Why is a media mix important for your strategy?

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.

Optimisation Algorithm Techniques for Deep LearningMarketers 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.

Final thoughts

Tribune] De l'optimisation des coûts à la création de valeur : des pistes concrètesAt 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.

Are NFTs the next big thing in digital marketing?

NFTs is the abbreviation for “non-fungible tokens.” NFTs are stored on the blockchain, which includes information such as who purchased it, how much they paid for it, and how much they sold it for. They’re non-fungible, which means the tokens can’t be swapped for each other. Since a good marketer keeps pace with the advances in trends across the globe, one must not overlook NFTs either.

Consider NFTs this way: if bitcoin tokens are equivalent to blockchain-verified dollar bills, then NFTs are equivalent to blockchain-verified artworks.

Non-fungible tokens have been around since at least June 2017, when CryptoPunks, a collection of 10,000 unique digital characters, emerged on Ethereum. However, CryptoKitties, a virtual cat trading game that went popular later that year, was the first initiative to make NFTs generally known among the crypto community. People have spent $174 million on NFTs since then.

Non-fungible tokens are similar to the serial numbers that a luxury brand might provide to each of its products in order to authenticate their authenticity. There is no central authority issuing NFTs. Instead, the majority of NFTs currently in circulation are based on Ethereum. And each NFT is minted to represent a specific piece of digital asset and is confirmed by the network.

NFTs in Digital Marketing

Non-fungible tokens provide brands with fascinating new digital marketing opportunities. Because NFTs are still in their infancy, the possibilities for incorporating them into a brand’s digital marketing plan are limitless.

Offering meaningful experiences to followers and consumers that go beyond your brand’s products or services is a crucial part of any smart marketing strategy. This is exactly what NFTs provide.

They’ll assist you in building communities and developing relationships that lead to loyalty and support, as well as increasing client lifetime value. While they may not provide an immediate return on investment, they can help to support all of the other activities aimed at increasing conversions and sales.

Examples

Some companies have used NFTs as part of their digital marketing plan to buy an existing popular NFT that promotes their brand on social media in the hopes of becoming viral and reaching new audiences.

Some of the other brands which have invested in NFTs in the past year include Coca Cola, McDonald’s, Nike et cetera.

NFT
Image Source: Fortune

Other brands, such as Taco Bell, have directly incorporated NFTs into their approach. Taco Bell started selling a limited edition of taco-themed digital art NFTs. All of this helped them raise brand awareness while also helping a good cause.

NFT
Image Source: The Verge

How to incorporate NFTs in your strategy?

Naturally, one of the goals of NFTs is to boost conversions and income. As the brand enters the NFT area and offers these new experiences to the community, interest in the brand organically grows. The methods listed below can help you adapt NFTs in a seamless and successful manner.

1. Build Brand Awareness

Anything digital can be used as an NFT: a JPEG, a GIF, a 3D animation, a VR artwork, and so on. Your company is no longer limited to selling actual goods or services. Offer something unique while yet using your brand’s most authentic elements. Make sure you’re selling something that your users will find worthwhile not only to invest in but also to spread the word about. NFTs can become a part of your brand storytelling, bringing it to life through a real object that customers can possess and that embodies their brand experience.

This will result in an increase in both user-generated content and digital word-of-mouth on an organic basis. Make sure you build excitement around the launch of your brand’s NFTs.

2. Expand Audience Reach

Afraid that your brand does not appeal to the younger crowd or the Gen-Z’s anymore? What better way to accumulate their attention than by jumping on the NFTs-bandwagon.

Open the door to user-generated content, community proposals for the types of tokens they’d like to see and possess or utilise them as prizes in crowdfunding campaigns and contests to appeal to them.

This will allow you to create your own community, one that will be diverse in terms of age groups. It will also cater to practically all segments of society who choose to participate in your campaign and provide feedback. As a result, ensure that your campaign is user-friendly and simple to navigate.

3. Build your image by supporting social causes

Consumers today place a high priority on whether brands reflect their values. You can show your brand’s commitment to social causes by donating NFT earnings to organisations. Choose a cause that reflects your values and connects to what you have to offer. Don’t do anything that feels forced or out of the blue.

Alternatively, you might ask artists to design tokens for your company and reward them with both publicity and cash from their work.

Risks involving NFTs

 

Image Source: Business Insider

NFTs aren’t all rainbows and sunshine. NFTs are a risky yet lucrative investment. There are risks involved with incorporating these assets into a marketing campaign.

1. An NFT collection may not attract the community, exposure, or traction it needs to be successful, and hence will not yield a large return.

2. NFT’s success is primarily reliant on the community. Social media shares and word-of-mouth help to provide the necessary publicity and traction for a successful project. All of this is still plagued with high-volatility dangers.

3. A potential danger is having a target audience that does not overlap with the audience that follows NFTs. You may have visibility and a collectable item, but no KPIs to back up your marketing spend.

4. While there are efforts to make NFTs less energy-intensive, this is not the case right now. As a result, you may need to think about their environmental impact and look for solutions to offset some of the impacts. Also, given the high demand for tokens, new eco-friendly methods of producing tokens are likely to emerge shortly.

Summing up

Brands now have access to a whole new marketing area thanks to NFTs. This allows them to come up with new and innovative methods to engage with their fans, boost brand exposure, and generate new revenue streams. Keep an eye out for brands leveraging NFTs to draw inspiration from.

We advocate implementing NFTs into your marketing if your brand can afford the risk, has overlapping consumers, and wants to try new digital marketing methods.

Contact us at Shaktiki today to learn more about new opportunities in digital marketing.