Marketing Mix – An Essential Small Business Marketing Strategy

by Jon on January 24, 2012

The marketing mix was first described by Neil Borden in 1953, but what most business owners don’t realise is this idea of Borden’s was just a rehash of a previous idea by his colleague, James Culliton, some five years previously.

And then in 1960 E. Jerome McCarthy distilled the marketing mix down to the “f0ur P’s”: price, product, place, promotion. While all four of these are important, I maintain the most important of them by far is promotion.

The reason I say this is price, and product can frequently be repositioned in the buyer’s mind by effective marketing, and, similarly, the location can be made unimportant.

So in this post, when we talk about the marketing mix, we’re really focusing on the different channels of marketing our products and services to our prospects.

A rich marketing mix is essential if you want your business to be on safe ground in any marketplace

But the vast majority of business owners are not using an effective marketing mix.

marketing mix image

Marketing Mix - Essential for a Strong Foundation for Your Business

In fact, most businesses, at best, are focusing on just one or two forms of marketing.

But is this really so bad?

I mean, if you have discovered one or two forms of marketing that are working for you, then… all is good, right?

Well yes, all is ok… at least… for now.

But… what are you going to do if the two forms of marketing that are currently working for your business all of a sudden, and for no apparent reason, just stop working?

Tomorrow, the ad you are running in the daily rag may, for whatever reason, stop pulling a profitable response, your Google Adwords account may get shut down, your website may get hacked or your postal service goes on strike and your direct mail gets lost, etc.

I am not trying to be pessimistic here, but I’ve seen this happen in real life. A few years back when fax marketing was to all intents and  purposes made illegal, one fellow’s business was left dead in the water – no marketing mix, you see. Around the same time, a lady I knew, whose business revolved solely around her Facebook list was left high and dry when her account was pulled.

Bottom line: if you are keeping all your eggs in one basket, then you’re not only asking for trouble, you are leaving the majority of the market open for your competitors to quietly corner the market, right under your nose!

Use an effective marketing mix to attract people who are currently slipping under your radar

The fact is…

Not all your prospective customers and clients will be found through one or two channels – that is the method you use to make yourself visible to your market, e.g. direct mail, classified ads, TV slots, SEO and PPC, etc – in fact, I can guarantee you are targeting only a tiny fraction of the total market if you are not extending your reach over several different channels and then using multiple media within those channels. In other words, you should be using a rich and robust marketing mix.

And by media, I mean how you are communicating with your prospects through each channel…

For example; in direct mail you could be using mediums such as sales letters, advertising, CDs and DVDs and on the Internet you could be using mediums such as webinar, video, and online sales letters.

See, everybody responds differently to different types of media. Some people will respond better to one medium than another. For example; you may find some prospects will respond better to a video sales letter than a written one, whilst others find video annoying and prefer to read… and vice versa.

The Ideal Marketing Mix

For your marketing to be as effective as possible you need to be targeting your niche crowd using all the available channels available and with multiple media through each channel, then testing to see what is working, and what isn’t. Once you know what’s working, then you can tweak the good stuff to and optimise your marketing mix to supply your business with optimum results.

This may all seem complicated and sound like a lot of work, at the minute. But soon you will realise just how fun the marketing game is…

Enjoy playing the detective to find the hot buttons of your targeted audience, playing the strategist when plotting the words, colours and designs you use in your messages…

… and then, play the scientist when testing and measuring to predictably grow your business to any level you desire!

Once you’ve got your marketing mix tuned in to the market, the world, as they sat, is the bivalve of your choice.

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{ 1 comment }

Steve March 20, 2012 at 12:23 am

Hi
I must say I am rather confused after reading a few marketing posts on various sites and here. You say about putting up prices by 10% and others all promote the free offer/giveaway, but surely these 2 ideas contradict one another

If putting up prices is a good thing and won’t lose business or put prospects off, how come so many say that prospects jump at the ‘free offer’ method

Would love to hear your thoughts on this

Many thanks

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