Tag Archives: marketing mix

Are you wasting your marketing resources?

I heard on the news this week that a staggering amount of gas, equivalent to one-third of the consumption of the EU each year, is simply being burnt off as a waste product of oil drilling. Clearly there isn’t a straight forward solution to this monumental waste or someone would have thought of it already, but it did make me think about the marketing resources that are potentially being squandered by businesses.

In an age where we are all looking to generate free and low-cost marketing, how many of us have looked to the underutilised marketing assets we already own?

Here are just a few examples of marketing assets that may exist in your business and that you could be using more effectively:

  • Awards and memberships – if you have won an award or are a member of a professional body are you telling your customer and potential customers about it? By simply placing an award logo on your email sign off,  website, LinkedIn profile, letterhead, business cards, online brochures etc you are demonstrating your credibility
  • Client testimonials – if, like me, you have a collection of testimonials and case studies gathering dust, you should be using them wherever possible to woo potential clients
  • Blog posts, white papers and top tips – you will be surprised  what content most companies have that can be re-purposed. You will have to do a little work here as it’s important that you don’t simply regurgitate the same content across different platforms. Can you turn a blog post  into several Facebook posts or enhanced  it to form a white paper, an e-book or an infographic?
  • Your existing clients and employees – these guys should be your biggest advocates so how can you encourage them to recommend you? Again, this won’t happen on its own, a little effort is needed; but happy customers can be a huge untapped asset
  • Your marketing strategy – are you spending your marketing budget on the right activities? No amount of tweaking around the edges is substitute for thorough research, rigorous planning, measurement and evaluation.

What marketing assets do you have lying around that you could use?

The marketing mix: why it is important to your business

If you treat marketing as being synonymous with advertising, promotions and other forms of communication then you are, almost certainly, missing a trick. This week I came across a great example of how, by taking this narrow view of marketing and ignoring some of the elements of the marketing mix, you can seriously damage your revenue.

I’m currently in the market for a coffee table. I’m looking for something quite specific; a square, light oak coffee table. Having searched online I have a rough idea of the price I’m happy to pay and what I can expect to get for my money. Armed with this information I visited a local, independently run, furniture show room to see how they matched up to the internet.

It all started quite well as I was left to browse for a while before being approached by the sales guy who asked if I was looking for something specific. Having explained my requirements to him he proceeded to show me a number of distinctly rectangular looking coffee tables, and tutting, he said: ‘ how come everyone wants square coffee tables when I only have rectangular ones’. Good question. Perhaps he should check his product range?

After this rather awkward moment, he told me that some of the ranges included a square coffee table, and we were back on track again! I chose a style I liked and he scurried off to get a brochure. We then discussed price and, whilst his first offer was more than I wanted to pay, I could see that he was up for a negotiation. I asked about delivery and he agreed to deliver free of charge, so that was another tick in the box.

Finally I asked when the coffee table could be delivered…and it all started to fall apart (again). ‘Before Christmas’, was the response I got. ‘Before Christmas’ I repeated, ‘Yes, before Christmas as opposed to after Christmas’ he said. A little dumbfounded I asked if he could be more specific. Apparently not. The result, a lost sale.

For your marketing to be successful you need to consider all the elements of the marketing mix. It’s less important which definition of the marketing mix you prefer (the 4Ps, 7Ps , 4Cs…the list goes on), just that you have a joined up approach to marketing that puts the customer at the centre.

Image: freedigitalphotos.net