A solid marketing plan is like a recipe, you need all the ingredients for a successful finished product. In addition to strategic elements, your company’s marketing plan should include a solid marketing mix-a combination of marketing elements and tactics used in selling products.
The “4 Ps” is probably the most well known combination that defines the marketing mix and includes product, price, place, and promotion. However, the popularity of this combination can lead to many companies quickly establishing their”4 Ps” without really examining and developing all tactics and avenues available, leaving valuable tools completely out of their marketing mix.
While the “4 Ps” are important to consider while building your marketing mix, consider these tips for making sure you are not missing the vital ingredients needed for a solid plan:
· Establish a clear objective – before spending any time or money on marketing, make sure you have a plan! What do you hope to achieve through your marketing tactics? New leads, increased sales, more website traffic? Whatever your answer, set a clear goal to direct all your marketing toward it.
· Make a list – brainstorm all of the tactics and avenues that are available. Think outside the box, consider location, industry, and target market. Even if you only choose a select few, this list will give you a complete understanding of all the options available to you. Then, using your pre-established goal, you can select which tactics best fit your needs and budget, and begin to build your custom marketing mix.
· Have a #1 panacea – every strong marketing mix has at least one “go-to” tactic that has the proven ability to help you achieve your goals. Whether it’s a high level giveaway to gain attention, or an eye-catching direct mail piece, make sure you keep this tactic in your mix, and in your back pocket for future use at a moment’s notice.
There are literally hundreds of combinations that can make up a company’s marketing mix. The trick is to find the combination that best works for you. While this task can seem overwhelming, with a clear objective and a complete understanding of all the tactics and avenues available, you should be able to build a strong marketing mix. Or, leave it to the professionals and call MAI at 636-530-0088, because we can help you build your mix with all the necessary ingredients needed for success.