What is the Right Marketing Mix

Marketing mix- what’s right for your company

 

Breaking egg on the edge

Balance. In a marketing plan, choosing the right balance of media will ultimately steer the course of how effective your advertising will be.

Choosing the right media mix may be tricky, and there are multiple factors to consider.

  • How much of the marketing budget needs to go to direct leads?
    (Internet- SEO, SEM, SMM, Phone Books, Industry services, etc…)
  • How much of the marketing budget needs to go to branding?
    (TV, Radio, Billboard, Newspaper, Magazines, Community activities, etc…)
  • How much of the marketing budget needs to go to promote your business to existing customers?
    (Promotional items, communications via phone or email, etc…)

 

PLAN, IMPLEMENT, MEASURE, STAY CONSISTENT

Questions on how to measure your marketing? Give Louvre Media a call to have this conversation.

The secret isn’t always in the plan- but having a plan is the first place to start. The plan should include expected results for each media and have measurements in place to quantify the results. This may be tricky, especially if your business is a retail business, as marketing may increase sales but maybe not enough to measure. If you stay consistent with measuring your marketing, you will find trends within the data to help make better decisions going forward.

The portion of the marketing budget to market to existing customers should stay constant. As the business grows, the amount (by percentage) should remain the same. As business are expanding more of the marketing budget should go towards branding, especially once you have a good flow of new customers coming in from your directing marketing efforts.

As a business settles in on the right mix, new media should be tested, either using additional market dollars available from increased sales or from what is believed to be the lowest producing of your marketing choices, as there may be better marketing to continue to improve your ROI.

When you make the plan, implement it, measure it, and stay consistent with it, you will find yourself well on the way to improving your marketing and your marketing’s ROI, as well as your sales.

The Basics on Basics

Focusing on the Basics

Blog- the basics on basics

Every now and then most of us get a bit out of sync, sometimes for reasons beyond our control. Being out of sync can distract us from the basics, regardless of our roles.

So the question is how do I get back in sync or, maybe more importantly, how can I minimize getting out of sync. We know a couple quick google searches will get quick resources for specifics on what you may be looking for.

Quiet Planning time

Two key principles from Steven Covey,  author of “The 7 Habits of Highly Effective People”  to consider are “Be Proactive” and “Sharpen the Saw”. Being Proactive here refers to how one should work from their center of influence; the circle of people who you know and can help improve, and to constantly work to expand it. Sharpening the Saw is a turn of phrase Covey uses to describe how it’s not just enough to work for yourself and to work with others; in order to continually improve yourself and your goals you need to focus on balancing and renewing your own resources. Scheduling out quiet time on a regular basis- weekly, monthly, or even quarterly, can help you practice these principles.

Quiet time is a good way to get consistent, review your goals, and re-sync yourself. Quiet Time planning tipsAnd to quote the movie Karate Kid – “Focus Daniel-san”. Make time for yourself, and you may just get back on track.

Feeling Lucky

Are YOU the lucky one?

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Many successful people in business attribute their success to being lucky. This could be someone just being modest, or maybe someone who doesn’t even understand the source of their own success. Certainly, there may be some luck in success, but according to an article in Harvard Business Review, it’s most likely a combination of humility and optimism.

Successful people may, in fact, make their own luck. They embrace optimism, and they have a high level of curiosity- which has them constantly asking questions and seeking answers. This thirst for new information may lead them to making more informed decisions- and better ones- based on a higher level of knowledge.

LUCK = GOOD CHOICES FROM PREVIOUS EXPERIENCE

Then there is a “gut feeling”. But what is a gut feeling? It is intuition based on knowledge and previous experiences. We are born instinctively with this trait, and the more we use it, the sharper it becomes. As children, we learn about stoves being hot, so our gut instinct tells us to be careful around a stove.

When we don’t touch a hot stove and avoid getting burned, it isn’t luck- it is an intellectual decision based on lessons we have been taught and/or first hand experience in getting burned.

