What is a Promotional Mix?
The promotional mix refers to a combination of advertising and promotional activities that organizations choose to achieve their goals. Its objective is to inform the public about products and services.
As you may already know, it’s essential to spread the word to potential customers. More specifically, your target audience. For this purpose, you must identify effective forms of advertising and promoting.
There’s no denying the evolution of digital technology has changed the scope of marketing. Thousands of small businesses fail; yet even more are developed yearly. Therefore, as a business you must have aggressive tendencies to compete in the market. Hence, you need to establish a productive promotional mix.
In addition, the market is constantly changing in light of digital technology. Therefore, as a business you must adapt. You must establish objectives to achieve your goals.
Elements of the Promotional Mix
The promotional mix (advertising, direct marketing, personal selling, public relations, sales promotion) specifies how a company plans to market products. It’s a subset of the marketing mix designed to help businesses achieve organizational goals.
The 5 components of the promotional mix include;
- Advertising is the act of paying for promotion.
- Direct marketing is a promotional technique that involves personally marketing to a person.
- Personal selling consists of influencing potential an individual or group to purchase a product or service.
- Public relations or publicity involves executing a marketing message through media tools to gather the public’s opinion.
- Sales promotion is a non-media phycological method of marketing that involves persuading a target market through strategic communication, i.e., contests, sweepstakes, rebates, etc.
When defining your mix, it’s important to examine individual strengths and weaknesses of each element. Identify components that need improvements. Consequently, you can systematically increase the competitiveness of your organization by auditing.
How to a Productive Mix
The key to a successful promotional mix is establishing clear, precise objectives to achieve your goals. Therefore, you must focus on identifying effective methods to drive traffic to your business as mentioned earlier.
For beginners, there’s no set format for the mix. Every company is different, so the marketing methods of each company will not be the same. Hence, some companies may only attain success from digital marketing. Whereas, other organizations may succeed through traditional media marketing and digital marketing.
The mix is only as good as the plan. So you’ll need an experienced planner that possesses exceptional marketing skills.
Steps to define your mix; Step 1. Identify your target market. Step 2. Determine your goals & objectives. Step 3. Establish a promotional strategy to communicate messages with the target audience. Step 4. Identify marketing channels Step 5. Define you budget. Step 6. Define your promotional mix. Step 7. Execute your plan. Step 8. Implement analytics to measure and control.