Decision Point: How can you balance all your marketing channels to grow your business?
Our last post highlighted some ways the digital portion of your marketing mix can get seriously out of whack and the problems this presents.
This week we’re looking on the bright side: It's easier than you might think to regain your balance, with a savvy combination of technology and plain-old common sense.
1. Focus on the Fundamentals
No, we don’t mean the old ways of trying to measure marketing performance—that’s nuts. We mean using some old-fashioned common sense in thinking about your ideal marketing mix.
To really simplify things, consider this list from a recent AdAge article. It focused specifically on television, but presented a good general rule of thumb: “While the options have increased, the fundamentals remain the same.” These include:
- Determine overall marketing objectives and goals
- Identify the target market
- Consider the budget
- Learn from previous results
2. Trust Yourself
(Note that we didn’t say trust your gut. We’ve already talked about that.)
With all the new online channels, all the possible digital formats and all the times the phrase “shiny objects” is tossed around these days, it’s easy to get caught up in a trend before you really have a chance to kick the tires. The best way to avoid that trap?
Do your homework, as mentioned above. And then get very comfortable with the fact that you can’t do everything—and really, you don’t want or need to do everything. As a recent Forbes, article acknowledged:
“It’s okay not to be on every social channel or at every event. Identify the media channels and tactics that get you the most bang for the buck and that you can reasonably manage.”
3. And Verify
This is where technology comes in. With the right decision-making tools, you now have the ability to gather, analyze and understand essential marketing data—across all your channels, pretty much as soon as it’s generated. This means you can quickly put your street smarts to the test, and course-correct in time to accrue the benefit of your improved agility to your bottom line.
Consider this real-life example. (The client asked that we scrub their name.):
- Decision point (in addition to getting better marketing results with less money, of course): Find a way to measure digital vs. traditional media in an apples-to-apples way so they could maximize the performance of each channel.
- Decision path: Use Keen's unified marketing measurement and optimization platform to model myriad scenarios and war game the optimal mix for their fixed budget.
- Plan: The comprehensive analysis showed the best value would come from restoring balance between traditional and digital media (The brand had made a hard shift toward digital in recent years.). Keen's model generated detailed recommendations for optimizing both broadcast buying cycles and the digital channel mix on a week-by-week basis to maximize marketing's financial contribution.
- Impact: In a brutal macro marketplace the models showed that without any changes sales would be down 20%; optimization could limit that to 15%. Actual results? Sales were down just 13.4%. And armed with this analysis, the CMO was able to secure an incremental $1 million in budget to hedge against future losses.
Let Data Drive Your Decisions
All of this should help give you a sense of why it’s worth looking at the balance—or imbalance—of your current media buys. And what steps you can take to fix it.
We’ll leave you with another piece of wisdom that can serve as a good guide as you plan your marketing mix going forward:
“Smart buyers are also focused on the data and analytics that not only inform their buying decisions, but also help them meet their strategic objectives and deliver the largest return on investment (ROI).”