Media Mix Analysis
Today’s average consumer is spoilt for options when it comes to advertising media consumption. Everywhere a consumer looks, they are exposed to advertising – think a consumer’s morning coffee reading the newspaper (Print), on his way to work (OOH), while watching the game (TV) or even on his way to sunny Mexico (In-flight advertising). With so many opportunities for your brand to communicate with the TG, how do you go about deciding what mediums to use, and what to leave out?
Deciding what advertising medium to advertise on, is sometimes a complex decision to make due to the discrepancy between what marketers often believe to be most effective, and what really is relevant to the brand’s target audience. Add to that medium specific benefits and shortcomings, and brands are faced with a problem. However, this is a problem with a solution!
Adopting a media mix strategy while creating a media plan is the way to go about it.
WHAT IS A MEDIA MIX?
A ‘media mix’ can be defined as a combination of all the advertising mediums that a brand uses to communicate its message to its target audience.
Every advertising medium has its pros & cons. The decision on which advertising mediums to select while creating a media mix for your brand’s communication campaign relies on the following factors:
1. The brand’s marketing objectives – Whether or not a medium should be put to use, and how it can benefit a brand is greatly dependent on your end objective. For example, if you are a brand with nation-wide presence and want consumers to be aware of your new brand positioning – the mediums of choice would be TV & Print to reach a higher audience and create larger impact.
2. Who the target audience is – Deciding what mediums to advertise on should depend on who you want to target and who is interested in buying your brand / product. Once you have profiled your consumers / potential consumers based on demographics, you narrow down on mediums that they are most likely to engage with.
3. The marketing budget –Marketing activities are more often than not designed around a fixed marketing budget. A media mix lets you choose the most efficient mediums to deliver results that you set your eyes at. What mediums work best for a given TG in a stipulated budget is a combined decision of your marketing objectives as well as target audience.
A media mix can comprise of a combination of some, or even all advertising mediums available – be it TV, radio, outdoor or online. However, a media mix isn’t just a process of combining all available advertising mediums. It is a decision making process to narrow down on the mediums that will deliver your message to the TG in the most cost effective and fastest time as possible.
WHY ADOPT A MEDIA MIX?
At Foolish, we believe our job doesn’t end at simply delivering your message – we ensure that we make your money (read marketing budget) work harder than ever. And to be able to achieve this, we deploy a media mix strategy into your brand’s media plan.
A whole encompassing media mix also saves a brand from spreading itself too thin and advertising even on mediums that don’t add any value to the brand? Given that a consumer is exposed to so many advertising mediums, brands often like to be present everywhere thinking they will tap in their TG at every possible touch – point. But with limited budgets, that is hardly the reality. All that we end up doing is being present everywhere, but not making any real impact through any of the mediums. We call that ‘Spray and Pray’.
Wouldn’t you rather be present in 2 mediums with a high-frequency-high-impact campaign and generate the results that you are looking for?
While designing a media plan, every medium is analyzed with a fine tooth comb, and only those that are most relevant to the brand and its objectives are chosen. By choosing only those mediums that you know will deliver the right results also helps you lower media budget wastage.
An efficient media mix ensures that your message is conveyed to the right people, the right number of times, on mediums where consumers are most likely to see it and engage with it. Knowing exactly how a particular medium will help your campaign results in optimum utilization of your budgets.