Media mix is a combination of channels used by companies to achieve their marketing goals. It allows brands to increase their outreach significantly with the help of both offline and online media channels.
Why is a media mix important?
A media mix is just the thing each brand should try. Creating a right combination of channels allows you to reach the maximum number of people, ensure tailored customer experience, improve your ROI, and of course, identify the most profitable channels.
If you mainly invest in SMM, see great results but want to try email marketing without much losses, you can allocate half of your budget to your SMM campaigns, and another one — to emails. By the way, email marketing is one of the digital strategies you can try and even use on a permanent basis for free. SendPulse allows you to send up to 15,000 emails at no cost every month.
With a well-thought-out media mix, you can build brand awareness with the help of search engine marketing and socials, enhance two-way communication with customers via chatbots, inform clients about upcoming sales and events via emails, notify of the recent articles and publications via instant web push notifications.
To understand how to use a media mix effectively, you need to get acquainted with media mix modeling. So, let's move to this concept.
Media Mix Modeling
Media mix modeling is an analytics approach which allows marketers to predict the performance of each channel they use. It helps create a clear picture of their marketing efforts, particularly, how each channel contributes to reaching their goals (increasing blog traffic, conversions, ROI, etc).
With this technique, you’ll find out the relation between dependent and independent variables. For example, you’ve paid a celebrity who is a powerful influencer for promoting your products. You expect the N-number in your followers’ base increase. In this situation, your Instagram traffic is a dependent variable, and investing in influencer marketing is an independent variable.
Collecting data and thorough analysis is a must in media mix modeling. You need to gather and store all the figures you get to carry out analysis to find out whether this or that model works. With this approach, you can take into account factors that you can’t influence, such as weather, season, economic crises, and reveal the way they influence your revenues, but you need several years to get accurate results. Finally, you’ll find out how each channel of your media mix contributes to your revenue, whether you’ve allocated costs correctly, and most importantly — you’ll be able to make predictions for future based on your findings.
For an easy start, we’ll provide you with some tips to optimize your media mix.
How to Optimize Your Media Mix?
Starting from nothing is always a challenge. So, we offer you some effective tips to create a profitable media mix.
- Collect customer personal data. The more — the better. By this data we mean every touchpoint of interaction with a particular client that can influence your revenue. You should understand how a user engages with your brand via each channel. Set the most important metrics that will help you track the performance of each channel while reaching your goal. Focus on several vital measures that will tell you more. Make use of special analytics tools to aggregate the necessary data.
- Invest more in digital channels. The reason is obvious — it’s pretty easy to analyze the effectiveness of online channels while running a campaign on TV or investing in guerrilla marketing will make you face a problem of measuring the results. You won’t be able to tell for sure how much money TV or a billboard advertising brought you. While running email campaigns, you can track the performance of each email and discover the conservations it yielded in the reports.
- Choose a marketing platform. We strongly recommend that you use a multi-channel marketing platform with its own CRM because it will provide you with a holistic marketing approach. You’ll be able to try several channels and effectively combine them within one service that stores all the data and information about the clients. This way, you’ll have a clear picture of your marketing efforts at hand.
Congrats, now you know the benefits a media mix can bring to your business, what a media mix modeling is, and have some tips to get the ball rolling. Make use of SendPulse — multichannel marketing platform — to find the best combination of channels for your business.
- This article covers the subject of media mix optimization.
- This article provides more tips for optimizing your media mix.
- This article explains how media mix modeling leads to smarter ad spend decisions.
Last Updated: 23.03.2021