The Secret of The Marketing Mix

Marketing Mix

I have an MBA, so of course I can rattle off the elements of marketing mix at the drop of a dime. Okay, I lied. Let me drag my marketing book out from under the futon, rescuing it from rabid dustbunnies.

To the very technical, a marketing mix consists of:
Price
Product
Promotion
Placement

We all know these are important. It’s a given. I’m going to shake things up (sorry Dr. Kim) and redefine marketing mix. I’m going to define it as:

The combination of different marketing techniques and tools, used together to effectively promote a product or brand.

I should have written a marketing textbook! (Note to self) The point is, your marketing strategy shouldn’t consist of only one or two techniques. You know the saying about putting all your eggs in one basket. If all you do is send out press releases, you may boost your SEO, but you’re ignoring your local market. If you only advertise in local publications, you’re missing out on the wider world of web customers.

Since I specialize in Marketing 2.0 online, I stress to my clients the importance of using both offline and online marketing techniques. For instance, for a new client who sells a Multi-Level Marketing product, I recommend that he network (locally and online), send out email blasts, and use Google AdWords. Now that’s diversity.

It’s possible to grow both your local sales and your online business at the same time, and you don’t have to use a gigantic budget to do so. When setting up your marketing plan, make a list of all the marketing techniques you’d like to engage in. If one doesn’t prove its potential within three months, kick it to the curb and focus on the ones that are generating the most sales. It’s easier to hone in on what works than start out with the one thing that will never grow your business.

Think of your marketing strategy as a recipe. It’s got multiple ingredients, and seasoning to taste. You’re the chef, so at any time, you can taste your concoction and see if it meets your expectations. If not, add a brochure or newsletter to the mix!

-Susan
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