4 May 2022
Media Mix Marketing & 5 Effective Ways of Operation
Media mix marketing is a well-known term, and one of the most long-lived and widespread marketing approaches. Most established organizations and prominent marketers always opt for a compelling media mix in their campaigns.
Social media, direct mail, blogs, landing pages, and paid ads, among others, are interlinked and thematically parallel to ensure that the campaign reaches the widest audience possible. For example, think about your company's “International Women's Day” campaign.
Which channels will you employ, and how will you build your strategies?
Will you use your corporate email to send bulk emails? Will you share social media postings and stories on the 8th of March or the days preceding and following? Will you be doing special promotions or discounts for women? In honor of this day, will you dedicate a landing page to the cause or “dress” your entire site?
The collective result of those choices is a perfect example of a media mix.
The media mix's definition
A media mix is a marketing process that refers to the various channels through which a business might reach its marketing objectives. Advertisements, email, websites, and social media are all instances of this communication channel. Additionally, enterprises may refer to their marketing mix while evaluating future campaign purposes. Firstly, you have to schedule your media mix optimization, which is assessing the performance of all different channels.
We realize that maintaining a consistent media mix campaign is not effortless. Therefore, setting up daily media mix campaigns would be unnecessarily hectic. Instead, incorporate this method into your annual planning for specific dates and see what resonates with your audience. The dates you choose should be associated with your brand and its image; they may be Valentine's Day, Christmas, Women's Day, or even the anniversary of your company's founding.
A media mix is a term that refers to the various ways in which a product might reach its target audience and influence them via channels such as traditional or digital advertising, social media, email or grassroots marketing, and landing pages, including the five PS.
Traditional and digital media: Let's say that we have three brands:
Brand A creates content and interacts with the target group through digital methods and campaigns. So, its media mix includes digital advertisements through Google, social media promotions, and native advertising.
Brand B interacts with its niche market in more traditional ways. Hence, its media mix contains channels like email marketing, television, and radio commercials.
Last but not least, Brand C creates content engaging with its audience in all the above ways.
A few of the promotion tactics available to brands include advertising, public relations, and other methods of spreading your word. Many corporations believe that traditional and digital media combination provides the best ROI (Return on Investment) for advertising and driving conversions.
Media mix optimization
Media mix optimization offers a comprehensive view of your clients' messages in touch with your company. In addition, media mix optimization authorizes a company to instill more funds and time into marketing strategies for their audiences. Through this, you can earn a valuable understanding of what time and money is needed to target your audience in a way that gives customers a personalized experience.
An effective media mix applies to both digital and traditional media. But regarding the traditional ones, e.g., television, radio, etc., you cannot have a media mix optimization. Namely, you cannot fully calculate the influence and success of the advertising because optimizing a media mix requires an examination of the analytics and return on investment (ROI) of diverse marketing methods. It might be anything from social media network engagement data to several views on your most recent commercial.
Media Mix Modeling
Media mix modeling is an analysis technique for determining how each channel (and certain elements) contribute to conversions and measuring campaign impact. Marketing teams can employ media mix data to determine what drives conversions and create campaigns with a high ROI.
Moreover, the link between dependent and independent variables can be examined through media mix models. For example, if a company wants to know "How did the payment for running ads through Instagram be an important factor and impact the traffic on the landing page?" the marketing mix modeling should answer it since it portrays the relationship between an independent variable, such as Instagram's ads, and a dependent variable, such as the landing page.
The importance of Media Mix in marketing teams
According to HubSpot and a survey across 600 media planners in January 2022, some statistics about the significance of optimized media mix are:
- 84% of surveyed media planners use a combination of organic and paid media.
- Email marketing is the most heavily used media channel, with 1 in every two media strategists utilizing it.
- 41% of media strategists questioned anticipate changing their media mix modeling in 2022, while 45% expect remaining the same.
- Non-fungible tokens (NFTs) are now used by 14% of media planners, and 16% plan to utilize them for the first time in 2022.
- 39% of those that design their media using NFTs report the highest ROI of any channel in their media mix.
- According to 39% of marketers questioned, the most challenging aspect of media planning is finding the most compelling media mix.
Tips to Optimize Your Media Mix
1. Gather personal data.
Finding data on the media mix can be a tricky and time-consuming process, as it can take weeks to years. The purpose here is to find a broad picture of how customers engage with your media mix. Having an excessive number of metrics might be confusing and result in erroneous data. The wisest course of action is to know which metrics need to be tracked at the beginning and get the most accurate data.
2. Have a trustworthy reporting system for analytics.
You frequently combine online and offline methods when using a media mix. With this in mind, measuring the impact of a television ad and a sponsored social ad can be more difficult. For instance, a radio ad may require long-term tracking, whereas a social media campaign will have readily available conversion rates.
You might be able to track an increase in branded search volume or better brand recall. This necessitates a sophisticated reporting system that accounts for all the procedures you record, online and offline.
3. Select the proper platforms.
Marketers that leverage content management systems (CMS) or analytics technologies gain market share. Such software is essential for optimizing a media mix since it can generate numbers that would take some time to calculate manually. A company can monitor its media mix by utilizing tools that gather real-time engagement data and integrate it into tracking reports.
Consider a platform that can provide a comprehensive perspective of results across the board, ensuring that results remain consistent. Additionally, it is prudent to select software specialized in the current marketing channels.
Because optimization entails measuring a large amount of data simultaneously, limit yourself to as few systems as possible.
4. Translate the data.
We've discussed the types of data and analysis that must be collected and analyzed during a media mix optimization. Still, another critical aspect is reading and comprehending that data.
It's no secret that the world of modern marketing is rife with processes and terminology. While it may be scary to grasp them and what they signify, it is critical to understand the collected data and use them to your benefit.
For instance, if a specific ad on Facebook received an unusually high click-to-open rate, this is vital information to suspect that the next campaign will profit significantly from your social media ads, especially Facebook ads. On the other hand, such data will be ineffective if a marketer is unfamiliar with the click-to-open rate.
5. Take public perception into account.
Understanding how the public sees your brand can assist in filling in specific interpretation gaps during the media mix modeling phase. Consider ways to include customer feedback into the media mix model. Thus, the numbers will be determined by client feedback.
There are a few ways to accomplish this.
- Examine brand mentions on social media to better understand how your brand is perceived.
- Make notes of the positive, negative, and inquisitive comments.
- Conduct surveys to ascertain how your customers feel about your business and services
- Utilize the net promoter score (NPS) to gauge customer experience and indicate company growth.
Also, NPS questions clients to determine their tendency to suggest a business to a friend. This information will assist in determining how a company performs against competitors, aiding in future digital marketing efforts. This strategy finally gives the consumer control over the media mix optimization process.
Media mix optimization can assist your team in determining which distribution channels or social media platforms will best promote a forthcoming campaign, strengthening your overall marketing strategy.
Don't waste any time and start planning your next media mix strategy. Give yourself enough time to think about what you want to do and time to look at data and statistics from the past.
Do not hesitate to contact us if you want to boost your business performance and learn all the secrets of the marketing world. Our approved team is here to assist you with anything you require!