Marketing models to help you plan your future campaigns

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Date: 9 March 2022

A marketeer uses the 7ps method to improve her marketing

Many individuals dismiss marketing models as nothing more than theoretical exercises with no real-world applications. However, using marketing models can be a great way for planning for the future. They can help businesses see what they're doing well, and where they're not doing not so well! Here are some of the best models you can use in your operation.

7Ps marketing matrix

This is one of the most popular models, despite being around since the early 1960s. According to this model, there are seven different P's you should understand: Product, Price, Place, Promotion, People, Process, and Physical Evidence. By considering these elements, you can produce all you need for a quality, in-depth marketing plan.

This is a great model for giving structure to a specific marketing strategy. If you have come up with a new marketing strategy for your business, think about the 7P's and try to make sure it includes all of them.

However, there are some problems with this marketing model, primarily linked to its age. Perhaps the biggest problem is that it doesn't consider any new digital marketing techniques such as social media and SEO marketing.

Ansoff marketing model

In this model, you can investigate and interrogate which growth strategies will be most suitable for your business. There are four sections that you need to explore. These sections and growth strategies consist of market penetration, market development, product development and diversification.

This is tool for helping businesses to think out of the box. You can decide which strategy will be the best for you, and as a result you might want to switch your current strategy for a different one that may provide better digital marketing results. However, a weakness with this model is that it doesn't really consider your market position or your competitors.

Product lifecycle

Almost every product has a natural lifecycle that it goes through before it inevitably declines. There are four stages to this: introduction, growth, maturity, and, of course, decline. The introduction stage is generally concerned with marketing your new product to let your audience know about your product and why they need it in their lives!

The growth stage is reached when the marketing campaign has been successfully implemented and demand increases. Production increases as a result, and the availability of the product also goes up. The maturity stage is when you make the most profit from the product, as the production and marketing costs are reduced.

The decline stage is where the product starts to stagnate and sell less units. The key reason for this is that other companies try to copy its success. Competition increases, and similar products can be offered at cheaper price points or with other compelling advantages.  This leads to the decline of the original product, often to the point where it will eventually be taken off the shelves.

Again, this is not a perfect model. It can be hard to distinguish at what stage your product is actually at and how long it will take to reach the different stages.

Final thoughts

Like most things in life, marketing models have their strengths and weaknesses. But, with many great marketing models available you are sure to find one to improve your marketing strategy in the coming months. Whatever sector your business operates in, whether it’s a  cutting edge cryptocurrency operation like BitQT or a more traditional brick and mortar set up, marketing models can help your business identify your strengths and weaknesses and grow.

Copyright 2022. Article made possible by Muve Media & Marketing.

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