2008 Summit – Marketing Mix Challenge
One of the biggest business challenges we face when launching a new product is how to go to market with it? How and where do you spend your marketing budget? This was the focus of the “Marketing Mix Challenge” session at today’s MIMA Summit.
The following panelists were asked to share their thoughts on an appropriate marketing mix for launching a new yoghurt-based sports drink (Edgy-Y) in one market over a three month period.
- Luba Smulka, General Mills
- Eric Boyles, Medtronic
- Ron Corbisier, Cadria
- Patty Henderson, Colle+McVoy
The panelists agreed that point of purchase is key, that is, reaching the target audience at the moment of most relevance. So what are those key moments?Â
- First thing in the morning while eating breakfast. Smulka suggested leveraging newspaper wraps and print coupons.Â
- In the grocery store. Boyle and Henderson recommended offering free trials of the product to shoppers.
- Online. Contextual placements and paid search can all be leveraged to reach consumers that are performing relevant searches.
Couponing was a recurring suggestion from the panelists because of the importance of trial.  You have to prove the viability of the product and trial is the best way to do it. In addition to in-store promotion, the panelists suggested providing e-coupons on the product’s micro site for consumers to print and take into the store. Linked to couponing is providing other incentives. You have to find a way to engage consumers and provide them with a real reason to try the product.
With product viability and transparency being key to this product launch, there has to be a PR element to the marketing mix. What is the value proposition? Why is this yoghurt sports drink different?
Many of the panelists recommended leveraging social media, which in essence ties together the tactics listed above. There are many opportunities for exposure via social media sites which, coupled with e-couponing and links to the product micro site, can be very effective from a viral marketing standpoint. Henderson had a long list of ways to use social media for this product launch: Twitter, blog posts with details of how to obtain the e-coupon, collecting testimonials on the micro site and asking consumers to vote for their favorite flavor. The opportunities are endless.�
