creating a great marketing mix isn’t just about ticking off the 4 Ps—it’s about crafting a strategy that clicks with customers and drives your business to new heights. The latest survey from VistaPrint, in partnership with Wix, found that 78% of small businesses experimented with new marketing tactics the previous year, balancing digital and traditional methods to find what works for them. Experimenting with new tactics and combinations is key to a winning marketing mix, helping your business reach new customers and stay ahead.
Source: via the 2024 Small Business Marketing Report by VistaPrint, presented in partnership with Wix
Every element of your marketing mix should sing the same tune and be aligned with your overall business goals and strategy. One of the biggest mistakes that small businesses make is putting all their eggs in one basket. A good marketing mix is all about balance, making sure each “P” pulls its weight and each traditional or digital marketing tactic works with the big-picture strategy.
How to choose the right distribution channels?
You need to understand your target audience’s shopping preferences to choose the right distribution channels for your small business. Ask yourself these questions:
- Do they primarily shop online, in physical stores or a combination?
- What percentage of their purchases are made through mobile devices versus desktops or in-store?
- Do they value fast shipping and easy returns, or do they prefer to be able to touch products before buying?
- What motivates them to choose small businesses over larger competitors? Do they prioritize local businesses?
You can find these answers using surveys, polls, analytics platforms and social media management tools. Not just that, you also need to understand who they are and their demographic.
According to the 2024 Small Business Marketing Report, 66% of Gen Z use social media to find new local businesses and 68% purchased through these platforms in the last year. However, that’s not to say Gen Z doesn’t value offline experiences. In fact, 61% balance online and offline shopping and 32% discover new businesses at events. So, for businesses appealing to this demographic, a marketing mix of social media channels, e-commerce and events is the winning combination.
Source: Gen Z consumers balance online and offline shopping via the 2024 Small Business Marketing Report by VistaPrint, presented in partnership with Wix
Balance online and offline channels
So, if customers are balancing online and offline shopping, you need to ensure your customer experience is seamless across both. To combine the two, offer click-and-collect options where customers can purchase online and pick up in-store. Invest in online and offline distribution to boost sales. But be careful and don’t try to do it all. Focus on a few key channels that work best for your audience and build them into your marketing mix for maximum impact.
Consider geographic coverage
You also need to decide whether your product should be available locally, regionally, nationally or globally. With 49% of consumers choosing to shop locally for convenience, 41% wanting to support local business and 38% appreciating the positive impact businesses have on their local economy, the 2024 Small Business Marketing Report shows it’s generally a good idea to start by targeting local customers. Once established, consider regional, national or global expansion based on market demand.
Source: The top 5 reasons consumers choose small businesses over big via the 2024 Small Business Marketing Report by VistaPrint, presented in partnership with Wix
Optimize for mobile
With the rise of social media shopping, ensure your distribution channels are optimized for mobile users. This includes having a mobile-friendly website and integrating with mobile payment options like Apple Pay or Google Wallet. It’s also worth exploring social media shopping functionalities like Instagram and TikTok shops if you want to target younger customers.
How to promote your products or services?
The most successful marketing tactics are those that tailor promotional efforts to the target demographic. For example, the 2024 Small Business Marketing Report showed that social media is the most effective way for businesses to promote their offerings to 18 to 54-year-olds.
With 66% of consumers saying they like finding new local businesses through social media, make sure you’re active on platforms like Instagram, Facebook and TikTok. Create engaging content and run targeted ads to reach your audience where they spend most of their time.
Source: Top methods for discovering local businesses by age via the 2024 Small Business Marketing Report by VistaPrint, presented in partnership with Wix
For a balanced marketing mix, social media promotion can be combined with more traditional tactics like flyers, posters or tradeshows, depending on the specific age group you’re appealing to. For older demographics, SEO, direct mail and print advertising are more effective.
Source: Promotional flyer and poster via VistaPrint
Invest in content marketing
Content marketing is crucial for building trust and providing value to your customers. Develop blog posts, videos and guides that align with your audience’s interests and search behaviors. This not only drives organic traffic but also supports your SEO efforts.
The latter is particularly important as the Small Business Marketing Report revealed that search engines are a top method for discovering local businesses among all age groups. Focus on keyword research, quality content and backlinking strategies to improve your search engine rankings and attract more visitors.
