Tag Archive for "marketing" - Digital Advertising Agency – Marketing Strategy | IQ Agency marketing Archives |

Posts Tagged "marketing"

Decoding Modern Marketing – A new series

DecodingMM

Midsize companies are waking up to new dangers.

During the recession, while consumers sharpened their digital buying skills and the Fortune 100 raced ahead, many midsize companies took advantage of the competitive lull and avoided the investments necessary to keep up with the digitally empowered consumer.

Cut to 2016: Consumers, both B2C and B2B, have become sophisticated buyers. They have the tools to make smart, fully informed buying decisions every time. They are demanding, digitally savvy and unforgiving of brands that do not serve them well, especially on social media. They expect easy, enjoyable experiences in store, online, and with the products and services they buy.

In a nutshell, they want it good, fast, and cheap, and if they don’t get it from you, they’ll find it somewhere else.

At the same time, competition is brewing even in the sleepiest of verticals. Companies are realizing that if they don’t superserve their consumers, one of their competitors will or already is. And the quality of such an experience has been set not by the sleepy competition, but by the world’s top brands, so the bar is very high.

While the big companies have used the recession years to shift their focus to connect with the modern consumer, midsize companies are only now waking up to the need to get their marketing and consumer experience up to speed. But time is running out. Nimble new brands are finding ways to disrupt almost every industry with product innovation and better consumer experiences, and big companies, like Amazon, are spreading their enormous wings with even more innovation, making it ever harder for laggards to get into the game.

With a relatively stable economy under our feet, we have entered the fat part of the snake, where many midsize companies are ready to catch up. That means acting now to shift to a consumer-centric orientation in which everything that touches consumers is designed with them in mind.

Midsize companies that have managed to slide by without more sophisticated marketing and just manufacture and distribute will have to become marketing companies now, which is a daunting prospect for many. But the alternative is worse. As a big-box retailer recently said to a longtime brand on its shelves: “What I want from you is a brand, and that means you have to get good at marketing. If I want a product, I’ll make it myself.”

The good news is that even though time is short, you can quickly build a modern marketing machine that will superserve your consumers and future-proof your brand. That’s what IQ’s forthcoming 10-part series, “Decoding Modern Marketing,” sets out to do. This monthly series is an executive guide for midsize brands ready to usher their marketing into the digital age. That said, “Decoding Modern Marketing” is applicable to brands of all sizes, large, midsize, and small.

View the overview of Decoding Modern Marketing here. We’ll be back with Part 1 next month.

Want to know more about IQ? Contact Us

You may also like:

Why Context Matters For Media Strategies

IQ’s Favorite Apps and Services of 2015

7 Questions for your 2016 Marketing Plan

  • 12.07.15

How Much Should you Budget for Marketing?

Having worked on both client side and agency side, I’ve experienced the end of year budgeting season from two perspectives. On the agency side, we work with clients to set goals for 2016 and then back out of that tactically to estimate (in terms of cost) what it’s going to take to reach those goals. In an agency, we get to dream about all the exciting things we could do to help move our clients’ businesses forward. We get to brainstorm and collaborate then present exciting ideas to our clients. But what many on our side don’t know is what you (our clients) go through during the final few months of the year – the planning, negotiating, revising, justifying, compromising, etc. Often it requires internal campaigning with adjacent departments to partner on initiatives so that budget can be shared. It’s a draining process and any data that might support your proposal for an increase in budget helps.

How much to budget for 2016 Marketing

While the process will always be messy, taking a look at what others are doing helps provide context. Each year CMO Survey publishes a report with what companies spend in marketing and the percentage of revenue and the overall company budget that the marketing budget represents.

First the big numbers. Marketing budgets represent 11% of overall company budgets. This is further broken down by the type of company with B2C product (vs. service) companies getting the most budget at 17.5% and B2B product companies getting the least at 10.1%. Interestingly, the trend is on the upswing, with companies investing more on marketing than any report since 2012.

