Social Media and the Marketing Mix

by Jeremy Powers on August 23, 2010

You are responsible for the growth of a business.  You keep hearing about the importance of social media marketing.  You need to create a “buzz on the internet.”  You are not even sure what you want the “buzz” to be about, or what you would use it for.

Not having a Strategy costs you Time.

Before you spend hours, days, or weeks figuring out how to get your business noticed on Facebook, or what, exactly, is a “tweet,” take a moment to realize the platforms and tactics you use online should align with the rest of your marketing strategy.  As a reminder, the four “P’s” of marketing are product, price, place, and promotion.

ProductWhat do you sell?

Price – How much do you sell it for?

Place – Where do you sell?

Promotion – How do you sell?

Social media can influence any of these.  As an example, your product may change from consulting to an e-book.  Your price can change as you sell to a broader geography.  The place you sell can change from a local store to online, or through affiliate stores.  How you promote your business can change from billboards and retail stores to online videos.  There are so many ways any part of the marketing mix can change as you take your business online.

Review your marketing strategy carefully.  There is no doubt your business will benefit from being online.  Your presence online, however, should serve a purpose.  If you cannot articulate what the purpose is:  S T O P

How are you going to figure this out?  Your marketing strategy is in a binder that you have been using as a door-stop in the employee lounge.  Besides, you have better things to do than create another plan that will be ignored by everyone else on your team.  Plus, you really need to get some traction online NOW, before the boss, spouse, or that smart-ass friend asks you why you still don’t have a Twitter account to promote your business.

I Need it Figured Out

A month from now, you sit in your office with your e-campaign launched and paid for with the new clients who found you online.  You boss, spouse, or that smart-ass friend thinks you are a genius.  You are going to exceed this month’s sales goals and your team is smiling, because it sure looks like there are going to be bonuses this year.  Your biggest decision to make today is deciding which golf course you want to play when you take this Friday off.

What if you could have the answers in an hour?

You pick up the phone and talk to “the guy.”  He listens to you describe your business.  He asks some quick questions.  He gives you some recommendations for some initial tactics online, and talks you through a time and cost budget for each item.  Two weeks later, you close your first new customer who found you through the web.  Your new customer has a few friends that might also be interested . . .

Decide How to Invest

All decisions are investment decisions.  Your decision to take a week off at Christmas is a decision to invest in your family, mental health, and quality of life.  If you are going to market your business online, the first decision to make is how much time and money you want to invest.  With time, you can teach yourself about basic graphic design, copywriting, SEO, and social media standards.  This will allow you to limit your cash investment while hopefully generating new business.  Or you can reduce your time investment by buying expertise.  Both paths have costs, and both paths have different returns on investment. 

If you decide to leverage some expertise for a more immediate and greater response, call me.  I’ll be your guy.

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