The Law of Attraction is about positive energy and setting yourself up for success. And being lucky is a very humble way to acknowledge your success. Staying humble keeps you grounded in appreciating the people around you, both your home family and your work family. Keep making more luck and success will continue to flourish.

Social Media Is Your Business

Is Your Business “Socially” Acceptable?

Man working on notebook, with a fresh cup of coffee.

We hear much about Social Media these days, and for many business owners, social media means different things.  The term is used vaguely and can be described about any website, or app (an application downloaded to a mobile device), where people can connect with other people, brands, or businesses.

If we break the term up, we would define “social” as an interaction between people, much like a conversation. “Media” would be defined as a source of communication, like TV, newspapers, or in today’s more thought of usage – the internet. Social Media is a way to have a conversation or an interaction with your business through the internet. Whether we personally like or dislike social media, how can your business benefit in using social media?

It is estimated the average person has five social media accounts and spends over an hour visiting these throughout the day – yes – every day. For teens, it is even higher! It has become a way to stay connected in real time to friends and family, as well as getting the daily news, including sports, weather, and general information – and connect with local businesses.

Can My Business Really Benefit From Social Media?

Business Team um Computer im BroEvery business type is different and whether your customers want to stay connected and hear more about your business probably depends on your business and what you have to say. Or are you wanting to stay better connected with your customers? As an example, Olive Garden has over six million fans and a post from this past week yielded over 12,000 likes and 784 shares (the average person on Facebook has 338 friends, and with 784 shares, that may mean almost a quarter million people who may not be connected (liked) the Olive Garden, say this picture/post.

Developing a social media plan as a part of your marketing plan makes sense. These are already your customers, and they may want to hear from your business. Deciding which social media sites will work for your business may be the tricky part – as they all may not be right for your business. Social media takes time and the right strategy may pay off big time.

Today’s top social media sites include Facebook, Instagram, Pinterest, Twitter, LinkedIn, and Snapchat. As well as a couple others, which may not seem like social media websites, but they certainly can be, for example YouTube and Reddit. Don’t worry if you haven’t heard of all of these, as history tells us these will change over time. You might remember Myspace, Friendster, or Classmates? They may be around still, but they are nothing like how they used to be. It was only eight years ago Facebook became the Internet’s largest social network (overtaking MySpace in January 2009).

What social media will look like in another eight years is unknown, but based on history, it isn’t going anywhere soon. Having a social media plan for your business may help your company stay connected to its customers for a long, long, time. Social media may be thought of as free media, but it does take time to do it, and a plan to do it well.

Getting the Most out of our Day

Prioritizing Made Easy (Easier)

As leaders, many of us wonder how some people get so much done, while we are still under a desk load of things needing to be accomplished and never seem to catch up. If any of this sounds familiar, you have either mastered the skill of time management or you are wondering if this is a skill you will ever achieve. Hey, the new year is just around the corner, so now may be a good time to look at this skill. The good news is this can always get better and a little focus could go a long ways.

Steven Covey, well known speaker and author, in his book “The 7 Habits of Highly Effective People,” covers his even habits. Habit number three focuses on this – Put First Things First. It is so important, he even has a book specifically on this topic, “First Things First.” Time management is a skill for life, not just work, that carries a great amount of weight to it. Those with great time management skills can attest, when

The Big Rock – Little Rock concept is not necessarily new. For those visual learners, it is a great tool to help see the bigger picture in time management. Too often some may get caught up in the little things (which may or may not need to be done,) – for different reasons. As leaders, by focusing on the “Big Rocks” sometimes the “Little Rocks” will take care of themselves. If you have a team you work with, consider doing the Big Rock – Little demonstration with them to help them better understand the importance of prioritizing their day/week and the value which comes with this type of short and long term planning.

Do Business and Politics Mix?