CMO Marketing Budget Report

While marketing budgets continue to take a larger percentage of overall company budgets, the net investment, however, continues to decrease as company budgets overall continue to decrease. On average, marketing departments intend to invest 6.6% of company revenue, down from 8.3% in 2015. Again, B2C product companies are leading overall spend with 10.4% with B2C services companies taking the bottom at 5.3%.

2016mktgbudget2

It should be noted that these numbers are inclusive of all marketing department efforts including operations – that’s everything from the costs associated with your brand advertising campaigns to the salaries of all of your marketing employees. Looking at total budgets then might be of little value to those of you who are creating budgets that get submitted to a CMO for inclusion in the overall budget, so let’s break it down a bit to see where companies are investing.

One of the biggest gains for 2016 will continue to be in digital marketing spend with a 12.2% increase year over year. B2C services companies, who we saw previously were getting the least amount of marketing budget as a percentage of revenue, will have an average 20% increase in their digital marketing budget, while B2C product companies will see a 14% increase.. On the other hand, traditional advertising spend for 2016 will be down 2.1% marking a significant swing toward digital.

Mobile marketing is another large focus for companies. In the next 3 years, companies say they will increase mobile marketing spend by 15.6%.

Investment in CRM also continues to be prioritized, with an 8% increase in marketing spend in 2016. Brand building will see a 5.5% increase. New product introductions will see 8.3% increase. And new service introductions will see a 4% increase.

Gone are the days when companies could do the minimum and hope to slide by without seeing any impact on the bottom line, and this latest data underscores what it takes to compete in today’s increasingly active, competitive marketplace. While this won’t make your job over the next month or two any easier, hopefully it validates what you’re asking for. Here’s to a successful 2016!

Want to know more about IQ? Contact Us

<hr />

<a href=”https://plus.google.com/+IQAgencyUS” rel=”author”>IQ Agency on Google+</a>

 

  • 11.10.15

Why Context Matters for Media Strategies

Strategy Perception - Context

If you’re paying attention to the ad industry at all, you’re probably aware of the ‘attention’ media buyers have received by their clients. The kind of attention that costs thousands or millions to resolve.

Though you should always be assessing media spends and evaluating effectiveness, its come to our attention at IQ that many marketers today neglect a seemingly obvious and important piece of media effectiveness — context.

It’s important to seek 3rd party research for a number of applications in marketing. But think for a minute about your own consumption patterns.

Have I ever purchased directly after clicking a banner ad?

or,

Have I ever purchased a product from preroll video advertising?

or even,

When’s the last time I purchased a new product based on TV ads?

You’ve likely completed a purchase from a form of display advertising (loosely defined). Now think of your answers to these types of questions in the context of your consumption —“What else was I doing during this time?” Your answers will vary here.

Maybe you were checking email, and clicked a link to an article. Maybe you were attempting to watch your favorite show on Hulu. But definitely, you were checking messages on your phone, your Apple Watch, your Fitbit, or corralling the kid(s).

We live in an era of multitasked, multiscreen, low attention span consumption habits. In this case, we must consider the context for which an ad of any sort is seen by the consumer to develop a style of ad that will grab attention when we need it to.

To make the best ads possible, marketers must consider context along with attention and strategy to determine the right approach.

Below is a brief framework for creating more effective ads:

1.  Context

Where will the consumer be when viewing the ads? 

– What platform will the ads be viewed on? 

– What will the consumer (likely) be doing when viewing the ads? (i.e. multitasking) 

2. Attention

How attentive will the audience be on this platform? 

– Which screen will their attention be driven to?

What type of content will surround the ad? 

3. Strategy

Based on context and attention level, should the ad promote engagement or persuade the consumer? 

– Should the ad inform or entertain primarily?

– How critical is attention on first touch? (considering multi-channel ad campaigns)

The history of advertising leans heavily on persuasion. Shopping used to be fairly linear in that you might see an ad on TV or in a magazine and head directly in-store for more information. Advertisers had to persuade you enough to get you to physically try or buy.

