Applying Marketing Mix on Facebook definitely produces better results. let us understand first about marketing mix. Use of marketing mix elements plays a vital role in management of business.
Marketing Mix
The marketing mix is a set of controllable variables that a company can use to influence the demand for its products. The marketing mix is often referred to as the “Four Ps”: Product, Price, Place and Promotion.
The concept of the Four Ps was first introduced by E. Jerome McCarthy in 1960. Since then, has been expanded to include additional elements such as People, Process and Physical Evidence.
The marketing mix provides a framework for creating a marketing strategy and developing a marketing plan. It certainly helps a company to balance its marketing efforts across various elements. Also, it helps in taking informed decisions to reach its marketing goals.
Benefits of Marketing Mix
The marketing mix helps a company focus its marketing efforts. The framework provides a systematic approach to decision-making. Hence, this enables company to make suitable decisions on product features, price, distribution and promotion.
As a matter of fact, by considering the various elements of the marketing mix, a company can tailor its marketing efforts. Therefore, can meet the needs and preferences of its target audience. As a result, achieves enhanced customer satisfaction.
By effectively using the marketing mix, a company can differentiate itself from its competitors and increase its market share. Besides, by focusing marketing efforts on the most effective strategies and tactics, a company can improve its return on investment. Following this, it can achieve better results from its marketing spend.
The marketing mix is a flexible framework that can be adapted to changing market conditions. Additionally, enables company to quickly respond to changes in its market and adjust its marketing efforts accordingly.
How to Apply Marketing Mix on Facebook.
1. Product
The product aspect of the marketing mix on Facebook involves showcasing features and benefits. Also to know about user reviews of product or service to potential customers. This helps to increase brand awareness, create interest and build credibility.
Highlight product features and benefits through posts, videos and images. Share user-generated content such as product reviews, testimonials, and customer photos.
Offer product demos or behind-the-scenes looks to give insights into the product. Utilize Facebook Shop sections or Marketplace to sell products directly on the platform.
2. Price
The price aspect of the marketing mix on Facebook involves using promotions, discounts and other pricing strategies to encourage engagement and sales.
Offer special discounts, coupons or promo codes for Facebook followers. Run limited-time sales and clearance events. Utilize Facebook Ads to target specific audience with different pricing strategies. Showcase value for money through product comparisons and testimonials.
Use dynamic pricing to adjust prices based on demand and supply.
3. Place
The place aspect of the marketing mix on Facebook involves utilizing various features of the platform to sell products directly to customers.
Utilize Facebook Marketplace to sell products directly to customers. Create a Facebook Shop section to showcase products and allow customers to purchase directly.
Use Facebook checkout feature to streamline the purchasing process. Collaborate with e-commerce platforms to sell products through Facebook. Utilize Facebook live to host virtual events and demonstrations.
4. Promotion
The promotion aspect of the marketing mix on Facebook involves using various tactics to reach and engage with target audience.
Use Facebook Ads to target specific audience with personalized messages and calls-to-action. Utilize Influencer marketing by collaborating with social media influencers to promote products.
Share engaging and visually appealing posts, videos, and images on the brand’s Facebook page. Host contests and giveaways to increase engagement and reach.
Utilize Facebook Stories and Instagram Stories for short-form content and reach a wider audience. Use retargeting ads to reach customers who have previously shown interest in your products.
5. People
The people aspect of the marketing mix on Facebook involves building relationships with customers and establishing a connection with them.
Respond to customer comments, messages and reviews to build trust and loyalty. Create a welcoming and inclusive community through Facebook groups and page discussions.
Utilize customer service features such as Messenger to address customer concerns in a timely manner. Collaborate with brand ambassadors, influencers and employees to showcase the human side of the brand.
Gather customer feedback through surveys, quizzes and other interactive content. Offer personalized recommendations and experiences based on customer preferences.
6. Process
The process aspect of the marketing mix on Facebook involves streamlining the customer journey and improving the overall experience.
Streamline the purchasing process by offering various payment options and easy checkout. Utilize automation tools to efficiently manage orders and customer inquiries.
Offer clear and detailed product information including shipping and return policies. Besides, use tracking and analytics to continuously improve the customer journey.
Provide quick and efficient customer service to address any issues or concerns. Offer fast and reliable shipping and delivery options to enhance the overall customer experience.
7. Physical Evidence
The physical evidence aspect of the marketing mix on Facebook involves showcasing visually appealing and attention-grabbing content to attract potential customers.
Use high-quality images and videos to showcase products and services. Create visually appealing graphics and design elements to increase brand recognition.
Share customer photos and testimonials to build credibility and trust. Offer virtual tours and demonstrations of products and services.
Utilize augmented reality and 360-degree photos to give customers a closer look at products. Further, Showcase the physical packaging and branding to increase brand awareness and recall.
Benefits of Marketing Mix on Facebook
1. Targeted Advertising
Targeted advertising refers to the practice of delivering ads to specific individuals based on specific criteria such as demographics, interests, behaviors and location.
This helps companies reach their desired audience with a higher degree of accuracy and relevance. Hence, increasing the chances of success and engagement.
