A media mix is a marketing term that refers to the combination of channels that a company employs to achieve its marketing goals and objectives. Billboards, email, websites, and social media are all examples of components of a media mix. When considering how to achieve future campaign goals, businesses may refer to their marketing mix.
According to Entrepreneur, using diverse channels in a media mix allows you to interact most effectively with different sorts of clients and prospects at different phases of the buying decision. Today, it is sufficiently easy to spot a media mix at play in any brand’s marketing strategy.
Also, a media mix is another word for a summary of the channels through which firms select to implement their marketing objectives. Finally, media mix optimisation is the act of examining how those channels function. An optimised media mix, when chosen intelligently, can show to be a very wise strategy in your marketing strategy.
Media Mix Optimisation
Media mix optimisation helps organisations understand how their customers are receiving their messages. It enables a brand to devote more time and resources to marketing methods that are best to suit their target demographics.
Marketers should think about optimising their media mix if they want to acquire some useful insights regarding their campaigns. Including how much time and money is required to target their audience in a way that provides customers with a personalised experience. If you are keeping track of the hottest marketing trends in 2022, then you might be familiar with the importance of personalisation in marketing.
However, it is not the ideal plan for marketers who use a mixture of traditional marketing techniques. This is due to the fact that the success of a billboard or newspaper ad cannot be quantified.
Optimising a media mix entails investigating the statistics and return on investment of various marketing methods. This might range from social media platform interaction data to opinions on the most recent ad.
This is where media mix modelling comes into the picture.
Media Mix Modelling
Media mix modelling is an analysis technique that estimates the impact of a campaign and how each channel contributes to conversions. This is often also known as marketing mix modelling and goes by the abbreviation MMM. The word was initially used in a Harvard Business Review study.
MMM examines both linear and nonlinear variables. This indicates that there are variables that can be measured by a direct relationship with sales. The greater the increase in input, the greater the growth in sales. Other elements, such as broadcasting, are more difficult to monitor. It would be exceedingly tough for a marketer to do it manually. MMM technology lets marketers leverage artificial intelligence and advanced analytics to determine the measurable impact of any marketing campaign, independent of channel.
A MMM study’s purpose is to provide a measure of the impact of each marketing action on each channel. It operates by calculating the impact of advertising, price, public relations, and sponsorships.
How to optimise your Media Mix?
A typical technique is to employ several marketing channels to advertise your items and engage your audience. Choosing as many channels as possible at random is both ineffective and can also cost you a lot of money. Therefore, choosing the appropriate blend is critical to a successful campaign. Further, it is of essence to optimise your handpicked media mix.
Where do you begin? By knowing and comprehending your audience.
Collect up-to-date information on your personal level
The goal here is to identify and prioritise statistics that will assist in providing an accurate picture of how customers interact with your media mix. Organic research, competitive audits, and sentiment analysis are a few examples.
Too many metrics might be confusing and result in erroneous data. The ideal strategy is to know what metrics to track.
A typical media mix optimization process can last from a few months to a year. As a result, gathering the correct information at the outset assists in obtaining the most accurate information overall.
Do not forget the marketing funnel
At various stages of the consumer journey, different media channels are effective. Begin by taking a look at the sales funnel. What sorts of media can influence brand recognition, interest, decision-making, and loyalty?
However, don’t consider each level of the funnel in isolation. Plan how to connect them and build conversion routes.
When all of your media components are connected, your media mix will be more effective. Employ consistent messaging, themes, and design across your media mix to assist develop brand awareness and reinforcing your message.
Analyse the data
Another critical component is the ability to read and comprehend the facts. It can be difficult to get into the habit of comprehending analytic jargon or acronyms and what they mean at first. However, it is critical to understand the data that is being collected and how to use it to your benefit.
It is just as vital to read data to comprehend its utility as it is to collect it. For example, if your statistics show that Twitter leads to true conversions, you should put in more effort there.
Consider the general public’s perception
Understanding how the general public views your brand can aid in filling in interpretation gaps. Consider ways to incorporate customer feedback into the media mix model. As a result, the numbers will have some client input to define them.
Monitor brand mentions on social media to get a better understanding of your brand’s perception. Make a list of the positives, negatives, and questions. You can also run a survey to learn how your clients feel about your business.
At times, modern marketing can be daunting. New marketing trends emerge on a regular basis. It is difficult to keep track of them all.
Similarly, media mixes, like marketing trends, does not remain constant throughout time. It recognises the need for changing trends that humans are undergoing and, as a result, is adaptable to the demands of the time.
As a result, leveraging an optimised media mix for your business right on trends could be nothing short of a boon.
Get in touch with us at Shaktiki Marketing to learn more about the most effective marketing strategy for your business.