But as the internet expanded in popularity, so did ad channels, creating a new ad content approach: engagement. Consider social media advertising. Attention spans will be remarkably low due to the amount of content. For this platform, its critical to get attention fast through entertaining content. This is why context matters first and foremost.

The next time you’re planning for new ad campaigns, try using this framework to right size your spend by platform and create content that’s appropriate for the context. If anything, you’ll likely have well grounded creative ideas and maybe even happier customers over time.

Want to know more about IQ? Contact Us

You may also like:

3 Ways Voice and Tone Influence Brand Perception

7 Questions for your 2016 Marketing Plan

Twitter: Now With Ocean-Breeze Long Form!

  • 11.02.15

Tis the season of #PSL

PerceiveShareLearn

Tis the season of #PSL.

For most people that means the season of orange packaging and pumpkin spice flavors infiltrating everything from coffee creamer to dog treats. But at IQ we take a different approach to that three letter acronym:

Perceive. Share. Learn.

These three principles are at the core of how we grow our knowledge and understanding of any topic, both personally and professionally. When an IQ-er finds an insightful or interesting article online we share it with colleagues via Slack post or an email, and odds are you do the same. This is a simple and effective way to encourage collaborative learning and growth between coworkers.

So put down your pumpkin spice latte and see what the real #PSL is all about.

Perceive.

Perception is at the center of almost everything we do in advertising and marketing Even before we begin a project, we think about different content that we find interesting and pinpoint why. Then, we consider how different audiences react to content as well as how our clients do. We conduct research to find out more about our clients’ audiences as well as those of their competitors. Even during the creative process, we go through rounds of feedback to see what different roles at our agency think about the work. This is all perception, and it’s one of the most important things we do.

Share.

It takes three clicks or less to go from reading an article to sharing it with your network on Twitter, LinkedIn, or Facebook. We all share an enormous amount of content with people every day via social and messaging apps.

When you share something of interest, like updates to a popular social media platform, you’re not only giving others the opportunity to view it, you’re also opening a platform for discussion. This often leads to a wider perspective and understanding of the topic at hand. In the workplace, this also shows your colleagues what topics you are passionate about, and can position you as the go-to expert on content strategy, social listening or another subject.

Learn.

You learn something new every day. It’s not always a radical epiphany, but striving to gain more knowledge and understanding of the topics you work with on a daily basis is important. Not only will you be better informed and ahead of the curve on trends, you will also be considered a thought leader in your office – if not on a larger scale. Learning is best when it’s collaborative, so take time to create a dialogue with coworkers on relevant professional topics that makes everyone more knowledgeable.

These three principles feed into each other and create a cycle that propels you forward in professional development, both personally and as a team. At IQ, we #PSL every day. How do you?

Want to know more about IQ? Contact Us

You may also like:

7 Questions for your 2016 Marketing Plan

Twitter: Now With Ocean-Breeze Long Form!

IQ Spotlight: T.R. Wilhoit, Brand Strategist

Harpoons, Comets, Risk and Marketing

Marketing risks like unto harpooning a comet.

I was listening to the news this morning and heard the amazing story about the Rosetta spacecraft that has finally caught up with a comet it was sent to chase ten years ago. More unbelievable is that the plan is now to land the spacecraft on the comet by firing harpoons at the surface, which will pull the craft down. By the time you read this we should know if this wild plan was successful.

Clearly somebody 10 years ago had an extraordinary vision. The odds on catching the comet were slim and the odds of getting to the surface even slimmer. But despite that they managed to persuade someone to green light the money. Some cold-hearted, penny-pinching bureaucrat said yes to this outrageous plan. When I think of the small daily battles we have in marketing to get our clients to take risks it makes me feel truly humble.

