How much should be the Brand spend in the marketing budget?
Out of that, what should be ideal mix of online, offline, social, ORM etc?
Some of the questions marketing decision makers face while creating plans for the year or quarter.
The game is getting more complex nowadays, only experienced intellectuals can find a way out of the dynamically changing business environment.companies own a brand, have advertised it but still don’t know how to promote it go for marketing their product or brand. Marketing mix or channel wise marketing has been known to the world as a tool used in marketing used by the marketing professionals. This technique is famous for its four P’s namely Product, Place, Price and Promotion. There are different procedures of channel wise marketing too.
Different procedures of marketing mix:
For marketing mix, one marketing professional has to first decide what his product should be. If the person does not know what his product will be, he can never sell his product without its complete knowledge. This counts as the first P of marketing. This also includes affiliates and alliances.
Then the professional should decide where to sell his product. This counts as the second P of marketing. The place of the product worth selling is one of the most important reasons of the product to sell at a higher demand. In this way, the demand of the consumer can be kept in mind. Being social can be good examples of this P.
After deciding the place and product, the third P is the Price of marketing mix. One should very well know what his product is, where to sell it and then what the demand is. According to the demand, the professional can set up a price for it. The price is also a very huge factor in the demand of the product.
After these three works, one most important work left for the professional is Promoting their product or brand. Promotion can be done in many ways. One might promote the brand or product with the help of online and offline media such as either e-mails or posters and pamphlets.
Things to be kept in mind while opting for channel wise marketing:
There are certain ways to follow for promoting their product. Only following the four P’s of marketing won’t work for the product. The marketing professional should have the proper understanding of the consumer and the market demand in such cases. The customer is known as the king pin of the marketing. The last verdict is of the customer itself. The brand should also be a very important priority for the professional. The vendors should come after the brand’s name.
One more important thing to note is that the brand ambassador is every employee. This gives a very good image of the brand and of the professional as a whole. While promoting the brand on social media (online media), a professional should be very particular about being very sincere and not to misuse the social media in their promotion. The strict focus of the professional should only be the brand. Another very strict policy to be followed by every professional is that data is the king of the market while content is termed as the queen.
It all boils down to detailed planning, future outlook, risk taking and experience. My recommendation – either do on your own if you have confidence or hire someone for the job.