Where Are You in the Marketing Mix?

My question to you today is “Where are you in the marketing mix? Traditionally the marketing mix is the four “P’s”: Product/Service, price, promotion, and place. I want to go in a different direction with this; many small business owners get thrown for a loop when business slows down. We scramble to figure the next business move, especially if we don’t have a “B” or “C” plan. Sometimes the path becomes blurry and you wonder what should you do next, especially when things are slow or it doesn’t seem to be working.

Stay On Course Trust what you have learned in the light, not when you are in a tunnel of darkness. If your product or service, price, promotion and place have worked all along, stay on course. This is the time to buckle down and communicate, communicate, and communicate, sales is about building relationships. It’s time to reassure your clients and customers, you have the confidence to weather any storm and economic struggles. Educate clients about the products and services you provide, ask for referrals. Have you had plans to launch a new product or service? Most business owners receive most of the sales and referrals from satisfied clients and customers. Reach out, teach and inform.

Steps to mix it up For business owners without an “A” plan, take this opportunity to develop one. Decide what is most important to you; building a brand or direct marketing. When you build your brand you are focusing on selling your company name and the products/service you provide. Brand building helps to give company longevity, and name recognition. Direct marketing helps build concentrated sales on a product/service, like infomercials for instance.

The next step in developing a marketing plan is to create specific marketing objectives and write them down. What do you want your marketing efforts to do for you? If you’re selling herbs, for instance, perhaps you want to increase your monthly sales by 25 percent. My own marketing objective is to gain a new client each month. Whatever marketing objective you set, be sure it’s realistic. The marketing objective must motivate, and provide a way to track and evaluate your success.

Now under each marketing objective, write specific things you can do to achieve results. If you want to increase service sales by 25 per cent, you might create an email campaign Carefully take the time to think it through so you have a recipe for action.

Take fifteen minutes a day to review your marketing strategies, action plan, and track your marketing activities. Try it for 7 days and evaluate the results, and see if you don’t see a difference in your bottom line.

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