How to Optimize Your Current Marketing Mix?

Are you getting the best “bang” for your Marketing bucks?

Today’s environment has created challenges for all marketing organizations.  First, the economy is probably having a negative impact on your business, which is being reflected in your marketing budget, personnel and flexibility. All of this with increasing requests to generate additional leads (sales). The other challenge is keeping up with and utilizing appropriate new technologies that are emerging daily.

So the real question is not what do I do with fewer marketing dollars (no-one wants to hear this), BUT how to optimize your current resources (dollars and people) to generate additional revenues, all while staying within budget.

There are several ways to attack this challenge. 

  • One method is to run a marketing campaign with a specific mix for a period of time (several months or more) and then analyze your results at the end of the specific time frame.  The good news is that you did run a marketing campaign, but the potentially bad news is that if the mix was incorrect, you not only wasted precious time but you have also spent or wasted a portion of your marketing budget.

 

  • Another method is to run two campaigns with different marketing mixes simultaneously and analyze the results as in method number one. The good news here is that you might have gotten some positive results because the two campaigns probably covered a larger “audience”. Unfortunately if neither campaign met their objectives the time lost is huge AND the marketing dollars lost could cripple your remaining activities.

 

  • A third method is to just do the same as you have been doing before.  Given the current economic environment, this approach will definitely be the worst choice as the economy has changed buying habits drastically and the new ways in which your potential clients are gathering information to make decisions.

 

  • A fourth choice is to model your current marketing activities  along with  your goals and objectives, research all the best practices in your similar industries for marketing, create different business modules for the numerous distribution  methods and then integrate all this together and run it against your desired results.   The upside potential is that your might optimize your marketing mix.  More than likely you will have various “errors” in your model and thus end up with less than desirable results. Plus this takes considerable time and resources during which nothing is “happening”.

An alternative approach is to utilize Fire Alarm Marketing’s Marketing Resource Optimizer™ (MRO).  The benefits of our model are; (1) the best practices have been already researched, (2) the various marketing activities have been tested over many years and (3), the newer marketing technologies have been incorporated into the model.

The choice is yours on how to optimize your marketing mix.  Whatever method you pursue, start “optimizing “now before it is too late!

If you would like more details about our model, give us a call (508-643-0411) or contact US

RHL 10/12/10

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