The world is constantly changing. Marketing is moving and evolving faster than ever before. Social Media, influencer marketing and new platforms are not only levelling the playing field, but it’s accelerating the rate of change. As the platforms develop, marketing changes and so does what we need to do next. Welcome to the new channel mix. Forget the 4Ps or 7Ps for a second. This is the marketing mix that matters.
If you can remember it well enough, think back to the 1990s. Back then, websites were EXPENSIVE. People were paid tens or hundreds of thousands to make websites. But that’s not the case anymore. Now, you can build your own website for free, using Squarespace, Wix or WordPress. Change is a huge understatement. It means the world wide web is open to EVERYONE, not just the big brands. (Related: How much does a website cost?)
And on the same note, think about TV advertising. Not long ago, video ads on television were extremely costly. They still can be, but it’s not the only option anymore. Back then, it required an idea, a director, a studio, camera equipment, maybe actors or animators. Again, expenses only available to big brands with the money to spend, not to mention the media buys needed to get that TV commercial seen. Today, anyone can create a video advert. In fact, people create a ton of video content, and they can publish it at no cost, and share it far and wide for virtually nothing. Thank you, YouTube!
It’s never been as easy to market yourself, as it is today. That’s what the new marketing mix is. To some extent, it’s a democratisation of marketing. In today’s world, a 14-year-old gamer on Twitch and YouTube has an opportunity that only an aspiring television star could hope for 20 years ago.
It’s Only An Opportunity if You Take Advantage
A home business that hand-crafts jewellery can reach thousands, if not hundreds of thousands of potential customers for less than 1% of what a traditional TV advert would cost. How? Simply by leveraging social media. Imagine trying to build that type of business 20 years ago through local radio adverts and local newspaper adverts. Forget about the Return On Investment, just think of the level of risk and investment required.
I feel like I must be getting old, as sometimes I find myself in conversations with the next generations, thinking to myself, what an amazing time to live in. People are now getting paid to play video games (e-sports is expected to be a $1 Billion industry by 2020). Anyone can start their own TV channel, just by signing up to Twitch.
When it comes to advertising your startup business, it doesn’t matter what industry or niche you are in, or if you sell services or products. You can find your target audience through social media. And that is an incredible advantage that we all currently have.
The new marketing mix, as far as I’m concerned, is the right blend of video and social media. It’s low cost, and scalable. Anyone can do it today, just from their mobile phone. No need for expensive equipment, studios, props or actors. You can create HD video, about you and your business, right from the palm of your hand. It’s that simple. Distributing that video, through YouTube, Facebook, Twitter, LinkedIn means you have access to an audience for free (if you decided not to pay for ads).
If this doesn’t excite you, I don’t know what will. Your small business today, can do more with your iPhone than multi-million dollar businesses could afford to do 25 years ago. What an incredible opportunity, for all of us.
Make the Most Of Your Channel Mix
It doesn’t matter who you are, what you do or even who you are trying to target, you can leverage this incredible opportunity starting today. But if you don’t want to, if you think “social media isn’t for me” or “I could never create a video”, the chances are your business is going to struggle, instead of thriving as it should.
The next few years are a potential gold rush for small business, thanks to digital marketing and today’s channel mix. Or rather, the overall evolution of marketing. It’s up to you to make the most of this opportunity and start unleashing the potential you know your business has.
And if you want some help or guidance on how to take advantage of the new channel mix, reach to us for a free digital marketing consultation.