Is there one? A perfect everlasting marketing mix? I am afraid not. And also happy. Because that is why we, marketers, still have a job: we continue to test, test, and test in search of the most appropriate marketing mix, the one that drives better ROMI.
Audiences’ behavior change – platforms they are active on, motivations, messages they react to in the current context (the pandemic taught us as much!).
Marketing channels change, too. For example, right now influencer marketing in Russia changed dramatically because influencers lost access to the platforms they had built audiences on. I know these seem dramatic examples, but they are real. They are around us.
What I believe you can work with is a work frame to determine the most appropriate marketing mix for your own brand. Below are some of the steps I would take:
1) Goals: what are our short-term goals? How about the long-term goals?
You might need to get 100 leads in the next 3 months for your business/department to stay alive. You might also need your brand to be top of mind and increase Share of Voice to 20% because you know there is one competitor that is claiming they are providing the same quality product/services you do. Each of these goals will guide your marketing mix in a different manner.
2) Brand communication background: learn from what the brand or its competitors are doing. Do an audit and a competitor review to learn from history.
3) Resources and deadlines: you need an understanding of what resources are available and the time constrictions. Here are a couple of questions you might ask yourself:
- What people do you have working on your team? What are their strengths/weaknesses?
- What is the available budget and target ROMI? If you have a smaller budget, that might instruct your marketing mix more than what industry case studies tell you it is best practice.
4) Strategy: after you replied to all the questions above, you come up with a strategy and stick with it for at least 6 months if not more if brand-building goals are involved.
For example, one scenario: You are a brand with a 20% Share of Voice in the cybersecurity industry, target audiences seem to be interested in your products & services, but they do not trust you. Your top competitor has 45% SOV and has been on the market for a very long time. You, on the other hand, have a team of 2 people working on marketing, one is a specialist in content marketing, the other in paid media.
Your approved strategy might be to invest in a brand campaign focused on building trust with the brand in the coming 6 months: increase SOV by 20% in the coming 6 months and increase NPR score by 5 ppt.
Your marketing mix might be the following:
- Customer support/care: 20% of your budget. You need to hire a consultant or work with a specialist.
- Content marketing: 40% of your budget. Work with your in-house specialist to create content for your top channels identified in the audit/competitor review stage. These might be: thought leadership content (brand blog & LinkedIn), cybersec publications and events, podcasts, etc
- Syndication of content – 40% of your budget. The paid media specialist will work to make sure the best platforms are included in the paid media mix, in this case, it might be programmatic, social (LinkedIn & Twitter), podcast promotion