Blog

“Do I have the right mediums in my marketing strategy.” This is a question that comes up in almost every marketing meeting.

This is because marketing your business used to be easier than today. You would meet with your radio person, TV person, newspaper person, and generally hit your budget every year. Then digital came around and changed everything. I am someone who believes that all marketing works, it’s just a question of how effective and cost-efficient every medium can be.

So, to answer the question about the right marketing mix, I recommend reviewing the following:

1. Learn and know your customer.

Put yourself in the shoes of your customers (either B2B or B2C). Who is making the purchase decision (age, gender, job title, etc.)? What steps would they go through in their research process (searching Google, checking reviews, calling competition)? How long would it take them to make a purchase decision? Typically, the bigger the ticket price, the longer the decision-making process takes. Buying a bag of chips takes less time and consideration than buying a car. Knowing these details will help you determine how many touch points you should have with your perspective customer.

2. Finding a good balance is key.

How many of your marketing mediums are purposed for branding/awareness, and how many are purposed to generate leads? Do you have too many of your marketing dollars higher up the purchase funnel in branding mediums, and your lead numbers are flat or low? Do you have too many marketing dollars trying to capture leads, and not enough people know to search for your brand directly? In both cases, you are missing the opportunity to realize your true growth potential. Marketing mediums can serve the same purpose, but one is most likely costing you more to talk to that same person.

3. Cut the least cost-efficient marketing mediums.

 Despite what some of your reps will tell you, there are ways to compare the cost-efficiency of your media spends. There are smarter, better ways to reach that same person. Like anything else in business, effective marketing is about lowering customer acquisition costs. If it cost you $10 to talk to your target customer in one medium, and $50 to talk to that same person in another medium, you would choose the $10 medium every day, right? Marketing can actually be this easy.

4. Use Google Analytics and other data to hold your marketing accountable.

 I hear it all the time, “I know some of my marketing campaigns are working, I just don’t know which ones”. As a business owner, you don’t have the time to evaluate everything you are doing on a weekly, monthly, or even yearly standpoint. It is up to your reps and vendors to educate you on what is working and not working. This is where you can use Google Analytics, Call Tracking, and other campaign metrics to quickly and effectively know what is driving your revenue.

These were four quick steps that you can take to make sure your marketing is working smarter, and not harder.

If you would like a professional to help walk you through these steps, don’t hesitate to reach out to us at Theory Z Media for a FREE Marketing Consultation.

You can reach us at 701-739-0618 and mberg@theoryzmedia.com.