In business or marketing strategy, you have probably heard of the “4 P’s” of marketing (Product, Price, Place and Promotion). The promotional aspect can also be described as the “Promotional Mix” and it determines what actions to take to reach your target audience. If you find yourself asking “How do I know what works?” the answer begins with your target audience. This blog post will help you to strategize your marketing plan and I’ve even included estimated costs.
- Business Name
Your business and brand name is crucial to your success. ($1,000 – $8,000)
Your logo should represent your company and your brand. This is a must-have and quality does count. An affordable solution is 99Designs. If design and creativity isn’t your strong suit then you should invest in an engaging logo. ($500 – $10,000)
This may be optional, but this short description can explain your unique value proposition to the market. ($500 – $5,000)
Developing a website can be almost free (e.g. from WordPress or another free online template) or a substantial investment. It all depends on your ability to build a website, develop a strategy, content, etc. It will cost less if you can write it yourself and supply the photography, but if you don’t want to build a website, you should hire someone who does. You can also save money by being involved in the planning and content selection. ($5,000 – $50,000)
- Content Marketing Schedule
Unless you’re ready to draft a content marketing plan you should probably enlist some help. Providing valuable content will help move your targets through a track-able process.
- Email Marketing
This will help you provide value and disseminate you content. Free templates can be set up with any number of online eNewsletter programs. ($50 – $20,000)
- Social Media
Set up your social media profiles (Facebook, Twitter, LinkedIn, Google+, YouTube, Instagram, Pinterest, etc.) and ensure they are consistent with your branding and messaging. You should be able to do this yourself, but make sure you’re on the right networks – correctly.
Writing a blog is free and easy to do once you’ve planned your content strategy. Creating a blog will help you keep your website content fresh.
Signage will let the market place know that you exist and help people easily you’re your location(s). ($500 – $50,000+)
- Directories and Classified Ads
Whether online or in a newspaper, these should be a cost-effective method to list your company in it’s target industry. People searching for specific items can locate your ad by category. ($25+/each)
- Community Newsletters
If your goal is to reach a specific community, than community papers may provide you with a cost-effective tactic, however readership varies. ($50 – $500/ad/size)
- Outdoor Advertising
This tactic will increase your local presence. Outdoor advertising covers a variety of media, including lawn signs, bus benches (0 – $200/month), shopping mall signs, billboards and building sponsorships. ($5,000 – $50,000+)
Videos are an extremely important, especially within your content marketing strategy. They can be used in a variety of mediums including both digital and traditional marketing tactics. ($2,000 – $50,000)
- Search Engine Optimization (and Outsourced Content Creation)
Your company and it’s digital assets need to rank highly. Enlisting the services of an expert will save you time, which will allow you to get back to business. ($1,000 – $5,000/month)
This brand awareness tactic will increase your presence with commuter traffic, especially in rural communities. ($3,000 – $10,000/month)
- Television (TV)
Advertising on local (or national) television can greatly increase your brand awareness and increase recognition. (Estimate $1,000 – $10,000/month + production – you need a solid 30 second spot)
Newspaper (local or national) can help build local, immediate attention and over a period of time can increase brand visibility. ($2,000+/month – depending on ad size)
- Promotional Products
These are branded items that you send (or give) away to gain (and retain) attention. In Calgary I recommend Level2, however there any many choices in every city.
- Direct Mail
Targeted, local direct mail can be effective if there is a valuable offer or create that stands out. This can also be applied to eNewsletters or digital marketing. ($0.5 – $3/ household is consistent depending on the creative you are mailing)
There are many new online advertising channels to consider. Start with Search Engine Marketing (SEM), which is essentially your online search traffic that should relate to your company, product or service. Then look at display advertising, which is the online version of billboard advertising, layered in with retargeted and behaviour ads. Next think about social media advertising (YouTube, Facebook, Twitter, LinkedIn). If you’re confused by the above let me know and I can help. While marketing budgets may vary they are also affordable and track-able. ($25/day+)
- Customer Relationship Management (CRM)
A CRM system, emails and phone calls will help you manage current relationships, increase referrals and attract new prospects to be clients. If you don’t have a sales process or strategy you will not generate new business. ($25/month+)
- Recommendations, Success Stories and Celebrity Endorsements
Some of these are free or earned and others are not – however all will help you increase credibility within your market place. Always be aware of the risk.
Build Your Promotional Marketing Mix
Choose your promotional marketing tactic based on your target audience. This includes the volume, type, and geography of the target customers you are trying to reach. Depending on your marketing strategy (or objectives), choose the method that is the most direct and provides the most value. Your target prospects need to engage with your market for it to be a success. Forecast and plan your marketing budgets to ensure that you allow enough budget to carry your campaign throughout completion. Don’t be afraid to take a chance. Just be sure to measure the results of your marketing.