Facebook offers highly targeted advertising options, allowing companies to reach their desired audience through features such as:
1. Demographic Targeting: Target based on age, gender, location, education and more.
2. Interest Targeting: Target based on user interests, hobbies and behaviors.
3. Custom Audiences: Target based on past customer interactions and behaviors such as website visitors, email subscribers and more.
4. Lookalike Audiences: Target new customers who are similar to your current audience.
5. Behavioral Targeting: Target based on recent behaviors such as purchases and app downloads.
2. Increased Reach and Engagement
Increased reach and engagement refer to the ability to expand the visibility of a company’s brand and content. To generate interaction and interest among its target audience. On Facebook, a company can increase reach and engagement through various features such as:
1. Facebook Ads: Paid advertising options that allow a company to reach its desired audience based on specific criteria such as demographics, interests and behaviors.
2. Facebook Stories: A full-screen format for sharing images and videos that disappear after 24 hours. This allows a company to create more engaging and interactive content.
3. Facebook Groups: A feature that allows companies to create and participate in groups based on common interests and goals. Simultaneously, building a community around their brand and increasing engagement.
4. Influencer Marketing: The practice of partnering with influencers or individuals with a large following on social media. Accordingly, promoting company’s products or services and reach a new audience.
5. User-Generated Content: Encouraging customers to share their experiences and opinions about a company’s products or services. Hence, creating a positive buzz and increasing engagement.
3. Improved Customer Relationships
Improved customer relationships refer to the ability of a company to build stronger, more meaningful connections with its customers through interaction and engagement. On Facebook, a company can improve customer relationships through various features such as:
1. Customer Reviews: A feature that allows customers to provide feedback and rate a company’s products or services. Therefore, providing valuable insights and helping a company build trust with its audience.
2. Facebook Messenger: A messaging platform that allows companies to communicate with customers in real-time, addressing questions, concerns and feedback promptly and efficiently.
3. Facebook Groups: A feature that allows building a community around their brand and fostering stronger relationships with customers.
4. Live Video: A feature that allows companies to interact with customers in real-time through live-streamed video, providing a more personal and engaging experience.
4. Analytics and Insights
Analytics and insights refer to the ability to measure, understand and optimize a company’s performance on Facebook. Facebook provides a range of analytics and insights tools to help companies track and analyze their results, including:
1. Facebook Insights: A free analytics tool that provides detailed information about a company’s Facebook page performance. This includes reach, engagement and audience demographics.
2. Facebook Ads Manager: A tool that provides detailed analytics and insights on a company’s Facebook ad performance including clicks, conversions and cost per action.
3. Conversion Tracking: A feature that allows companies to track and measure the effectiveness of their Facebook ads by tracking conversions such as website visits, purchases.
4. Custom Audience Insights: A feature that provides insights into the behaviors, interests and demographics of a company’s custom audience. Therefore, allowing for more effective targeting and optimization.
5. Cost-Effective
Cost-effectiveness refers to the ability of a company to achieve its marketing goals with a lower cost compared to other options. Facebook can be a cost-effective marketing platform for several reasons:
1. Flexible Budget: Facebook allows companies to set their own budget for advertising, making it easier to control costs and stay within budget.
2. Targeted Advertising: Facebook’s highly targeted advertising options allow companies to reach their desired audience with a higher degree of accuracy. Hence, reducing waste and increasing the chances of success.
3. Custom Audiences: The ability to target past customers and website visitors through Facebook’s custom audience feature can increase the chances of conversion, reducing the cost per conversion.
4. Detailed Analytics: Facebook’s analytics and insights tools provide detailed information about a company’s performance, allowing for continuous optimization and improvement, subsequently, reducing costs over time.
5. Low Barrier to Entry: Facebook offers a low barrier to entry with a range of advertising options available to companies of all sizes, making it accessible and cost-effective for businesses of all sizes.
6. Flexibility
Flexibility refers to the ability of a company to adapt and change its marketing strategies and tactics to meet changing circumstances and goals. Facebook offers a high degree of flexibility in several ways:
1. Customizable Advertising: Facebook offers a range of advertising options from image and video ads to carousel and stories. Further, companies can customize their approach and choose the best options for their goals.
2. Audience Targeting: Facebook’s highly targeted advertising options allow companies to reach their desired audience. Thus, making it easier to adapt to changing circumstances and goals.
3. Continuous Optimization: Facebook’s analytics and insights tools provide detailed information about a company’s performance. Therefore, makes it easier to continuously optimize and improve results, making it more flexible in terms of results.
4. Campaign Scheduling: Facebook allows companies to schedule their advertising campaigns, making it easier to control timing and budget and adapt to changing circumstances.
5. A/B Testing: Facebook allows companies to run A/B tests, allowing them to compare and evaluate different strategies, tactics, and creative elements, making it easier to find the best approach and make informed decisions.
Summary
The marketing mix on Facebook involves using the 7 Ps of marketing (product, price, place, promotion, people, process, and physical evidence) to reach and engage with an audience through the platform.
Companies can utilize Facebook’s customizable advertising options, targeted audience capabilities, and robust analytics tools to optimize their marketing mix and achieve their goals on the platform.