Finding the Right Media Mix for Your Small Business
Marketing has changed dramatically in the last five years, and a 360-degree approach to marketing should include all traditional and digital formats.
Still, everyone wants to know how to be successful. What’s the right mix of marketing channels and strategies?
Of course, the first question you must answer is how you measure success. Until you define that, there can’t be an effective plan.
But, once you understand your goals, use the following strategy as a building block to help develop a strong marketing mix.
Referrals // These are often the highest-converting inquiry source. Incorporate referrals into your everyday marketing strategy.
Website // This goes beyond design because pretty doesn’t necessarily produce profits. Ensure the back-end is built for optimization.
Search Engine Optimization (SEO) // Optimize on a daily basis to understand how people are getting to your brand. Increase your organic SEO traffic and conversions with well-written landing pages.
Remarketing // You have qualified leads under your nose, so sniff them out. Manage and clean your database monthly.
Broadcast, Cable and Streaming // Viewer programing is still the best way to reach the mass audience. Diversify your purchase, and rotate your strategy to maximize reach.
Pay-Per-Click // Use targeted keywords and phrases from your SEO strategy for your Kansas City PPC strategy. Don’t compete with yourself.
Pay-Per-Lead (PPL) // Develop standards for lead validity, and have a good sales process to work the leads. Remember that optimization is king.
PPL Optimization // Implement an inquiry-scoring approach to increase conversion. Allocate appropriate time and manpower to these big data analytics.
Social Media // Gives weight to SEO and PPC efforts. Understand the channels your audience uses, and be committed to manage the network daily.
Print // Engaging creative will ideally fit the publication’s genre. Negotiate for position, frequency and added value such as free color or size upgrades.
Avoid Sabotaging Your Marketing’s Impact
The “marketing funnel” has truly grown, and that has a lot to do with new technology. Brands are now better at reaching their audience with targeted messages specific to individual needs and wants. Understanding all aspects of the customer journey is important but often requires a shift away from fragmented marketing toward a more integrated approach. Having one holistic view on digital and the more traditional media channels, such as television, print and radio, can increase response in every channel.
Each channel should enhance, not sabotage, your overall marketing mix. For example, if you have a social program but lack optimized landing pages on a user-friendly website, then you’re throwing away money. Figuring out how to measure each channel’s impact on your bottom line is key.
Budgeting in a Direct Response World
It takes, on average, seven to 12 touchpoints before a prospect becomes an inquiry—these come from three or more channels on average.
As a rule of thumb, while running a direct-response strategy, allocate 10 to 20 percent of your budget to branding and broad-based media. Define targeted media for direct response or immediate action.
According to a recent Gragg Advertising Attribution Study, 57 percent of leads generated by traditional media are not attributed to the originating source. So where are your offline leads coming from? You can understand and track attribution through a variety of methods such as dedicated phone lines, landing pages and dropdown menus for each media source. The following image illustrates the attribution effect across channels.
Find What Supplements Your Marketing
Show some creative flair as you move through testing new channels. Direct mail has a high cost-per-lead but can be highly effective if used with emailing. A print strategy delivering a well-defined target within relevant content provides awareness, impact and helps drive interest for prospects who want to try out your product or service. Radio typically produces a high cost-per-lead but still drives strong brand awareness.
Have fun with your commercials to break the clutter. Outdoor ads should be dynamic to grab attention, with a rotation of design every 90 days.
Successful marketing is no longer predicated on interruptions or buying power dictated by large budgets and purchased views. Consult with your marketing team to further analyze strategies behind your marketing mix that work.
Remember, effective direct response marketing goes beyond ROI. It moves your audience to get involved.