FOCUSED MARKETING IN A DISRUPTED ENVIRONMENT
The non-stop introductions of new digital, mobile and social “things” and the evolving consumer attitudes and behaviors toward the media have created a fractionalized and confusing environment for marketers.
It seems every year we see a new generation of “experts” knocking on our doors with new “solutions” and analytics ready to cure what we’ve got. And, of course, the analytics everyone is grasping at for guidance are often inaccurate or worse, downright fraudulent. (The 2015 White Ops and ANA Bot Baseline Study estimated that ad fraud cost advertisers $7.2 Billion the previous year.) All this is made worse by relentless budget pressures.
So where do you start?
With today’s growing options and shrinking budgets, there’s a natural tendency to shift money to where the “costs” are lowest. And since social is also the new wunderkind, it’s easy to understand why marketers of limited means have jumped on that train. That can be a big mistake, unless spending less is your only strategy. In fact, for some major companies that have shifted budgets from their traditional mix to heavy up on social, the “cost” has included millions in sales and market share. So before you jump, you have to step back and develop a holistic strategy considering all the options. A lot easier said than done.
Here’s what we know.
The magic is in the mix. For example, our numbers and a recent Nielsen study agree that an integrated plan of radio and digital generally produces better results than a plan of just radio or digital. Same for TV and digital. And a plan with TV, radio and digital beats them all. But we aren’t just talking about media, here. It’s about developing a diverse and well thought-out strategy using all the marketing tools available.
Here’s how we do it. Mittcom’s M4 Modeling concept
Mittcom’s M4 Modeling
At Mittcom, our bottom-line marketing approach starts with the tenet “Budget Defines Strategy”. That means we do all our strategizing firmly in the land of financial reality, so we don’t waste time and brain cells creating great programs that only run in our dreams. Once the budget is set, we get together and apply our M4 Modeling process, creating a focused strategy for allocation that considers all available resources, tactics and touch points. In dividing up the budget pie, we evaluate the strengths, weaknesses, relative value and synergies that come into play considering the specific product, market, and sales strategy. And once the strategy is enacted, we complete the process by evaluating our results, not just on the available analytics, but also by looking at the numbers that really count: sales and ROI.
Today, it’s only through a rigorous integrated marketing strategy that an advertiser can optimize the impact and results in today’s turgid media stew. If you could use some help navigating the multimedia maze, we’d love to walk you through Mittcom’s M4 Modeling and how it might work for you.
Just call Scott Bernstein at 781-247-0753 or email him here.