Pity your poor marketers. They are trying to make the best decision regarding their media mix in an environment that’s now chock full of advertising possibilities. Kantar Millward Brown analysts studied the problems your clients are struggling with and reported their findings in Getting Media Right 2017.
Despite spending countless hours on the topic, only 43% of marketers believe their media mix is right. This number reflects a substantial drop from last year’s 50%. On the other hand, 75% of agencies believe they get the media mix right on behalf of their clients. Part of the challenge is related to the increased use of cross-channel advertising and the need to optimize cross-device outcomes.
The typical marketer considers the following factors when deciding where to spend the media budget:
- Channels that reach the target audience 76%
- Channels that have been successful in the past 63%
- Channel costs 62%
- New marketing channels/innovations 41%
- Channels we trust 36%
To make the best decision, marketers also want to get their hands on data that accurately measures performance. Sixty-seven percent say they struggle with understanding how cross-platform campaigns (those that combine digital and traditional methods) are really doing. In their opinion, research efforts fall short on this topic.
The quantity of data is not the issue for your clients. The problem comes down to too much automation and not enough human insight. Over half of surveyed marketers say they would be happier with mostly human insight supported by automation as they review the data coming back from campaigns they’ve run and information about audiences they want to reach. And, 23% of marketers say they absolutely need more human insight into interpreting what the data really means and how the information can guide their future decisions.
While marketers largely use reach and frequency to measure outcomes for TV and other traditional media, 60% and 52%, respectively, other metrics are leading the way for online and mobile. In these cases, ROI or sales changes are key measurement strategies for over half of marketers. Cross channel measurement is still a challenge with 53% of advertisers using reach and frequency, and 47% using ROI or sales metrics.
Back in the day, marketers bought advertising, hoped for the best and measured outcomes after the ads had run. Today, marketers expect to adjust campaigns as ads run. In fact, 35% do so regularly. They don’t wait until it’s complete.
Despite the uncertainty, marketers have an opinion about how to allocate their marketing resources to be ‘best-in-class’ entities. The consensus looks like this:
- Cross-device – online and mobile 19%
- Cross-channel – digital and traditional 21%
- Mobile apps/ads – 13%
- TV – 20%
- Other traditional – print, radio, OOH 11%
- Online advertising – 16%
Regardless of the media formats or services you’re selling, your clients can benefit from a discussion about media mix. Share these study results with them and ask them where they feel they need the most help.