Marketing Strategy Theory – The communication mix includes all the tools you use to communicate with your customers or potential customers. This can be through advertising, social media, product packaging, direct marketing, websites, events, exhibitions – the list goes on!
Successful campaigns consider all elements of the communication mix. To see even better results, you should effectively use all regions to create an integrated multi-channel or omni-channel campaign.
Marketing Strategy Theory
Both may have the combination in their name, and they are related – but they are actually very different tools.
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On the one hand, the marketing mix is used to form brand strategies through factors unique to each business (the 7 P’s – product, price, promotion, place, physical evidence, people and process).
Communications Mix, on the other hand, defines the ways you communicate with your customers, i.e. the tools you use.
In 1922, the first radio commercial was broadcast in New York advertising apartments in Jackson Heights. The video came later, but luckily it didn’t completely destroy the radio star. Instead, it has become a very effective promotional tool in its own right, working seamlessly alongside radio.
Television is mostly limited to brands with deep pockets. However, with the digital age came more affordable online tools such as PPC and social media advertising.
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Successful advertising campaigns can be emotional, creative, eye-catching, catchy, musical, or even intentionally annoying (something that gets attention!).
The rise of digital has not only brought social media and online shopping. It also gave us a whole new way of doing marketing. This way is much cheaper. And if done right, it can be even more effective than broadcasting to the masses via television or radio.
One of the main advantages of direct marketing is its targeted approach. Therefore, if you have done the best and most accurate market research on your customers, you know exactly who to target. It is also attractive to marketers because its results can be directly measured.
PR turns brand messages into stories that appeal to the media and target audience. Improve news, strategies and campaigns to create a positive company image through partnerships with newspapers, journalists and other relevant organizations.
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But not everything can be shared through PR. The idea is to isolate stories that they think can be turned into an effective PR strategy. So, something that would be considered too “salesy” usually isn’t. A great PR campaign revolves around a public interest, event or current trend that can be connected to a product, service or brand.
You guessed it, personal selling is selling through a person (usually in a face-to-face environment). This includes salespeople, representatives, brand ambassadors or even influencers.
Using experience, specialized knowledge and communication skills, they aim to inform and encourage customers to buy or try a product or service.
Using a variety of online and offline media, sales promotion creates limited offers or promotions on products or services to increase short-term sales. This may include sales, coupons, contests, freebies, prizes, and product samples.
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Newer loyalty cards expand into the area of sales promotion and add important elements such as customer retention and brand loyalty. A discount or special offer rewards loyal and repeat customers. It’s also a great way to collect valuable customer data on buying habits and behavior.
A relatively new and ever-expanding tool, social media has changed the way we communicate with the “next big thing”. As part of the direct marketing part of the communications mix, it can be used to advertise, retain and acquire customers, gather feedback about products or services, and as a customer service tool.
Almost everything can be supported. Sponsorship is something you see a lot in big brands and especially in sports. It is often used to attract the attention of new communities and align with them.
Packaging is an element that can be considered as part of the marketing mix as well as the communication mix. This is the ultimate selling point for the company and the impact of packaging can differentiate brands from their competitors.
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Effective communication through packaging can include the visual design, what is written on the product, the size and shape of the package, the material it is made of, etc. All these aspects can lead the customer to buy or not to buy the product.
We have many more communication tools now than we did 10 years ago – or even 5 years ago. That’s why it’s so important to keep up with innovations and new releases that can be a great way to connect with your demographic. Some stick around for a long time, and others are more like one-hit wonders (whatever happened to Vine?!) — but it’s still worth keeping an eye on.
We hope this blog post has helped you understand the communications mix and given you valuable insight into how these tools can complement your marketing campaigns.
Watch the recording for Communications Mix as CIM Teacher, Professional Academy Trainer and Marketing Professional Peter Sumpton discusses the importance of integrating and organizing your communications using the PESO tool.
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The communication mix and many other important marketing theories are taught in our CIM marketing courses. You will be supported by excellent and experienced teachers while receiving interactive learning material to support your studies. Find new ways to innovate in marketing and advance your career! Maslow’s Hierarchy of Needs was created by Abraham Maslow, an expert in human behavioral psychology. The hierarchy was originally developed to help explain the relationship between basic human needs and human wants.
The hierarchy, often visualized as a pyramid, is divided into five categories. Simply put, as long as we have basic human needs at the bottom of the hierarchy, we will not strive to meet more demands. As each requirement is met, we move up the hierarchy.
If marketers understand the wants and needs of their target market (which every good marketer has!) then it can be used as a selling point for influence.
Much research is done to segment, target and position customers (STP) with different criteria such as demographics, social class, geography, etc. In this way, marketers will have a very specific idea about their target consumers and adjust their marketing strategy accordingly.
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For example, a car manufacturer targeting young families may not focus its advertising campaigns on top speed and luxury goods, but rather on cost-effectiveness and safety features.
It is important to note that the level of your target market or needs and wants may not remain constant, especially in times of political and economic change. So remember to keep your marketing strategy up to date and relevant.
Our YouTube series on how to use marketing theories covers Maslow’s Hierarchy of Needs in a short animated video!
If you want to further develop your marketing strategy knowledge, why not study the CIM Diploma in Professional Marketing with Professional Academy? Contact us today for more information. The Balanced Scorecard is a strategy planning and performance management tool developed by Kaplan and Norton. In short, it allows managers to see how well their business is doing based on meeting company goals by monitoring employees and implementing planned activities.
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For a business to succeed, it must set goals in line with the mission and overall vision of the organization. A balanced scorecard shows that not only financial performance equates to a successful business. Therefore, it takes the perspectives of four different areas of the organization and monitors their performance based on their individual goals.
This perspective includes teaching and training employees in order to improve knowledge resources. Managers must be able to identify where to invest their funds for staff development, not only through training, but also through mentoring schemes and improving employee communication.
This view allows managers to see how well their business is doing based on whether their products and services meet the needs of their customers. Carefully designed criteria are needed to monitor this area.
For those who are aware of the marketing-oriented business, unlike the sales-oriented businesses of the past, they know that now more than ever, customer satisfaction is at the forefront of every businessman and therefore mind every business. Marketers know that poor performance in this area will lead to customers switching to alternative suppliers, and if this issue is not addressed, future declines may continue.
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At the beginning of this post, we said that the Balanced Scorecard is a useful tool because it looks at areas other than finance to judge the performance of a business. But this does not mean that traditional financial metrics should be ignored, which is why they form the fourth perspective. Financial metrics are still important to accurately see the profitability of the business.
By implementing a balanced scorecard in your business, you can expect to achieve improved processes and customer satisfaction, more motivated employees, and clear positive financial results.
You can see the benefits of using this tool, it helps to provide a balanced overview of your company and measure it against your mission and vision. It can be very simple