You know everything that involves the marketing of a company? Even with services often migrating to digital, it is important to note that it goes far beyond boosting a post or creating good promotional material.
To understand how your business can grow through marketing, let's see a little bit about Strategic Marketing Planning and how to evaluate it with spreadsheets made for you to get the answers you want in each situation.
Define a marketing strategy efficient for your business involves planning to see where the company is, as well as where you want to go with it. Kotler, the famous father of marketing, named this search as Strategic Marketing Planning and it is on top of this concept that we seek the best ways to do the marketing of our company.
Peter Dunker, a great administration theorist, said that “The purpose of marketing is to make sales superfluous, knowing and understanding the consumer so well that the product molds and sells itself”, but how? How can I make my audience not only know my brand, but also become a passionate and brand advocate?
With many variables, a good strategy involves creating an efficient marketing mix that generates good returns on the investment made by the department.
Did you know that you can do all the management of these requirements through Excel spreadsheets? But first, let's review some terms that you need to note in your marketing management.
Marketing Mix: 4 P´s
Created in the 60s by professor Jerome McCarthy, the "P's" were best known through Philip Kotler, who disseminated the theory.
If you have had any contact with theories of marketing and administration, you must have heard of the famous 4 P's of marketing, as this is the marketing mix: 4 fundamental pillars for any marketing strategy, considered a framework to seek the best solutions in area (product, price, place and promotion).
Let's see what each of the P's is:
- Product: The construction of the product or service. What are we offering? In what format? Is that what my audience is demanding? Is it a product that responds to a demand or that needs to create demands? What is the name? Which brand?
- Price: What is my fixed cost? Which price is competitive? Do I want to differentiate myself from the competition by price? Do my suppliers deliver the best cost to me? What profit margin can I place according to the added value?
- Square: Where will I offer my product? What is the logistics of delivery? What will my sales platforms be? What is my audience segmentation?
- Promotion: It is the promotion of the product. How will my strategy be? On which channels will you advertise my product? What part of the sales funnel do I need a strategy for? Which segmentation of my audience needs a marketing boost?
Having all these questions to think about, how to define the best choices?
How do I know what is best for my business?
The marketing mix must be aligned and functioning as an orchestra: with all parties playing the same song correctly.
Let's say you use SMS and text messaging as marketing channels. Until you, researching the market news, read an article about how much the e-mail marketing is growing and is increasingly becoming a great source of Leads.
But then, how do you know the impact that a new strategy could have on your business?
And after choosing, how do I know if the return on my campaigns is good?
That's where marketing spreadsheets come in.
Now you may be thinking: but how do I make these tables? Or "will I have to improve my knowledge of Excel?". Calm down, you don't have to create a spreadsheet if you don't have this skill.
You can find spreadsheets ready and able to help you make a marketing mix, define the media used and also budgets. Generally, they are formatted with automated analyzes, just giving a load of initial information to the spreadsheet. All according to the guidance of those who distribute these files.
Some entrepreneurs prefer to use software. But not everyone has the purchasing power to invest in it. Using spreadsheets does not leave you behind and also guides you not to make unnecessary investments, at least not without being aware of the data it presents.
Never Underestimate the Power of Marketing
Resuming what we saw today, it is very important to grow your business an investment in marketing. This return will be positive if a strategy consistent with the product and the market is made, all balanced in an efficient marketing mix.
If it is not possible to make a large investment in marketing, there is no need to use this as a reason to do nothing. We saw that it is possible to find on the market some ready-made and low-cost spreadsheets capable of validating your strategy and assist in decision making.
The good news is that there are pre-made tables, you just need to insert your company data in the indicated places and that's it: it presents you with the information you need to know which investments in your strategy are (or are not) paying off, which ones the communication channels are best suited to your strategy and also allow for testing, as the first tactic chosen is not always the most effective for your business.
Do not underestimate the power of a good choice of marketing mix or even the power of a well structured and formatted table. No company can increase its success if at least its product is not already structured to sell itself. And even if it is, your audience cannot buy something that they don't know or trust.
So, don't waste any more time and spend time reviewing your marketing plan and, if you want to boost it, our low cost indication is our longtime friends: marketing spreadsheet.