10 Ways to Improve Your Marketing Mix

 

            A presentation mix suggests an arrangement of activities or strategies that an organization uses to enhance its image or pursue a theme. From publishing to promotion to advertising, the mix should include everything you do as a business owner to make your product or management look great in the right way, in front of the right people. But whether you want to improve your existing marketing mix or create one from scratch, here are 10 ways to improve your marketing mix.

1) Define your target market

            The first and most important step in determining your marketing mix is market segmentation. You have to identify your target market. There are many ways to go about doing that, from using gut feel or anecdotal data, doing formal market research, or conducting surveys and focus groups. If you're a start-up, you can't afford market research (though if you can, do it), so focus on defining your customer base as narrowly as possible at first. This will help streamline marketing efforts later on down the road when you're trying to attract a large number of customers at once instead of just one group at a time.

2) Understand your competitive advantage

Improve Your Marketing Mix

            When your product or service doesn’t have a distinct competitive advantage, it’s hard to create marketing tactics that can set you apart from other players in your space. You need something unique to capture people’s attention and make them remember you when they need what you offer. Competitive advantage comes from understanding your market segmentation, knowing who your customers are and how they want to be marketed too. Focus on those three things first, then work on making an impact with content marketing. It’s a great way for small businesses (like yours) to gain visibility without committing big budgets upfront.

3) Improve branding with social media

            Consumers form relationships with brands on social media channels, so companies should have a strong presence and find ways to engage those customers. Whether it’s posting product information, hosting contests, or launching giveaways, being active on social media helps build a brand. And it can pay off: According to an IBM study of 1,500 consumers across nine countries and five industries, more than one-third of respondents say they make purchase decisions based on recommendations from social networks. Still not convinced? Brands that use multiple marketing tactics typically see four times greater ROI than their counterparts that use just one method (like paid advertising) alone. To improve your marketing mix with content marketing -- since you already know how important branding is -- consider mixing in some thought leadership by publishing industry-focused content on your website.

4) Create content regularly

Improve Your Marketing Mix

            Content marketing is one of the easiest ways to implement a marketing mix. To get started, think about your ideal target market. Who are they? What do they like? How do they spend their time online? From there, create content that appeals directly to those people. This can be in any format: video, podcast, infographic—anything that gets their attention and keeps them coming back for more. The key is consistency; only by creating content regularly can you start building an audience and take advantage of earned media strategies.

5) Innovate and experiment with new ways to reach customers

            You don’t want your marketing plan to be formulaic. In fact, you’ll likely come up with new ideas for things like product features and marketing strategy regularly. It might take some time, but try not to rush these ideas into production without carefully considering them first. Experimenting and innovating can pay off if done right, but it can also sink a business if it isn't handled properly. Try scheduling brainstorming sessions where you and your team members exchange ideas in an open-minded way, rather than sitting down at random times throughout the day or week whenever inspiration strikes.

6) Use multiple platforms for the promotion

Improve Your Marketing Mix

            In today’s marketplace, you must implement a multi-pronged approach to marketing your product or service. This means using everything from social media and influencer partnerships to PR and email marketing campaigns. Every company is different, but there are several ways you can set yourself up for success by thinking strategically about your marketing plan. For example, building relationships with a niche influencer who has large followings on Instagram and YouTube will help you promote your brand in unique ways—and across platforms.

7) Use market segmentation to find your perfect customer

            Once you’ve selected your target market, it’s time to get familiar with them. You don’t have to create an in-depth psychographic profile of each and every person who might be interested in your product or service, but you should use a form of marketing segmentation to narrow down your market as much as possible. Market segmentation helps marketers identify groups of people with similar characteristics and behaviors so that they can better understand where their best customers are located and how they act. There are many different ways to conduct market segmentation, including dividing customers by age, gender, location, income level, or other demographic variables.

8) Research competitors' strategies regularly

Improve Your Marketing Mix

            Market intelligence is a crucial part of every company's strategy. Research competitors' strategies and tactics so you can stay on top of new trends and practices. If there are brands you'd like to model your own marketing strategies after, pick up their products and see what they're doing. Chances are, it'll help inform how you build your marketing mix for that particular product or service. Paying attention is just as important as getting out in front of trends before they happen; with a little research, you can be way ahead of everyone else.

9) Ask customers what they want

            Many companies launch products or services and never give them a second thought. Meanwhile, a new product could be waiting just around the corner if only you would ask your customers what they want. Though it sounds simple, many marketers don’t bother asking their customers about their preferences and end up releasing unsatisfactory products. Don’t make that mistake! Try conducting customer surveys on what they like and dislike about your existing products—and from there, find out how you can improve upon them and expand into new markets. Relying on customer feedback is critical in any business because it ensures that you have an idea of who you’re targeting and that they are going to use your product with regularity.

10) Plan ahead

Improve Your Marketing Mix

            The key to successful marketing is, of course, knowing your market segmentation and appealing to it. That means you need a content marketing strategy in place well before you start spending a cent on advertisements or partnerships. By defining your target customer or niche, then outlining how you’ll speak directly to them and provide them with something valuable—and actually sticking with that plan over time—you’ll see results much faster than going all willy-nilly in an attempt to attract as many eyeballs as possible. In other words: A little planning can go a long way.