Media Mix Marketing: What Is It and What Are the Benefits?
The marketing world is dynamic. New marketing tactics and trends constantly change how businesses market themselves. Consequently, marketers have embraced media mix marketing. Statistics show a 14% growth rate in digital marketing budget spending between 2020 and 2021 across industries. Besides, forecasts show a digital marketing annual growth rate of 9% from 2020 to 2026.
These figures encompass a mix of media marketing strategies available today. Businesses no longer rely on a single media marketing tactic to achieve their objectives. They can leverage a media mix marketing strategy for more versatility and visibility than traditional marketing methods.
Understanding Media Mix Marketing
Media mix marketing is a crucial part of business marketing and advertising. It combines all the channels a company can use to achieve its marketing goals and boost the branding message. It entails both online and offline media, such as the following:
- The business’ website and social media channels
- Email marketing
- TV ads
- Radio ads
- Direct mail
Leveraging a marketing media mix is a practical and effective way of reaching a wider audience. Besides, a media mix enables a brand to try new things confidently. For example, you may have tried to promote your brand through digital displays and seen results.
However, you may be interested in trying TV ads to test the response while keeping a safety net. Digital advertising isn’t static, so you must evolve your strategy to keep up with the competition.
Benefits of a Media Mix Marketing
One benefit of media mix marketing is enabling you to deliver the right marketing message to your audience. For example, if you want to target a broad market across the country, a media mix of national newspapers, television, and radio may be the right fit.
To reach a specific group of decision-makers, a mix of media marketing might include specialists’ magazines or exhibitions specifically for that target audience. Direct mail or a briefing session could be more effective for a smaller target audience of decision-makers.
Better Returns on Investment (ROI)
A compelling media mix can improve your business ROI while enabling you to test new campaigns. It prevents you from putting all your marketing or advertising budget in one place or relying on one method to reach a broad audience.
You can determine the best-performing method and invest more to balance out the underperforming ones for a better ROI. You can decide whether to optimize or eliminate ineffective marketing methods depending on the outcome.
Creates a Strong Brand Message
When you consistently use a combination of media channels to promote your company, you enhance your chances of creating a consistent brand. Sharing your brand logo, colors, message, and tone across different media platforms makes it easier for people to recognize it.
Better Understanding of Market Trends
As you try to mix different marketing techniques, you gain a better understanding of what other brands are doing in the market. You also learn how different channels affect your business and how trends keep changing with time. Creating new marketing strategies that work best for your brand is easy with this knowledge.
Improved Planning Through Predictive Analytics
Predictive analytics provides more insights into what the future of an organization’s marketing efforts looks like. Combined with artificial intelligence and machine learning, you can account for many variables, such as seasonality, industry trends, and the impact of advertising.
The data enables you to predict the effectiveness of campaigns for a clearer view of what to expect from your mixed media marketing strategy. It becomes easier to anticipate customers’ needs and desires for more personalized campaigns.
How to Choose the Best Media Mix?
When choosing a media mix, remember that the goal is to establish suitable communication channels to improve your customer base and sales. That is only achievable by paying attention to the following components of a marketing media mix:
- People: Carefully consider the audience you want to reach with your messaging through your media mix. Do you want to reinforce a specific message to your existing customers or test a new market segment? Your marketing objectives can largely influence your decision.
- Product: What do you intend to sell or market through your chosen channels? How effectively can you demonstrate what it offers through your preferred medium to fill a market gap?
- Place: Place is the location where customers can purchase your product or service. While this may be a physical store, your mix of media marketing may comprise your social media platforms and website as the place where customers can buy.
- Price: As you mix your media marketing channels, you can quickly determine the price in several ways, including factoring in the cost of the media mix. Remember to include other expenses like labor and distribution.
Ultimately, getting your media mix right requires carefully thinking through the strategies based on your budget, brand, product, audience, unique selling proposition, and in-house skills. Some tips to help you along the way are the following:
- Consider your primary marketing goals
- Think through the marketing funnel as different channels are effective at various points of the buyer persona journey.
- Invest heavily in tracking and analytics to gauge the impact of each marketing channel.
- Ensure you monitor the same metrics across the various marketing channels.
- Validate the lessons you pick along the way by optimizing your media mix.
- Analyze your target audience based on their pain points, location, demographics, and preferences.
- Harmonize your mixed media marketing channels to boost your ROI.
Getting Started with Your Media Mix Marketing Strategy
With 84% of media planners already leveraging a media mix marketing and getting positive results, there’s no reason you shouldn’t do the same to boost your brand. Determining the best mix may be an uphill task, but not impossible. Analytics tools are available to help you improve and fine-tune the mix. Once you establish how changes in the blend affect the results, you can reallocate your budget to enhance the mix for better marketing performance.
The landscape of the Internet is ever changing and Nicole has the energy and aptitude to keep Stevens & Tate Marketing out in front of the pack. She leads an enthusiastic team in strategic planning, development, search engine marketing, online promotions and advertising for the web.