Lessons We Have Learned (Maybe)

In the past couple of weeks, we have seen more passion for our political process than many of us can remember seeing and hearing in a long time, if not the most in our lifetime. The beauty is in the big scope of things; we are still seeing many people passionate about what they believe to be “Our America” and we are protected by the very First Amendment of the United States Constitution to express our beliefs freely and openly.

As a business owner or President of a company, you have one goal, which is in your mission statement of core values, and in the bigger scope of things, and regardless of whether you sell widgets or serve people, you must ensure your company is around to support the people who work for the company – growing professionally, getting paid, etc. A decision also must be made towards whether you talk about politics freely with your team, your customers, or your community – and if so – what could be the ramifications if this is not met with the same openness and passion which it was intended. By many accounts, there are three things which should not be talked about in the workplace – religion, sex, and politics, and it may be for good reason.

Business and Politics Blog Cover

In the past week, just after the election, many companies have come under fire for “mixing” business and politics. Take GrubHub CEO Matt Maloney, in his post-election e-mail to his employees. In this e-mail, he ended it with asking those to reply to this e-mail with their resignation if you do not agree with his statement. The e-mail went public, and GrubHub had to spend time re-communicating this message. At a further look, they are a publicly traded company (NYSE: GRUB) and their stock went from almost $39 per share on November 10th, to a low of $34.88 on November 11th – a loss of about 10%, when the broader market was up approximately 1% for the same period.

One can also look at New Balance. They have had some backlash with their support and people have been burning their shoes and vowing to never buy from them again. As a private company, they don’t have shares “in the market” but they do have people who buy their shoes and I am sure they don’t want to lose sales. This challenge exists for all businesses and how “politically active” should they be, if at all.

Of course, if legislation is preventing your company to some degree, of course one can’t remain silent. But in seeing what has been happening the past election, we may need to “think and plan a bit more” in deciding what and how we communicate when a company decides to jump in to the political arena. There is good reason to avoid the big three – religion, sex, and politics – in the workplace – and this past week has made it clear the potential challenges businesses face when mixing in one, of these three.

What Is Branding?

Branding has many definitions. There are two of these which apply to marketing specifically. The brand is often thought of as the business name/logo, but more clearly defined, it is what people think about when they see your businesses name/logo. Some brands are very identifiable. Think about the “Swoosh”, of course it is Nike, and you think of quality running shoes. When you hear Kleenex, you are most likely talking about an absorbent, disposable paper tissue. You may not even care if it is the Kleenex brand tissue, you just want a tissue.

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For local businesses, it would take too much money and too much time to create the type of branding similar to Nike or Kleenex. But if you plan to be in business for many years, then you will want to get going on developing a basic core of branding. For starters, your logo (which may include your name), should be everywhere and consistent. It should be on your website, your social media profile, your stationery/business cards, and on giveaways to your customers. Yes, some of the giveaways are useful, like chip clips or pens, and some are less useful, like Frisbee’s or stress relievers, but people still like them and appreciate them.

Better Branding

Improving branding through effective marketing can be done with TV, radio, magazines, mailings, city buses, or billboards. The goal here is to get as many impressions of your name and what you do to as many people as possible. Cost per impression is one measurement that can be used to compare one media to another or within one media. The type of impression matters as well. An impression on a shopping cart may have someone looking at it for an hour, but a billboard on a freeway will only have a few seconds at best to make an impression. The shorter the impression time, the easier it has to be for the viewer to understand the message.

Branding

Budgets will play a factor in your branding strategy. Knowing your budget as well as the cost per impression will help determine where to start. If you can’t afford television advertising, not that television advertising is for every business, then start small and build as your business builds. Start somewhere! Planning to use 20% of your marketing budget on things which help improve brand awareness will get you going in the right direction. As your market builds, you will want to increase this percentage to grow your brand awareness. Nike didn’t become a well know brand overnight, so don’t expect yours to – yet. (ps – Nike was founded in 1964 to put things in perspective.)