How To Manage Your Marketing Mix

How To Manage Your Marketing Mix



How to​ Manage Your Marketing Mix
Wrong .​
And the​ same goes for generating revenue .​
Done in​ a​ vacuum,​ none of​ these tactics will get you​ what you​ want .​
For professional services - where your relationship with your target audience develops based on​ them trusting you​ - it's all about layering your market touches in​ a​ way that incrementally builds trust over time .​
Too much,​ too close,​ too soon,​ and you​ scare people off.
Instead,​ you​ have to​ know what strategy to​ use and when,​ based on​ clear objectives .​
Each strategy has a​ different purpose .​
Here's a​ quick look at​ how to​ make the​ right choice.
Advertisement is​ getting the​ word out about your firm through paid- for ads or​ commercials in​ the​ media,​ including print,​ radio,​ television and internet .​
You advertise to...
* establish awareness
* build interest in​ the​ market
* educate
* interrupt
* change attitudes about your brand or​ another's brand
* influence perceptions
* meet a​ longer-term objective (like raising awareness)
Advertisement tends to​ be very expensive .​
Done well -with good messaging,​ good design,​ and a​ big enough budget to​ be consistent over time - it​ can be effective .​
But blowing a​ big piece of​ your overall marketing budget on​ an​ ad or​ two is​ a​ HUGE waste of​ money.
Public Relations is​ getting the​ word out about your firm through the​ press,​ including articles about you​ (not by you) and interviews with you​ .​
These can appear in​ print,​ as​ a​ story in​ the​ media,​ and online .​
You use Public Relations to...
* build credibility (and sometimes trust) through a​ third-party (the press)
* move up a​ level in​ the​ eyes of​ your target audience and clients
* align publicly (i.e.,​ with a​ cause)
* generate buzz (i.e.,​ pre-launch)
* get free attention
Getting good publicity requires a​ knack for WIIFM-oriented messaging (What's in​ It For Me?) .​
You have to​ pass the​ who cares? test every time .​
If you​ start a​ press release,​ for example,​ with ABC Company is​ pleased to​ announce...,​ you're DEAD in​ the​ water .​
Good relationship- building skills with the​ press are also a​ must .​
PR is​ often something to​ crank up once you​ have the​ tools in​ place to​ catch the​ attention you'll garner,​ including a​ website laden with value and a​ decent keep- in-touch system.
Promotion is​ getting the​ word out through articles/ columns/newsletters that you​ write,​ talks you​ give,​ networking,​ sponsorships,​ events,​ committee work,​ referrals you​ give and get,​ follow-up meetings,​ thank you​ notes,​ and calls .​
You promote to...
* encourage your target audience to​ try you​ (i.e.,​ visit your website for a​ valuable download,​ to​ subscribe to​ your free e- newsletter)
* invite your target audience to​ an​ event (real or​ virtual)
* give stuff away (trials)
* introduce a​ new offer
* meet a​ shorter-term objective (like fill a​ workshop)
* test new ideas (i.e.,​ run a​ poll)
* invite interaction (i.e.,​ to​ an​ online discussion forum)
Promotion tends to​ be the​ most effective way for professional service firms to​ build trust in​ the​ marketplace .​
The arsenal of​ options in​ your promotional toolkit is​ both extensive and affordable .​
Get a​ basic system of​ online and offline promotional tactics in​ place - anchored by a​ value-packed website to​ act as​ your revenue hub - and you're in​ good shape.
You also have tactical choices to​ make for each strategy: online vs .​
offline,​ print/graphic vs .​
audio/visual,​ live (in person) vs .​
virtual,​ and so on​ .​
Here are some rules of​ (green) thumb to​ guide you:
* deploy the​ WIIFM factor at​ all times
* unless you​ have the​ backing of​ a​ big corporate marketing budget,​ promotion and PR tend to​ be your smartest investments
* online is​ generally more cost-effective than print
* permission-based approach is​ a​ must for professional services
* don't randomly try tactics .​
Have a​ plan that moves your target audience from Stranger to​ Acquaintance to​ Friend to​ Lover to​ Loyal Partner (see my article,​ How to​ Earn the​ Right for more on​ this key success factor)
If you​ want awareness,​ interest,​ trusted advisor status,​ and credibility,​ you​ need all three strategies - Advertisement,​ Public Relations,​ and Promotion - in​ your marketing mix .​
For most firms,​ having a​ solid promotional strategy in​ place first is​ the​ smartest ROI .​
Add public relations and advertisement to​ the​ mix next,​ and your garden will flourish and grow.




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