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Re-thinking your marketing mix for campaign creation excellence

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How marketing mix analysis updates the 4 P’s for the modern world.

“Making your numbers” used to be a once-a-year thing at review time. These days, it’s not even quarterly. Marketing Managers are expected to review, analyse, and make decisions on an ongoing schedule... in real time.

Because in today’s world of Marketing Operations - where marketers and technologists work side-by-side - that’s what your competitors are doing.

But scratch the surface of those competitors, and you’ll find many of them are running with the 4 P’s of the classic marketing mix - Product, Price, Place, and Promotion - with the same approach as ever. And that’s an opportunity for you.

Because operations-driven marketers (and marketing-aware operations) use marketing mix analysis to learn how those classic ingredients need to change. Here are some of their thoughts, in this handy infographic.

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Re-thinking your marketing mix for campaign creation excellence

  1. 1. RE-THINKING YOUR MARKETING MIX FOR CAMPAIGN CREATION EXCELLENCE NOT SEALED IN A BOX AMAZON’S PROFIT- MAXING, BUYER- PROFILING CAUSED OUTCRY SAVVY MARKETERS PITCH POST- MARKET TO ADDRESS BUYERS’ BLUES NOT NOTED ON A CONTRACT MILLIONS OUTSIDE THE USA WATCH NETFLIX USA ILLEGALLY SATISFACTION SURVEYS LET YOU SCORE YOUR PERFORMANCE THEY’RE THE SUM TOTAL OF YOUR CUSTOMER’S INTERACTIONS WITH YOU. (Including conversations across social media.) Make sure your product strategy is in tune… not an annual plan, but a flexible approach that lets you ACT FAST. NOT A ONE-TIME PURCHASE. PRICE COMPARISON WEBSITES MAKE DIFFERENCES PLAIN. CRM GIVES YOU THE MEANS TO KEEP THE CONVERSATION GOING. Products and services today are: RETHINKING PRODUCT1 RETHINKING PLACE2 RETHINKING PRICE RETHINKING PROMOTION THE GOOD BIT? 3 4 A PROSPECT CONNECTS WITH YOU ON LINKEDIN A SUPERFAN RETWEETS YOU TO FRIENDS YOUR EMAIL NEWSLETTER GETS FORWARDED … AND OTHER POSITIVE INTERACTIONS HAPPEN. A BUYING DECISION IS MADE WHEREVER TRUST IS BUILT. UP-SELL. CROSS-SELL. MEMBER-GET-MEMBER. EACH IS DRIVEN BY DATA. EACH OF THESE CHANGES IS A MARKETING OPPORTUNITY. The sale isn’t made on a dotted line. You make a “sale” when: ONE PRICE FOR THE RICH, ONE FOR THE POOR? NOT IN THIS WORLD. PROMOTION USED TO COME BEFORE THE SALE. HOW TIMES HAVE CHANGED. Get caught charging different prices to different customers and you’re OUT. For your marketing mix analysis: ask customers when they first felt “right” about you. It may be a surprise. Check your pricing policy isn’t advertising your lack of market awareness. LEARN FROM INSIGHTS IN YOUR DATA USE ANALYSIS… USE RESULTS… USE CHANGE OVER TIME... TO LEARN. TO DECIDE. TO PLAN AHEAD. MAKE DECISIONS THAT ADD VALUE IMPROVE PROCESSES BUSINESS-WIDE. Use MARKETING MIX ANALYSIS on factors like these to: TAKEAWAYS THE 4 Ps ARE AS RELEVANT AS EVER, BUT IN A DIFFERENT WAY. MARKETING MIX ANALYSIS: PRODUCT, PLACE, PRICE, AND PROMO ARE EVOLVING. HARD NUMBERS FROM CRM ENABLE HIGH-TOUCH MARKETING MIX ANALYSIS. WWW.CRMTECHNOLOGIES.COM Sources: http://businesscasestudies.co.uk/business-theory/marketing/the-extended-marketing-mix-7ps.html#axzz3qWg9fq8d http://www.mckinsey.com/insights/marketing_sales/how_digital_marketing_operations_can_transform_business

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