Nearly Half of Marketers Need Help With Media Mix
It’s a challenge every business owner faces. How much of their marketing budget should be spent on branding versus short-term promotions? According to Kantar Media research, only about 52% of businesses believe they have the right mix. They aren’t likely to feel more confident until they have access to data that closes information gaps created when they run cross-platform and cross-device campaigns.
Specifically, marketers are conflicted about the best way to measure the ROI for marketing expenditures. For 40% of marketers, the ROI focus is on short-term sales linked to promotions. Who can blame them? It’s easier to measure a sales increase during a promotional period.
The challenge with measuring the results of a marketing campaign is that each media format lends itself to different metrics. For linear and advanced TV, reach and frequency are the gold standards of measurement. For mobile and online, marketers are more likely to use sales metrics to see how the campaign is doing.
Marketers also stress about their media mix. Specifically, 68% worry about whether they have the right balance between digital and traditional media. And, 23% aren’t confident about their overall media mix. When business owners think about where to spend their media budgets, they consider the following factors:
- Channels that have delivered results for them previously 73%
- Preferred channel for target audiences, based on research 73%
- Channels that are appropriate for a specific campaign objective 65%
- Channels that are acceptable to target audience in terms of receiving brand content 62%
- Cost 61%
- Channels that can be easily measured 44%
- New marketing formats 32%
- Channels trusted by management 29%
As you’re reviewing these details with clients, keep the age of the business decision makers in mind. Kantar Media research finds that 40% younger business owners, especially millennials, are more willing to put money into innovative and new marketing channels. You may be able to boost sales of the latest marketing formats when you’re working with younger clients who are looking for a different way to connect with consumers.
While the challenge of measuring ROI across platforms continues, you can help your clients advertise in the formats that are likely to reach their target audiences. You can start by reviewing the AudienceSCAN profiles available at AdMall from Salesfuel.