Choose the Best Marketing Mix in 3 Easy Steps
For businesses big and small, creating an effective marketing strategy isn’t an easy task. Every successful business needs a unique marketing plan that is tailored to its specific needs and goals. And every marketing plan requires the right marketing mix in order to be successful. However, finding the correct marketing mix for your Washington DC area business can be a difficult task considering how many options you have to choose from.
When choosing your marketing mix, there are 3 key factors that you need consider before making a final decision – your target audience, your budget, and your marketing goals. If you consider these 3 concepts, you will be able to make an educated decision and develop a more successful marketing strategy.
1.) Define your target audience
Having a great marketing message that doesn’t reach your target audience is a waste of time, money, and effort…not to mention it won’t help your business reach its goals. Defining who you want to reach – and being very specific about who your target audience is – is one of the most important things that will help you create the best marketing mix for your business.
Specificity is key when defining your target audience. Identify all of the key characteristics and demographics that describe your target --this will narrow down exactly who your target is and will play a major role in the marketing mix you wind up choosing. A helpful exercise is to write one or two sentences about your target once you have identified all of the key characteristics.
For example, an HVAC company may define their ideal target audience this way: “Owners of homes and townhomes in the Northern Virginia area, that live in homes at least 10 years old, with a value of at least $300,000, with a household income of $100,000+, that have an HVAC system that is 5+ years old.”
2.) Outline your goals
Begin with the end in mind by setting realistic goals. While it will take some time to reach your marketing and advertising goals, having a clear understanding of what your marketing plan should accomplish will help you create the best marketing strategy for your DC area business. All businesses want more customers; however, the most realistic way of getting them will vary from business to business.
A goal of acquiring 20 new customers in 3 months requires a different campaign than if your goal is to acquire 100 new customers over the course of a year.
Clearly defining your goals and expectations for your advertising campaign is the perfect time to confirm that your team and anyone you answer to are on the same page about the end goal. More importantly, setting realistic expectations now can be greatly beneficial to you when evaluating the success of the campaign down the road.
3.) Determine your budget
Now that you know who you want to reach and what you want to accomplish, it is time to work on your budget for the campaign you want to create. You probably have money set aside for an advertising campaign, but is it enough to effectively reach your target audience and deliver the specific goals you outlined?
We have seen it often isn’t enough. And if it isn’t, plowing through with an investment that isn’t enough to achieve your goals will just lead to frustration…and a wasted advertising spend. Nothing leads to a failed marketing plan quicker than unrealistic expectations. If you don’t have enough budgeted to be effective, then you have two options:
- Hold off until you are able to spend the necessary amount
- Adjust your goals to make them more realistic against what you can spend.
Want to learn more about creating the best marketing strategy for your Washington DC area business? Download this free eBook today: