Small Business Marketing Mix Part Two is all about place and promotion.
“I’m Tracy Heatley. This episode is part two of three marketing mix episodes, so if you’ve not yet listened to the other part, which is episode 25 on my Be Better With Tracy Heatley podcast, do go back and have a little listen before you continue with this episode.
As we established in the last episode, the marketing mix is a massive part of your marketing strategy, so it’s important to develop a mix that’s right for your business.
In this episode we’re going to be talking about Place and Promotion.
You need to have a thorough understanding of your target audience for this. What do your customers desire? How do customer requirements compare with how you are selling to them? Are you selling from the right place and using appropriate distribution channels that you have available? That kind of thing
With our fast-moving technological influencing playing a bigger part that ever, there’s been many businesses that have either added an ecommerce platform or switched to ecommerce. Even service providers like me. For examples, before the pandemic hit, in 2020, all my networking training workshops were delivered face-to-face.
How I Adapted
I also hooked up with a video production company and developed an on-demand networking training course that people can download and do in the comfort of their home.
These changes were motivated from being in survival mode and adapting to what I could do, rather focusing on what I couldn’t do, but it’s completely changed my business model.
Would I have done this if it wasn’t for the pandemic? Probably not? Who knows? But it’s allowed me to target international markets too. Plus, I can now provide online marketing mentoring for anyone. All my current marketing mentoring clients are based here in the UK, but the possibilities are endless.
Businesses That Didn’t Adapt
Some businesses were unable to adapt. Take, for example UK based retailer, Primark. This retailer relies on high volume and low price. When the pandemic of 2020 hit, they were forced to close completely. With no online ecommerce facilities to sell their products, they were stuck.
Don’t get me wrong, personally, I don’t want to see our high streets disappear and I love shopping, but like many consumers, I’ve learned the benefits of online purchasing. As a marketing professional, I recognise the demand too.
What’s Right For Your Business
You need to decide what’s right for your business. Are you a wholesaler that needs a warehouse? Perhaps you’re a retailer that needs both online and shop premises? Are you sticking to shop premises because that’s what prefer, but you’re missing out on massive online opportunities? Will you sell online and hold stock? Or will you use other distribution channels? There’s lots to think about.
I get that there will be several financial elements to consider too. However, from a marketing perspective, always be customer orientated, put yourself in your customers shoes and think about what is it that they want and how do they want to buy your product or service.
Promotion is the element of the marketing mix that many small business owners try to jump to before everything else is in place. I’m a firm believer that you can’t get your promotional activities right if you don’t carry out appropriate analysis and planning first. So, if you’re thinking about doing this without analysing your business, knowing your customers, understanding your market and competitors, please don’t, because you could waste valuable resources.
Promotion isn’t just about deciding on which marketing channels to use, you must have the right marketing messages too, which, you guessed it, must be based on analysis and planning.
What Marketing Channels
Deciding on what channels to use to promote your product or service will depend on several variables like objectives, budget, and marketing messages for examples.
I’ll talk more about the differences between above the line and below the line promotional channels in a future episode. As well as the difference between traditional and digital forms of marketing. For now, here’s some things to consider when you’re planning how to promote your products and services.
Costs Of Marketing Channels
How much you want to allocate on spend for promotional activities?
Will you be keeping marketing cost low and opt for potentially slower results? For example, will you opt for organic SEO for your website or paid for activities like pay per click advertising.
What social media platforms are right for your business? Plus, will you pay for advertising on them?
How are your competitors promoting their products and services?
Is networking going to get you good results? Now, I’m a tad biased when it comes to networking. Not only do I train people on getting better results, my team and I have been operating our own Business Over Breakfast, known as BoB Clubs North West, networking groups since 2007. Networking has generated lots of business for me, so I know it works. That doesn’t mean that it’s right for all businesses though.
Essentially, promotion is the art of conveying your marketing message to the right people, in the right place, through the right channels, at the right time, so that your potential customers become your customers.
Your marketing budget doesn’t impact your marketing messages, but it does impact the amount and types of promotional activity you can do.
Let your brand identity and key marketing messages shine through all your promotional activities.
I hope this marketing strategy and paying attention to your own marketing mix will help you. As always, though, if you need my help with anything to do with your small business marketing strategy, do get in touch with me via my website www.tracyheatley.com.
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My website is tracyheatley.com
I’m Tracy Heatley and thank you for listening to my Be Better With Tracy Heatley podcast.
Better Business, Better You!”