Strategizing Your Promotional Marketing Mix

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.

Marketing Tactics

  1. Business Name

Your business and brand name is crucial to your success. ($1,000 – $8,000)

  1. Logo

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)

  1. Slogan

This may be optional, but this short description can explain your unique value proposition to the market. ($500 – $5,000)

  1. Website

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)

  1. 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.

  1. 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)

  1. 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.

  1. Blogging

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.

  1. Signage

Signage will let the market place know that you exist and help people easily you’re your location(s). ($500 – $50,000+)

  1. 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)

  1. 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)

  1. 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+)

  1. Videos

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)

  1. 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)

  1. Radio

This brand awareness tactic will increase your presence with commuter traffic, especially in rural communities. ($3,000 – $10,000/month)

  1. 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)

  1. Newspapers

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)

  1. 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.

  1. 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)

  1. Digital

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+)

  1. 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+)

  1. 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.

Advertisements

Traditional vs. Social Media Marketing

Technology has changed how people interact and influence each other. Marketing is no different. For marketing, it’s more than implementing the same old tactics, but about adopting and testing new tools. Marketing simply is the business of promoting and selling products or services. Traditional marketing focuses on promoting and selling products or service. It utilizes strategies such as direct sales, TV, radio, mail, print advertising (magazines, coupon books, billboards) and printed promotional materials (catalogs or brochures).

Traditional Marketing techniques have been tried and proven for years.  However, the over use and abuse of some methods could compromise your marketing campaign and its success.  Knowing when to use traditional Marketing techniques will determine the success or failure of your overall campaign. This is where measuring engagement and ROI comes in. While traditional marketing techniques still have a place in most marketing campaigns, the extent of how many and which techniques will depend on how well supported they are by modern marketing techniques. Remember, each dollar you spend should have a valuable return on investment (ROI).

Social Media Marketing is an important part of your marketing mix, but not the only one.

Historically, the best a company could do to retain a customer was to provide exceptional customer service. Luckily online and social media marketing have changed the game. Online or eMarketing can be an inexpensive, effective and measurable marketing tactic to drive customer traffic and improve your overall business. It is recommended that businesses follow the 80:20 rule when allocating funds between online:traditional marketing. Social media marketing is about recognizing that your existing customers are your best assets and allows you to influence customer behavior before and after the ‘sale’. Now you can engage your existing customers and remind them to return and support your brand.

 

It is important to note that social media marketing is not a replacement, but can be a critical tactic in your marketing mix. In fact, social media marketing works best when combined with other marketing tactics (e.g email) outline in your marketing strategy.

9 Click Worthy Tips

  1. Call To Actions – Use these! CTA’s answer: “What’s in it for the subscriber?”
  2. Personalize the click – This is targeting at its finest and can make a huge difference on encouraging participation.
  3. Provide multiple places to include offers – This helps increase conversion rates. Examples in eMarketing include the first paragraph, sidebar and closing sentiments.
  4. Over-communicate what you want your readers/subscribers to do – Don’t leave it to chance, explicitly state what action you want your readers to do.
  5. Make your Call To Actions visible – Basically don’t hide your CTA’s, especially behind images.
  6. Remember important dates – People always like when you remember their birthdays. Triggered emails and a detailed database can help, which also helps with #2.
  7. Know your audience – Engage your audience through effective segmentation and re-engage with special offers. When in doubt, just ask your audience what they want.
  8. Give people a reason to click – Find the appropriate balance between content and design.
  9. Create triggered and sequential campaigns – Delivera stated that sequential emails, over a set period of time, have the highest click through rates and can help engage post-purchase behaviour.