Risk is of course the route to reward. As we are all told: the greater the risk, the greater the reward. Of course, the safer more predictable an investment, the more likely everyone will be doing it and the less likely it will be to produce a game-changing result. Yet it is that game-changing result that all our clients want, and actually deserve. They want the video that gets millions of viral views, the slogan that’s on everyone’s lips, the app that you simply must have. But at the same time, unlike at Rosetta’s organization, the typical corporate appetite for risk is small. This is nowhere more on display than from watching what’s happening in marketing today.

Companies, understandably, prefer investments in which they can accurately predict their risk. That’s really hard with creative, because how do you quantify the emotional impact of a new idea; it’s much easier with data. As a result you can already see the tremendous interest companies have in data. Already the corporate focus on data has started to squeeze out the focus on creative and originality. Instead of how do we capture people’s imagination, the talk is about programmatic buying, analytics, big data and so on. Companies love the idea of turning marketing into a predictable machine so they jump on all these technology investments in the belief that they will eliminate risk and uncertainty from the equation.

This is all well and good, but it ignores the final step in the journey; making the connection with the person. You note I said the person, not the consumer, because we are all people in the final analysis, not cogs in a giant marketing machine. I’m not saying that data is not valuable. At my agency, for example, we map all the customer touch points, aggregate the data and turn it into insights, which in turn leads us to original creative approaches that are more likely to resonate. Data does not replace the role of creative, but rather makes it smarter.

Data is good at telling us what has already happened and can predict, with some accuracy, what will happen in the future under similar circumstances. The problem is that data isn’t so effective when applied to new ideas. As Steve Jobs, who famously eschewed market research, said “people don’t know what they want until you show it to them.” So the secret is in the marriage of data and creativity. Data informs the process of originality and innovation, but is not its master.

Don’t tell that to business today, however. Unfortunately, we are entering a phase in the marketing world where the momentum is to connect all the data silos into one unified system that promises to deliver marketing data Shangri-La. Companies will flock to this idea that data and systems will take the risk out of marketing, and will invest like crazy in platforms to predict and manage every thought consumers have. This will all come at the expense of creativity and in the end, I’m afraid, will still leave them short of that magical connection with the target audience. That will still take something that an algorithm will never produce, a completely original, emotionally impactful, idea, sort of like harpooning a comet.

Want to know more about IQ? Contact Us

You may also like:

Before we knock “native advertising,” let’s talk about doing it right

How smart is your agency?

Dear brands, you’ll never be potato salad

  • 05.28.14

Connecting, Cultivating, & Converting Modern Consumers

This deck presents a simple to consume and communicate vision for how to approach the complex new marketing environment. Of course many experienced marketers will know much of what is contained here, but they may not have a simple way to connect the pieces and think about it holistically, or more importantly to communicate to those less sophisticated than themselves. With that in mind our Connect, Cultivate and Convert method outlines a new model for marketing.

 

Want to know more about IQ? Contact Us

You may also like:

4 Reasons Brands Need Agile Agencies

How to Become a Knowledge Source and Win the SEO Game

YouTube: The Next Big Thing Is Already Here

4 Reasons to Kiss Your Agency this Valentine’s Day

4 reasons to kiss your agency

If you don’t love your agency, you should. Life’s too short to have an agency that makes you miserable.

The fastest way to marketing bliss, however, is not just a likable agency, but also an agency that has the ability to help your brand win the digitally centric consumer.

It’s amazing to me that digital is still an after-thought for so many, even though it has clearly become the center of the marketing universe. I think it’s just because many agencies and their clients don’t know how to comprehensively go about planning for it, and instead seem to lurch from tactic to tactic.

For example, does your agency exhaust the possibilities of Owned media (websites/mobile/CRM/SEO) and Earned media (social media/content syndication) before they dive into the pricey waters of Paid media (broadcast/print/banners)? Of course, they should.  But before anyone starts worrying about tactics, you first need a strategy that will work.

Today digital is so central that any agency that isn’t developing a digitally centric strategy is living in the past. Whether it’s B2C or B2B, consumers discover, explore, evaluate and decide on brands in digital channels. So even though TV, print and outdoor ads are still important, their role in the orchestrated process of influencing a buying decision has changed.

