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Marketing Tip of the Month #8: Evaluate Your Marketing Mix for Business Growth

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September 16, 2021
October 14, 2021

Developing a successful marketing strategy takes time. Focus on these elements of your strategy to position your business for growth.

Successful marketing strategies aren't easy to achieve, and they don't happen overnight. It takes time and patience to develop a brand and grow your business. Consumer behavior is complex and you'll likely need to engage with consumers multiple times and ways before they make a purchase.

Given these factors, the most effective way to position your business for growth and success is with a strategic marketing plan that takes all aspects of your marketing mix into consideration. When evaluating the success of any advertising efforts, consider how your promotion strategy relates to the other elements of the 4 P's:

Here are some questions to think about as you’re evaluating your entire marketing strategy.

Product:
How would your target customer articulate their need(s)? Are there other ways your product or service can reduce friction by tailoring to the customers most important points of friction? How would you evaluate alternative solutions against customer need(s)?

Price:
The simple formula to assess value is WHAT YOU GET divided by WHAT YOU PAY. Cost isn’t just dollars. It’s time, energy, and any friction. There may be ways to address pricing by finding other ways to offer value for your customer, which will help you stand apart from competition.

Place:
With digital purchases, and rapid fulfillment becoming commonplace, do you feel like you’re easily accessible for your target customer? Make sure you’re aware of how your strongest competitors are accessible.

Promotion:
What are the steps a customer might take from awareness to purchase before they elect to make a final decision? Do you have marketing present at these various stops to keep nudging customers down the funnel?

At Awarity, we're here to serve as an easy and effective part of your promotion efforts, but we are most effective as one part of an overall marketing strategy. Our approach works, and will get you seen by your target audience more times per dollar spent than any other medium can offer. We'll build awareness, but making sure you're reaching your target customer in multiple different ways is key to unlocking growth for your business.

Contact the Author

I've worked at Fortune 500 corporations like PepsiCo and Capital One, but also with several small businesses. Wherever I was, one truth stood out: The marketing and advertising industry is built around large corporations, leaving limited solutions for small business. But with changes in consumer behavior, and the explosive growth of digital advertising, we saw an opportunity to level the playing field.

We’re always available to talk about an approach to meet your goals and reach the types of new customers you desire. Just schedule time through our website, or you can always request a free proposal. We pride ourselves on offering high impact advertising at the most affordable price in the industry to help you engage with new customers, which is more important now than it’s ever been before.

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