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.

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How & When to Start Marketing Your Product: 4 Tips

“How and when should I start marketing?” Many companies and new entrepreneurs can easily get hung up on that question. Whether it refers to determining when to start marketing your product or service to customers, or figuring out the correct market in which to launch, the following 4 steps will help guide your through the process.

  1. Product Knowledge

You need to frame the product/technology as it relates to your proposed product timeline and evaluate what stage it currently resides. Doing so defines the timing of when you should go to market and who would be the ideal target within each of the product’s stages.

If you aren’t sure where your product stands, consider the following points:

  • Are the primary features still being developed?
  • Are there enough features to let someone test and give meaningful feedback?
  • Are you ready to present your product and find a first beta tester or even customer?
  • Where does your product reside in the product life cycle? Each of these stages varies in length and directly affects how you market and what your timing is.
    • 1. Development
    • 2. Introduction
    • 3. Growth
    • 4. Maturity
    • 5. Decline

Product knowledge will assist you with your marketing messaging as well as increasing your competitiveness within the market place.

  1. Marketing Strategy

Your marketing strategy should plan out the approach you will take to reach potential prospects. Define your target audience and know the best marketing medium, channel and budget for each persona.

Your marketing strategy needs to include the following elements:

  • Product & Consumer
  • Price & Costs
  • Place & Convenience
  • Promotion & Communication

4marketingPsandCs

Also consider these points when building your marketing plan:

  • Who your product or service will serve
  • Where to reach these people
  • How to reach these people
  • How to best do the above given the resources you have
  1. Competitive Landscape

To be successful and truly stand out to your target audience, it is crucial to have a deeper understanding of the competitive landscape. Figure out who the top competitors are, along with their value proposition and core messaging. Can your product or service thrive in the market place? All products, services and companies have competitors so be sure you conduct due diligence. I recommend starting with some web searches then building from there.

  1. Messaging

After you have developed your marketing strategy and understand the positioning of your product in it’s competitive landscape, the final component is to define the messaging. Your messaging is the compilation of the first 3 steps, but positioned in a compelling manner. It must be creative, catchy, engaging, memorable and most of all convert-able (leading to new business). If you are to be successfully noticed by a prospect, your messaging must be timely, relevant, and personalized.

Provide value and think about your unique value proposition. Consider the use of comparative language. Are you faster, bigger, sleeker, or cheaper? Your product knowledge, market strategy and competitive knowledge should help you to create messaging that will engage your target audience.

The 4 steps I’ve outlined will help you determine when or how you should market your new product or concept. It should begin developing an actionable marketing strategy that will allow you to under stand your product/service and it’s target audience. This also includes conducting market and competitor research as well as creating engaging messaging. These tips will allow you to properly plan your strategy and execution, which will be the key to your success.

The Truth About Startups & 5 Helpful Tips

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It’s simple; startups are a lot of hard work.

No one is going to argue that fact, or try debating it. While they may be a lot of hard work, startups are still fun and vastly fulfilling.

They require loyal commitment and also take up an exuberant amount of time and typically rely upon a centered small, lean team who work long hours. Hopefully, these teams are innovating and creating products and services that stand out from the crowd. It is guaranteed that your company will battle against tight market competition eventually and it’s best to be prepared. Innovation and strategic is a must if you want to stay ahead of the proverbial game. If you aren’t innovating and keeping ahead of your competitors then you are falling behind or closing your doors. If you are successful at being innovative, remember to protect it. Even if it is time consuming or expensive, it is worth it.

Being innovative isn’t simply enough anymore and protecting your innovation is important not only for your business to succeed, but also to establish and receive investment.

The more barriers against competition that your startup can provide will help increase your credibility and longevity. That and investors will inevitably have more interest in your company.

5 Helpful Tips for Startups

1. Sell the promise: There are two ideal times to raise money for a startup: before your launch and when you start experiencing your growth curve. Before you launch you’re ultimately selling the guarantee of your vision (which is unquantified).

2. Ask for advice – the money comes later: Tell people you’re not raising money because when you ask for money you get advice. If you go out and ask for advice you’ll get money (and advice). That being said all startups are raising money, but it’s about how you approaching finding investors. The key is finding the right advice, money and investor for your company.

3. Write down all that advice: Take detailed notes during and after meetings with smart people. Ask short questions and record the answers. (e.g. ‘what do you think?,’ ‘what your favorite part?,’ ‘would you use it? how?,’ ‘who do you think would have feedback on this?’)

4. Take your time: Get it right the first time. Take your time and prepare and test everything. Create a solid product and a structured company that can support its success.

5. Market and plan for a big launch: If your launch isn’t generating buzz or being picked up by some media outlets, you’ve done something wrong. You only get one launch so take your time and make it worth the wait. Emails, tweets and social media interaction generally acceptable before going to the press about a beta test and product launch. Most importantly, ask for help when it comes to commercializing new products.