The reality today for marketers is simple: creative and execution today are worthless unless led by the right strategy; almost invariably now a digitally centric strategy.

So as you consider your Valentine’s list make sure your agency has done the following:

1.     Develop segments and personas for your buyers

The consumer is king and needs to be super-served. So you need to identify your target segments and turn them into personas, which allow you to understand what makes them tick.

2.     Map the Consumer Decision Journey for each persona

The path to purchase and beyond is where brands are made or broken, and it’s packed with influences. The only way to know how to connect with consumers at every step along the way is to understand what is important to them at each juncture; and you have to do it for every major persona because they are all different.

3.     Develop a content strategy

Being in the right place at the right time is the first challenge. Then you have to know exactly what to say in order to be relevant and compelling at that particular moment. Content strategy is the bible for your agency, and tells them what to say and how to say it at every point in the consumer decision journey.

4.     Make a Roadmap and Playbook

When you have personas, a map of their decision journey and have a content strategy in hand, you then need to turn it into a plan. This lays out what you should do and when you should do it in detail. For each tactic it shows the rationale for its inclusion, how it ladders up to the strategy, what specific results and ROI are expected, what it will cost, how performance will be measured, what resources are needed and the dates for development and launch.

Most importantly it prioritizes tactics and initiatives over time recognizing that Rome wasn’t built in a day. It not only covers the campaigns and promotions you need to activate the audience, but also the infrastructure you need to make it all work, from websites to mobile apps and POS.

I couldn’t imagine any client moving forward except in the context of these four steps. I suppose every now and then a brand might bet everything on a spot on the Super Bowl and hit it out of the park, but usually the Hail Mary pass fails.

That’s why there is no substitute for a rigorous, digitally centric strategic process. Nothing delivers a reliable stream of prospects like smart strategy, so if you’ve got one, remember to give your agency a big kiss this Valentine’s Day.

You may also like:

9 Ways to Win at Warp Speed

How to Calculate ROI for Customer Experience

The 10 Key Ingredients of a Modern Brand Website

Want to know more about IQ? Contact Us

5 Secrets of the Super-Service Economy

5 Secrets of the Super-Service Economy

The Super-Service economy is here and brands need to adjust their thinking to the realities of consumer expectations.

1. Don’t rely on relationship

In a recent study published in the magazine “Marketing Week,” consumers thought the whole idea of having a conversation with a brand was silly. That caught my eye because so many of us in the marketing world talk about having discussions, conversations, dialogue and relationships with consumers.   Are we kidding ourselves?

According to a recent Deloitte survey of 4,047 respondents in 28 product categories and more than 350 brands, brand loyalty is declining. That’s the 3rd straight year that brand loyalty has gone down. On the surface that would seem to tell us that the relationship approach to marketing isn’t working very well.

2. Conditional Love or none at all

The shift in power from brands to consumers has meant brands have had to come up with a new way to woo buyers. In this 1:1 vs. one to many age, it seemed only logical that the approach should be to make consumers our friends. The thinking went that we could use email, social media, and the rest of the digital toolbox, to simulate a personal, real time relationship. In the end our brand would become a trusted friend and knowledge source, and loyalty would lead to easier and cheaper sales.

Unfortunately it hasn’t quite worked out that way. Consumers have really taken their empowerment to heart and like a pretty girl surrounded by admirers, are enjoying all the attention. Consequently, their minimum expectations of brand performance have only risen as they have experienced brands with the Super-Service approach.

Now with many brands delivering the valuable content, great user experiences and terrific customer service that characterize Super-Service, consumer loyalty has surprisingly become even more flighty and conditional.

3. The table stakes just got higher

The Super-Service model, which until recently set only a few brands apart, is now quickly becoming table-stakes.

So how do brands differentiate themselves in a Super-Service world? How do they win when everyone is delivering a consistent, top-notch experience?

That depends on what kind of brand you have. For many the answer is product innovation, for others creative differentiation, even data can be a route to differentiation and loyalty.

