So should you be trying marketing mix analysis out in your business?
Well, actually, that's the wrong question to ask. The right question would be, what kind of marketing mix analysis should give you the best results in your current business. Without a marketing mix analysis report to hand, you'll find it really hard to really judge how your marketing efforts are going, and what the most profitable kind of marketing is.
Okay, so where's the problem – if you need to look more closely at mix of marketing methods you use to understand things better, all you need to do is go ahead and find out, right? The problem is just that no one can really seem to agree on where the best results come from – doing it in-house or farming it out to an expert organization like the marketing company in Aberdeen that I work for.
Many small or medium-sized businesses will often start out by outsourcing their marketing mix analysis to get the whole thing off the ground quickly. It takes time to understand the process and to build a marketing department in-house that could actually do a good job. You have to think of data availability, the specific peculiarities of your business and the geographical spread that the business actually has.
But bringing it in-house does make sense after a while. When you trust an outside agency, you really have no idea how exactly they work. You don't really know the kind of systems and formulas that they use, and how effective they are. Every formula does have its positives and negatives. An outside agencies isn't really going to share with you how it's done. Do it in-house on the other hand, and you really understand what's going on.
Doing it in-house, you don't have to ever look to an outside party for reports all the time. You can ask for one once every four weeks if you want. And of course when the report is done by people who actually work in the company, they have really in depth knowledge of everything in the business. An outside could never get that kind of access.
Of course, it does take time and a considerable amount of setup costs to get the whole thing together. Without doubt, if the people in power in the business or not totally serious about a good marketing mix analysis, they might shortchange the process. This would never happen if an outside agency were involved.
It works differently for each company. In general though, these days, the data required for a good marketing mix analysis is readily available. It isn't as hard as it used to be. Going in-house wouldn't be a bad idea at all.