Understanding where your advertising dollars are having the biggest impact can be a challenge when prospective clients can buy almost anything, anytime, and from almost any device. However, the markets you reach out to directly can still have an impact on your sales. Tracking the data and return on your marketing spend can also be simplified using a media mix.
When Markets Were Limited
So, what is media mix modeling?
The media mix model was initially related to an advertising push in a particular market for a particular period of time. Tracking the results was fairly simple; if you pushed in a particular city on a particular television network for a number of days, you could then track the spending results by consumers in that region for a select time period.
Because modern advertising has a much broader base, the research and tracking for your media mix will need to use a broader net. You will also need to pair this marketing and data draw with other tracking tools to factor in customer experience and feedback.
The Influence of Personalities
Media mix marketing tracks results from marketing pushes among a particular client base. Another option for those attempting to get more bang for their marketing dollar is to center their marketing promotions around personalities. If your digital marketing strategy doesn’t have the budget to promote your products on television, you may want to look to YouTube.
A simple tracking option is to sponsor a particular YouTuber and provide them with a free product. Should they use it and appreciate it, they can promote your product to their followers. The benefits of this include
Your data may be skewed by
Because marketing has become so personalized, the choice to work with a content creator may not appeal. If your marketing team doesn’t have a strong social media coordinator, it’s time to get one.
Running the Numbers
As your data starts to come in, you can start tracking the boost that you received from your marketing push. You will want to keep in mind that you may need to leave this data collection and review open for a longer period of time than you would for a simple television promotion. Social media trends and the followers of influencers may be impacted by the season, but if a social media presence takes off, you may get a marketing boost outside the schedule of your initial push.
Whether you are marketing directly to the consumer or B2B, do be aware that a media mix will provide you with limited data. Purchase data is helpful, but if customers only buy once and stop because the product isn’t what they wanted, the media mix won’t tell you.
That being said, the ability to understand what you gain by a marketing push directed to a particular demographic or region can still be quite helpful. The key is to understand that, depending on your medium, some numbers may take time to come in.
Personalize Where Possible
Since the media mix is not geared towards collecting data post-purchase and use, do your best to personalize your message going out to potential clients. Your marketing team should be given the chance to gather data and target clients of a specific demographic and shopping style.
Of course, your message should be formatted to read well on any screen. If you’re planning a PPC marketing campaign, pay careful attention to the locations where your ad will pop up. There are folks in older demographics that are not well versed in tech who will be put off by the center screen pop-ups; ads formatted to fit along the sides may be a more cost-effective choice for you and a friendlier option for your older potential clients.
The media mix can still be an effective source of marketing and data gathering. Just be aware that the work on the front end will be more intensive than in the past. As shopping becomes more flexible, marketing also has to change.