Marketing mix- what’s right for your company?
Balance. In a marketing plan, choosing the right balance of media will ultimately steer the course of how effective your advertising will be.
Choosing the right media mix may be tricky, and there are multiple factors to consider.
- How much of the marketing budget needs to go to direct leads?
(Internet- SEO, SEM, SMM, Phone Books, Industry services, etc…)
- How much of the marketing budget needs to go to branding?
(TV, Radio, Billboard, Newspaper, Magazines, Community activities, etc…)
- How much of the marketing budget needs to go to promote your business to existing customers?
(Promotional items, communications via phone or email, etc…)
PLAN, IMPLEMENT, MEASURE, STAY CONSISTENT
Questions on how to measure your marketing? Give Louvre Media a call to have this conversation.
The secret isn’t always in the plan- but having a plan is the first place to start. The plan should include expected results for each media and have measurements in place to quantify the results. This may be tricky, especially if your business is a retail business, as marketing may increase sales but maybe not enough to measure. If you stay consistent with measuring your marketing, you will find trends within the data to help make better decisions going forward.
The portion of the marketing budget to market to existing customers should stay constant. As the business grows, the amount (by percentage) should remain the same. As business are expanding more of the marketing budget should go towards branding, especially once you have a good flow of new customers coming in from your directing marketing efforts.
As a business settles in on the right mix, new media should be tested, either using additional market dollars available from increased sales or from what is believed to be the lowest producing of your marketing choices, as there may be better marketing to continue to improve your ROI.
When you make the plan, implement it, measure it, and stay consistent with it, you will find yourself well on the way to improving your marketing and your marketing’s ROI, as well as your sales.