Marketing Mix Modeling: Shaken not Stirred
Have you ever tried to get around in a foreign country without knowing the language? Have you ever wondered the difference between a shaken or stirred martini?
Modeling your marketing mix is as vital as understanding a few words in a foreign country. Doing it correctly delivers results tastier than a shaken martini.
The real question is: how might marketing mix modeling be achieved?
Step 1: The Mission Statement
Mission statements and marketing mixes are like French fries and ketchup. The two are just not the same when they are alone and you would be crazy to have one without the other.
When you are creating your marketing mix it is crucial to refer back to your mission statement. Any discontinuity between the two is vividly apparent to the consumer. Being accidently ironic to your consumer is rarely a good idea. For example, imagine if you are Example Company and your mission statement is “servicing clients with clear, simple messaging that utilizes the digital age”; however, your marketing mix is only direct mail and your website is full of confusing, lengthy copy.
Instead, your mission statement and your marketing mix should be BFFs. Stay strong. It will be hard. Often we want to try a new thing, but it will jeopardize the mission or purpose of the company. If this is the case, ask yourself why it jeopardizes the mission and purpose. Once you understand the rational, try to incorporate this new idea from a different angle. If continuity can still not be achieved, than abandon the new “great” idea and innovate differently. One bad egg in your marketing mix spoils the whole dozen.
Step 2: The Ingredients
Every marketing mix needs the right ingredients. The ingredients you decide to use will depend on your market and message.
For example, if you were a business looking to target consumers a great option would be our lead generation program. The purpose of a program like this is too combine multiple “touches” for one flavorful concoction that utilizes emailing, faxing, voice messaging, and direct mail.
On the other hand, if you are a high-end interior designer the proper ingredients might be a tasteful box full of unique gifts including business cards, cupcakes, and select pieces of your portfolio.
Step 3: The Tracking
Now that you have thought of your marketing mix and all the unique touches it will require it is time to track it. Don’t take this the wrong way, but you will probably fail the first couple times. Nevertheless, there is good news though…every marketer fails till they succeed.
The good ones do something different though before they fail. They track everything. When they do fail they can then see why and not fail the next time. The best one’s will account for these failures and perform their marketing mixes in batches. A failure is just you flirting with success.
Best of luck with your marketing mix modeling may the consumer is ever in your favor.