Like a gold prospector searching for a rich seam, finding the optimal marketing mix for a unique business is something many businesses toil away at for years, sometimes finding specs of gold but rarely hitting the mother lode. But it doesn’t have to be this way. Finding the optimal marketing mix for a business, taking into account the many elements that make up its unique business and customer profile, can be easy, even for non-marketers.
Often, promotions are mistaken as marketing and businesses select promotional activities based on their own experience, approaches trending in industry or based on the perceived success experienced by other businesses. This can be like looking for gold by digging a bunch of random holes instead of studying the unique geology of your own prospect. Similarly, the problem with this approach to marketing is that most businesses are fairly unique. The recipe for success for one business, might end up leaving another business – even in the same industry – dusty, tired and with sore hands, but no better off.
We have observed from afar time and again the frustration from businesses testing popular activities not suited to them and left wondering why they didn’t work and what other options are even available to them. In some cases, those activities weren’t wrong, they were simply used in isolation instead of as part of a comprehensive plan. Striking gold requires both the right tools for the job and an understanding of the environment.
The Four P’s
The marketing mix is typically defined as The Four P’s and while there are more than four, these are the most crucial fundamentals to an effective marketing strategy. The four P’s include Product, Price, Place (or distribution), and Promotion. A company that sells a high-quality product or service, but which prices below the market or fluctuates pricing to a price-sensitive market, and promotes it through the wrong channels and in the wrong places or with inconsistent branding will be sure to fail. The only way to succeed in marketing is by developing a consistent, well researched and strategic plan through the evaluation of the marketing mix.
Finding a simple and cost-effective way to address this issue for our clients perplexed us for years. Our mission at LimeHub is to solve problems, so we are developing a free online tool to help you determine your optimal marketing mix. Our tool uses proprietary algorithms we’ve developed to analyse the many variables that define a company’s marketing landscape to determine the marketing mix best suited to a business.
The Promotional Mix calculator identifies the prospecting tools that are the right fit for your business and helps you to discover the best place to start digging. With the right combination of tools, knowledge, approach and execution, businesses can be assured that they will find their rich marketing gold seam.
The Pricing Strategy developer will uncover which strategies are best suited to your business by evaluating your objectives, the price sensitivity of your market, how you compare to competitors, the basis on which pricing should be determined, and the specific strategies to employ.
The Place tool is currently under development and will be available in July 2019 for testing. It determines which distribution models are best suited to your business to ensure that you aren’t either missing out of opportunities or overcomplicating distribution by spreading your business operations too thinly.
The Product tool is still in testing and is not yet fully automated. You can however take the assessment and we will manually evaluate the responses and deliver a report back to you – free of charge.
While our tool is still in Beta, the automation process and the insights delivered even in this early stage will save your business countless time and money. Try it out and we will assess your answers and provide a full report back including recommendations 100% free, which you can insert directly into your marketing strategy saving your thousands of dollars in time or agencies fees. Contact us to start prospecting here.