By Amanda Bala
So now that you know what the marketing equation is, this is to help you understand what each part of the equation includes:
#1 – Reach the Right Audience: You need to know what demographic you are trying to reach. Who buys your product or needs your service? What sex, age group, income level, education level, occupation and location are you trying to reach? What are their buying habits? If you are a company that targets everyone (like Coca-Cola) then you really need to do your homework and think about creating different campaigns to target these different audiences because there is rarely a one-size fits all campaign.
#2 – At the Right Time: This is the most self-explanatory of the bunch. So we’ll leave this one up to you. As you may have heard, timing is everything!
#3 – With the Right Message: You need to excite your audience with your message. Make them want your services and product. Appeal to their emotions. With that said, we are not just talking about text… this includes your brand (look & feel). If you are talking about how great your business is, but your brand doesn’t represent that, then people may not believe you. Or you may have to work harder to get the sale. Your communications to your target audience are critical. From emails to Facebook posts to advertisements, it all makes a difference. Keep it simple, memorable, beneficial to your audience and unique from your competition. In this day and age, it takes effort.
#4 – Using the right media: Television, Internet, Billboards, Bathroom stalls… there are hundreds of ways to communicate your message. These are all great tools to use for marketing. However, you need to know which fits your campaign best. For example, if you are running a television commercial that is seen all over the state, but you are a local car dealership, salon, or local business, then you are wasting your resources. Chances are that someone from Rochester Hills is not going to drive to Milford for a car when they have their own local dealership in Rochester Hills. Or if you are a business-to-business company, then you may not want to advertise in the newspaper or on TV.
The bottom line is that each component of the marketing equation is necessary, but not solely sufficient in creating a successful marketing platform. The key to bringing it all together and building your business is to make sure the four areas are working in harmony. If you miss even one part, you will most likely feel disappointed and blame your marketing efforts for not delivering.