How much time do you spend on marketing each week?
If you spend 20 hours per week on marketing your business, on average, then you’re not alone. So do other small businesses, according to a recent survey by Constant Contact. For many, the extra effort has paid dividends across several metrics.
But the report also vividly illustrates the challenge marketing is presenting to small businesses.
The challenge comes from the sheer number of venues and channels where small business owners can reach their customers. There’s been an explosion in online marketing choices, along with the traditional offline marketing options. It’s online marketing that’s consuming most of a small business owner’s time, the survey (PDF) found.
The good news is that a large majority of those business owners who are devoting so much time to marketing across multiple platforms are reaping some benefits. Those benefits include new customers (57 percent), more Web traffic (54 percent), and increased revenues (40 percent).
Those who aren’t getting benefits point to the drawbacks of using multiple platforms including:
not knowing how to use all the various tools;
taking too much time;
not being sure their customers are using all the channels the business is involved in; and
not knowing how to measure success across different platforms.
The marketing mix is a significant tool for creating the right marketing strategy and its implementation through effective tactics. The assessment of the roles of your product, promotion, price, and place plays a vital part in your overall marketing approach.
The mix helps in determining which marketing strategy is right for your organization. It is the first step before you even create your business or marketing plan. The reason is that your marketing mix decisions also have an impact on your positioning, targeting, and segmentation decisions.You can make the targeting and segmentation decisions based on your products while positioning can be decided on the basis of your price. These decisions also have an impact on the decision you make regarding the promotion and price. Therefore, the marketing mix strategy goes hand in hand with positioning, targeting, and segmentation. All the elements, included in the marketing mix and the extended marketing mix, have an interaction with one another. If you have a service or a product, then you will have to decide on a price in order to sell it.