Imagine a band that takes a hit and stops producing new songs. The natural movement is that, over time, fans lose interest and drift away, do you agree?
The same thinking can be applied to businesses. By limiting your offering to one product, you forego exploiting the full marketing potential you possess.
Therefore, it is important to take into account the concept of Product Mix. This indicates the variety offered by the company to the market .
Achieving a satisfactory level of coverage is the goal of georgia email list 3 million contact leads most companies, as it represents valuable advantages.
To make it easier for you to understand the topic, we created this article. In it, we will teach you the reasons why the concept is so important and give you tips to define your own product mix. Read on and find out!
Why is Product Mix important for your business?
When we talk about Product Mix, the first word that comes to mind is variety. It is clear that the definition of the products offered must be done carefully and strategically, in order to maintain the brand identity and retain consumers.
Before we point you in the direction of designing your own strategy, we will show you some of the key benefits that give so much importance to this concept.
For starters, offering diversified products is an excellent opportunity to boost business profits. That's because, as we know, even if they identify with your brand , some consumers still don't consume certain items.
In an effort to identify this gap, you can invest in making products available that will appeal to these people.
That way, even with one article published, there is another one that can guarantee ROI .
This idea is even more important when we think about occasion-based sourcing, a term that refers to the variation in demand depending on the time of year. If you sell ice cream, for example, you may have a hard time finding buyers during the winter.
By applying the Marketing Mix , you have the ability to decide on a product with the power to balance the lack of demand , such as hot desserts, coffees, and other products consumed during cold weather.
Do you know any other benefits this can bring? We'll tell you about them below!
Market expansion
A successful marketing strategy depends on a deep understanding of the target audience. From this, campaigns are created to reach them and products are developed to meet their needs. In Digital Marketing , instead of targeting, it is common to create personas.
If you know how to meet consumer expectations, the probability of success for your business is huge. Now imagine that, in addition to fulfilling the wishes of one person , you decide to add another, with slightly or completely different characteristics.
By doing so, you can develop products and services for another consumer profile. You can maintain the relationship with the original person and at the same time start dealing with a new audience .
In this way, it captures an even larger share of the market than the original.