For example, Hyundai already had great prices and a terrific consumer experience in every part of the customer cycle, but it wasn’t enough. So they focused on developing a product that would set them apart, in their case unexpectedly in the higher end segment.  This not only delighted customers, but also redefined the brand.

Amazon built its business on low prices and service, but as its model and competition has matured, it has turned to building loyalty based on data ownership and insights, from Amazon Prime to product recommendations. Banks and financial companies have also started to see data as a route to loyalty, because customers are averse to leaving organizations that hold data that they need.

4. Reciprocity buys less

Wins with the fickle consumer can be very short lived in a “what have you done for me lately” world. The reciprocity that brands used to rely on in building loyalty now has a much shorter echo, with the result that consumers want something new more often. That’s why Hyundai went on to develop innovative, integrated mobile technology and Amazon seems to have a new innovation every day drone delivery It’s also why the blush is fading slightly on Apple, as its products age, its competition strengthens and its customers grow impatient. Unfortunately resting on your laurels today, for even a moment, is risky.

Many brands, however, don’t lend themselves to product innovation like an Apple and Hyundai, or data innovation like Amazon. While a beer can that tells me when it’s cold is cool, it doesn’t change the essential experience of the brand in the same way as introducing the iPhone can.

So instead of trying to create new product attributes, those categories need to focus on attaching new emotional attributes to the brand. Old Spice has famously committed itself to this kind of creative differentiation.

The product doesn’t change, the value doesn’t change, but the story, however, is always changing (the latest: Old Spice). But this takes a really a big commitment to feeding the beast, because, like Chinese food, the fickle audience is hungry again twenty minutes later.

5. Customer experience is the foundation

The foundation for success in the Super-Service economy is the customer experience. Even more so since social media has connected all the parts of the customer cycle, from pre-sale to post-sale, with the result that the customer experience has also become very influential on the acquisition process.  Being a customer and being a prospect used to be two fairly separate states. Of course there was a bit of word of mouth between the two, but nothing like the organized deluge today.

Now, other than the performance of the product or service itself, the experience of being a customer of your brand has become your most important marketing asset or liability.  Which is why it’s amazing to me how so many companies still treat their customers so poorly, putting at risk not only customer loyalty, but also their reputation.

Cable providers and Direct-TV, for example, are notorious. How often do they do anything for their customers except jack up the rates? But for prospects, there’s always a new deal, a new benefit, a new offer, virtually every day.

The good news is that this marketplace is navigable despite its complexity and demanding consumers. With the right modeling and process (3Cs) it can be broken down, understood and managed. This starts with carefully mapping all the connections that make up the consumer journey, and the surrounding influence eco-system. Then the game becomes to decide where you want your brand to sit on the continuum, between product innovation on one end and creative innovation on the other.

However, no matter where you end up, in the Super-Service economy you have to start by making sure that customer expectations, online and offline, are always met and exceeded.

You may also like:

How to Clone Your Best Salesperson

How Small Brands Can Win with Digital

7 Questions for Your 2014 Marketing Plan

Want to know more about IQ? Contact Us

How to Clone Your Best Salesperson

How to Clone Your Best Salesperson

Imagine this: sales people that never get tired, never need vacations and happily work 24/7; they don’t need commissions and you always know where they are and what they’re doing. Best of all, every one of them is as good as your best salesperson.

Believe it or not, that is exactly what your company website can and should be.

Too often, brand or company websites are just glorified brochures or worse, repositories for tens of thousands of documents. Enormous amounts of time and money go into expensive content management systems and complex technology that make these sites function, but nobody really seems to answer the most important question: how is our website going to drive sales?

First, you should recognize that your website has become pretty important to your prospects. As the 2013 “Trust in Advertising” study from Nielsen revealed, brand websites are now the second most trusted form of advertising, second only to personal recommendations. This is important because it means that brand sites have become the preferred way that prospects explore a purchase. It’s where they form opinions about your company and about the only place (short of a face-to-face pitch) where you can completely control the story that you tell.

