It’s tough to keep up with the ever-changing marketing world. We recommend starting with an assessment of your brand’s marketing mix – this can be a great way to prioritize marketing projects, align on goals, and gauge whether hiring an agency is right for your business.
The marketing mix consists of 7 Ps, which serve as the structure and framework for your brand’s marketing success:
Product
This is your offering — how will it make your customer’s life easier? It’s essential to communicate your product offering in all marketing efforts effectively. Assess how well your product mix, branding, and packaging align with your overall message.
Price
Everything that leads to your product’s price point, from overall strategy to premiums and discounts. Pricing is important on many fronts — it can impact customer perception, how you compare to competitors, or serve as an anchor point for ad campaigns, just to name a few. Essentially, an effective pricing strategy will strengthen your brand’s positioning in the market and foster long-term sustainability.
Place
Wherever your product or service is sold, it should impact how you plan your marketing strategy. For example, digital advertising might be more effective than traditional advertising if you use an online storefront. It is necessary to use your resources on initiatives that will best resonate with your target audience.
Promotion
AKA marketing: how will consumers know about your business and choose it over competitors? Tactics typically involve social media, advertising, SEO, influencers, and more. This is the most public-facing of the categories, and each channel contributes to your customers' overall impression of and experience with the brand. Hint — this is where agencies can help!
People
Your team is the root of your organization — they manage the customer’s perception of your brand. Building a strong brand voice and personality is important so the customer always feels connected to your brand, no matter who they’re actually talking to.
Process
How consumers receive your product or service. Customers’ experience with your brand spreads fast, whether through word of mouth or reviews. Peer-to-peer is the most powerful form of marketing—your impression is on the line! Keep your process simple, convenient, and customer-focused to ensure an exceptional experience.
Physical Artifacts
Anything that proves your business is viable and legitimate — brand, packaging, and the online / in-person experience. These touch points are what your customers will remember the most, so be sure they reinforce the value your brand brings.
Why is it Important?
Simply put, your success depends on how well you can strategically address each element of the mix—regardless of whether you’re a startup or an established brand. Effective implementation of the 7Ps shapes your consumer’s experience and satisfaction and, therefore, the success of the product.
No matter your brand’s shape or size, an aligned marketing mix will elevate your business. This allows you to optimize resources to better meet customers' needs and expectations. It also helps reach broader business goals—things like understanding data and trends, linking ROI to initiatives, and accurate forecasting come naturally!
What is an Agency’s Role?
Conquering the marketing mix can seem like a daunting task — not to mention the time required, which could be directed towards other initiatives. Thus, agencies can be a great avenue to consider!
Boutique agencies can be highly specialized in a niche industry or skill — they might be the perfect fit for a project you are pursuing! They excel at evaluating your brand’s landscape and target audience to deliver a fresh perspective and unique approach. We take a deeper dive into projects where agencies shine here.
When is the right time to hire an agency?
It’s not easy to commit if you aren’t confident it’s the correct decision. Start by identifying your company’s goals and budget, and ask yourself:
Are you on track to reach your KPIs independently?
If you have the time and talent to keep your business on track, now might not be the right time to pursue external support.
Does your budget align with hiring an agency?
There can be many financial benefits from using an agency — but it starts with an initial investment that isn’t the right fit for every brand at its current stage. Read more on the financial benefits of a boutique agency here.
Do you have all the information you need?
To find out more, book a call with one of our brand strategists to discuss if it’s the right time for you to work with an agency.
Whether you handle it internally or with a partner, strategic alignment with your marketing mix is key to making noise in any industry!
