Steps to Determining the Right Marketing Mix

 

The Marketing Mix (logo) FINAL_full

Choosing the right marketing mix isn’t easy. The real key is to assemble the right set of strategies and tactics that will build your customer base. It’s really not that difficult if you just follow a few steps.

Target your ideal clients

Do you know who your prospective clients are? You will need to create a customer profile that will help you make product, pricing and promotion decisions. If you are targeting consumers, consider their demographics (gender, age, income, # of children, etc.). If you are a B2B company, list the types of business you are targeting in terms of size, location, and job title. This profile will be crucial as you build your marketing tactics.

Determine your marketing goals and corresponding budget

Before you can choose a group of marketing tactics, you must decide what results you want from your marketing program. Decide what you need to achieve success and make sure they are measurable and obtainable. Is it a certain number of leads or new clients per month? Is it a percentage increase in customers walking through your door or increased phone calls per month?

Depending on your goals you will have to employ more aggressive tactics, which may require significant out-of-pocket expense while others may be free.

If you are just opening your business the marketing dollars required to launch a new business will vary depending on your competition, how easy it is to reach your target client, your marketing message and the cost of the media to reach your target audience. A new business will definitely need a more generous marketing budget to educate and stimulate your prospects. So be realistic when setting your budget!

Choose your strategies and tactics

Once you have created your customer profile and determined your goals and budget, you will be able to establish your strategies and tactics that will reach your demographic effectively. It will be important to choose tactics that will help you achieve your marketing goals and that can be used over a long-term basis with enough frequency so your message will penetrate and keep your business top of mind without exceeding your budget.

It will be important to implement at least one tactic that reaches your prospective customer when they are actively looking for your product or service. Next, identify the media that your prospects look to for information about your product or service and use public relations or advertising to effectively reach them. Lastly, consider tactics that reach out to prospects and motivates them to visit your company website.

Most importantly, focus on tactics that reach the core of your qualified prospects. Then as your strategies succeed, you can add to your marketing mix in an effort to reach a larger numbers of your demographic.

Now that you have determined WHO and HOW MUCH, you can choose WHERE AND WHEN. The media mix is extremely important in creating the strategy that makes sense for your business. It’s important to match your marketing goals to the media most likely to deliver the best results. To do this, you need to know the strengths and weaknesses of each. Next month I will review 18 types of media – online and traditional – to help you work the marketing matrix to help you choose the right combination of marketing tools for your business.

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8 thoughts on “Steps to Determining the Right Marketing Mix”

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