That’s why your website is where your one-on-one sales process should start. The idea is not for the website to replace your salespeople, but rather for it to qualify the opportunities and lay the groundwork for the close.

Today’s technology allows a modern website to simulate a great deal of what a salesperson does. As in a face-to-face pitch, the ideas is to quickly find out what’s important to the prospect and adapt the pitch to be as personally relevant as possible.

Unlike any other marketing medium, a website is uniquely able to become relevant by adapting instantly to a viewer’s choices, responses to questions or behavior, all while keeping them engaged. The result can be a site that tells a story that is personally relevant to each viewer, keeps a dialogue going, and then identifies people ready and qualified to talk to a real salesperson at the right moment.

It’s time to see your website not only as a valuable marketing tool, but equally important as a valuable sales tool. When prospects arrive at your site, they should discover an experience that is as persuasive as your best salesperson.

This experience should be exciting and engaging, presenting your story step-by step, and adapting it to fit the interests and needs of each prospect just as you would if you could have a salesperson there every time. Then when prospects are clearly ready and qualified, it should deliver them to sales for the close.

Today’s technology and design make websites capable of this kind of smart, personalized selling experience. It doesn’t replace sales, but instead leverages technology to let you scale your story and maximize your sales potential.

When a website becomes part of an integrated digital selling system, it enables you to connect, cultivate and convert consumers with more predictability than ever before. This new model replaces the old, simple funnel model and recognizes that today’s journey to buy anything is really complex. It’s a journey that needs a new model.

For a more comprehensive look at the “Connect, Cultivate, Convert” model, view the 3C’s presentation.

You may also like:

7 Questions for your 2014 Marketing Plan

How to Calculate ROI for Customer Experience

The 10 Key Ingredients of a Modern Brand Website

Want to know more about IQ? Contact Us

5 Reasons to Rebalance Your 2014 Marketing Plan

Marketing Plan

Just like your stock portfolio needs to be rebalanced when market conditions change, you need to take a hard look at your media and channel mix in your 2014 marketing plan.

Discussions of mix have usually been about how to distribute media dollars among channels, but you need to look at channels holistically and include all costs, not just purchased media. With the continuous behavioral and attitudinal shifts of consumers, seeing your go to market plan as an integrated ecosystem is more important than ever.

1. If your channel mix does not reflect target audience behavior

Hopefully you know how your target audience uses media channels and when and where they are most receptive to brand interactions. You would be surprised how many marketers start by picking a channel without that knowledge.

Suffice it to say that the way consumers of all ages and types discover, explore, and evaluate products and services today is completely different to the way it used to be. You must therefore use a data driven, evidence based approach to determining your channel mix.

2. Because channels need to be weighted to reflect the dynamics of the Consumer Decision Journey

The difficult, but essential, challenge for a brand is to insert itself into the Consumer Decision Journey*. Your channel mix should reflect a comprehensive understanding of when and where people can and should be influenced. These are the inflection points where you should concentrate your resources. (*McKinsey & Co.)

3. The budget in a particular channel is insufficient to rise above competitive noise

A common mistake is not having an appropriate budget to achieve the mission. TV is a typical example of where budgets are often insufficient to accomplish minimum reach and frequency goals.

To use a war analogy, don’t split your army unless it is larger than your opponent, and concentrate your force on a narrow front for maximum impact.

4. You’re trying to win everything

You probably have short-term goals, but building a brand is a marathon not a sprint. So look at all the channels where your target audience is congregating and start with the areas that are uncontested by your competition. Then only select those that you can afford to do effectively (see previous point).

5. Because too much of your budget only has short-term equity

So much of marketing spend is ephemeral. So look for marketing investments that have long term value for the brand. For example, instead of buying banner ads, invest in evergreen content that can be used for search and syndication.

Over time these marketing investments will become the fabric of your brand’s marketing ecosystem.

Click here to read part 1 of this series

Want to know more about IQ? Contact Us

Tags