Diversify your channels
Develop a multi-channel promotion strategy that includes a marketing mix of social media, SEO, email marketing, event marketing and print advertising. For example, younger audiences may respond well to social media and search engines, while older demographics may prefer direct mail and print ads. With a multi-channel approach, you’ll be able to diversify your strategy, reaching different age groups and audiences.
Source: via the 2024 Small Business Marketing Report by VistaPrint, presented in partnership with Wix
Offer promotions and discounts
According to the Small Business Marketing Report, promotional discounts are the number one tactic that drives consumers to shop at small businesses—something that over 51% of small business marketers are already capitalizing on. To tap into this, offer limited-time promotions and discounts to encourage immediate action, promoting them across multiple channels to maximize reach and impact.
Build loyalty programs
Creating loyalty programs that reward repeat purchases and prompt word-of-mouth referrals will help retain and gain customers. The Small Business Marketing Report found that loyalty offers are among the top five things that make consumers more likely to shop at a small business. Plus, 71% of marketers say that physical marketing tactics like loyalty cards are important for connecting with new and existing customers!
Source: Loyalty cards via VistaPrint
What product features to focus on?
To nail the product element of your marketing mix, focus on features that resonate with your customers and set you apart from the competition.
Create detailed surveys and run social media polls to find out what features customers value most and what improvements they’d like to see. Develop early-stage prototypes and conduct usability testing, gathering their input on product design elements such as functionality and aesthetics. Finally, analyze customer reviews and use this information to guide your design decisions. Continuously gather user feedback to refine your product—review customer service emails, chat logs and call transcripts to identify recurring issues or requests.
According to the 2024 Small Business Marketing Report, for 45% of consumers, product quality is why small businesses are chosen over big ones. So, design and market your product with quality and durability in mind, making your brand more appealing to customers.
Here’s how small businesses can create exceptional products that effectively capture consumers’ attention:
- Invest in design: Hire an in-house designer or find a design professional through VistaPrint’s design services, like 99designs by Vista, to design your product.
- Explore trends: Stay up to date with the latest graphic design trends, color trends and packaging design trends. Incorporate elements like typography, color schemes and materials that currently resonate with your target audience.
- Offer product customization: Customization is particularly important when marketing to Gen Z, who love to use products to express their individuality. Provide options for personalization, such as choosing colors, adding names or selecting design elements.
- Innovate: Create a culture within your team where new ideas are encouraged and explored, no matter how small. Hold brainstorming sessions where every idea is welcome and evaluate them for feasibility and impact, leading to simple yet effective product innovations.
Source: Packaging design via VistaPrint
How to set a price?
Price is the top reason 43% of consumers choose small businesses over big ones, according to the 2024 Small Business Marketing Report. Setting competitive and transparent prices can attract customers while maintaining your brand’s value and profitability.
Understand your costs
Start by calculating all costs of producing and delivering your product or service. Ensure your pricing covers material, labor, marketing and overhead costs while leaving room for profit.
Understand your market position
Then, align your pricing with your brand’s market position. If you’re positioned as a premium brand, your prices should reflect that quality and exclusivity. If you’re value-focused, keep your pricing competitive. Set prices based on the perceived value to the customer, not just on cost-plus margins. Customers may be willing to pay more if your product offers something unique.
Conduct competitive analysis
Regularly review competitor pricing to ensure you remain competitive. This doesn’t mean undercutting prices but finding a balance where your product stands out while maintaining profitability.
Leave room for pricing adjustments
Be prepared to adjust your pricing based on market conditions, demand and changes in costs. Flexibility in pricing helps you stay competitive and responsive to market trends. Implement flexible pricing strategies, such as discounts, seasonal pricing or limited-time offers, to match demand fluctuations and maximize sales.
Source: Promotional postcard announcing a holiday sale via VistaPrint
Offer tiered pricing
Provide multiple pricing levels or bundle options to cater to different customer segments. This allows you to appeal to budget-conscious shoppers and those looking for premium options.
Be transparent with your pricing
And remember, the best thing you can do for your brand image is to be clear and upfront about your pricing structure, including any additional costs. Transparency builds trust and reduces the likelihood of customer dissatisfaction.
Ready to develop a balanced marketing mix for your business?
Creating a balanced marketing mix tailored to your specific business and market is essential for success. We’ve covered how to develop the perfect marketing mix by focusing on the 4 Ps—product, price, place and promotion. Remember, it’s not just about knowing these elements but fine-tuning each to fit your strategy and audience.
Need more guidance? Check out our ultimate guide to small business marketing to learn more about how to grow your business.
