Is it Time to Re-evaluate Your Media Mix?
Sometimes companies become stuck in old methods of marketing
Sometimes companies become stuck in old methods of marketing. It is okay for you to find a groove and repeat the process. Keep in mind though that your marketing media mix constantly needs tweaking to stay up to date with current methods of doing business.
Remember all the businesses that were successful in the eighties and nineties using Yellow Page ads to drive business? They had an incredible marketing media mix at the time that brought a great deal of revenue. Fast forward a few years and those same companies are on the verge of bankruptcy in many cases. Why? Because they did not see the value of investing in a website and good search engine optimisation. Their digital media mix was outdated. We do not want the same thing to happen to your business.
That is why below we have five questions to help you answer whether it is time to reevaluate your marketing media mix.
Note: You probably want to write down your answers as you go through the questions below.
5 Questions to determine if you have the right marketing media mix
#1 Are your brand name searches flat-lining or decreasing over time?
How often do people search for your brand online? Is the number increasing or decreasing? While brand searches may seem like a weird number, they are a key determinant of how well your brand is known to your target market.
The more people searching for your business on Google and Bing, the more effective your marketing strategy. That is because the traffic and leads you worked to build are interested in your company. Conversely, as Marketing Land stated, if you have fewer people searching for your brand, your funnel isn’t wide enough. The end result is that the right marketing media mix creates a surge in the number of prospects searching you online to make sure they are interested in buying your products and services.
#2 Do you follow the trends in marketing and your industry?
Did you know that 71% of marketers plan on increasing their social advertising and/or online video budget next year, while 67% plan to increase the use of retargeted ads to increase conversions?
If you do not know what the trends are, you sound like the old fogey in the room talking about how you need to create a 5 page website for your business.
#3 Is your business ready for mobile marketing?
ComScore reported that 60% of the time users spend on the digital media in the United States is on mobile devices.
To put that into perspective, the Apple iPhone launched in 2007. In the 8 years since that time mobile devices have become the dominant way to browse the internet. That is why in April, Google announced the new Google Mobile Algorithm. Essentially, they want all websites who want mobile traffic to have a mobile theme to allow users to easily view websites from mobile devices. As we discussed in April when the launch came out, it only makes sense. Google Android software, the largest mobile operating system, was in over 1 Billion devices shipped in 2014 alone. Apple’s iOS sold 192.7 million during that time.
Smartphones and tablets are changing how you market your business in the 21st century, just like computers did in the 20th century.
#4 Do you keep your social and search data updated?
Tracking your prospects and clients across your blog, social media marketing, and search engines is more important than ever with the introduction of retargeted marketing.
Retargeting is where you advertise to prospects who took specific actions with your company like visited your website, subscribed to your list, or purchased a product. You can then retarget that audience on an ad platform to convert them into clients. The power of this tool is immense. A recent study showed of 1 billion impressions from 547 advertisers running Facebook ads, the results were astounding. 15% of clicks came from retargeting, despite being only .5% of all impressions.
It is no surprise why companies are putting more dollars behind retargeted ads. They not only receive higher clicks, but also nearly three out of five online buyers noticed retargeted ads.
Considering that consumers see 1700 banners per day this is incredible. Comparatively, traditional banners have a .1% CTR. Retargeting are more visible, because they are for products customers are already interested in purchasing.
#5 Do you jump around so much you get dizzy?
The final question we need to ask is whether you have the shiny object syndrome. You see a bright, new, shiny object that intrigues you. You need to have it. Until the next shiny object appears.
If you have that problem, then the best thing to do is make sure you base your decision upon a good marketing media mix. Most marketers agree that you need three types of media to build your business: Paid, Owned, and Earned media. Paid-As the name suggests, this is media that you pay to increase your business. Examples include Google AdWords, Facebook Ads, and other ad platforms. Owned- These are channels you control. Your website, blog, and email list are owned media marketing channels. The more you control or own the media that dictates your business, the more control you have over the course of your business.
Remember our discussion about Yellow pages earlier. If you control your media, then you are not reliant upon an outdated marketing method. Earned- The final component is an outgrowth of the other two. If you have a great paid campaign and promote your own media, then you can earn traffic from social media and the press.
The more effective your campaign, the more earned traffic you receive.
A great marketing media mix is the result of a great marketing strategy. By answering the questions above, you are further along than most small business owners looking to promote their business.
If you still have questions about how to create the right digital media mix for your business, and would require the support of an SEO Agency, then feel free to give us a Shout.