- Business and Employment
Using Media-Mix Planning & Ad-Stacks to Increase ROI
Data analysis is changing the way the marketing and advertising sector operates. Analyzing and processing of consumer data is the main factor in the growth of the industry. The flow of information from the digital world has been pertinent to this growth. And with this data flow, marketers can easily analyze and process consumer behavior, subsequently optimizing the results of their marketing campaigns.
Nowadays, marketing campaigns and strategies are based on the consumer's needs and no longer a stab in the dark. These campaigns are built on processed data, which means that grabbing a market share is easier than it ever was before.
Once upon a time, marketers sold ice to Eskimos!
Planning- During the stage, the budget is created, the type of marketing channel is agreed on, and the length of time for the campaign would be set. At this stage, the content of the marketing drive and market segment is chosen.
Execution- This execution stage involves carrying out the marketing plan set up during the planning stage. Several changes are made to conform to the reality of the marketplace and most times the budget and content will be tweaked to suit the changes made.
Nowadays, the above strategy is ineffective and not flexible enough for today's marketplaces. To grab a market share, you will need to target the right audience and ensure that your marketing campaigns can change in real time with the demand of high volume traffic available online. To achieve this, your marketing campaign has to make use of versatile communication channels that can meet your marketing objectives. Hence the need for a media mix planning strategy.
With Media-Mix Planning, multiple channels and methods are utilized to communicate in the most efficient manner with customers and prospects. There are two approaches:
1. The top-down approach
This process starts from top to bottom. This method looks at historical revenue data and uses it to forecast a plan. It determines your total market and estimates your share of that market. Most experts prefer this method, as it takes in actual figures from past performance and uses this to create a concrete plan.
2. The bottom-up approach
This approach provides a higher-level and more detailed insight into a strategy. An analysis is calculated by estimating potential sales by using data points. Capturing these data points are easier to achieve online and renders the process redundant in offline scenarios. A bottom-up approach will look at sales analytics, the conversions rate on your online marketing campaigns compared to actual reach, cookies, etc. While this will take more effort, the result is usually more accurate.
Employing any of the above methods will provide valuable results that will increase your Return On Investment (ROI). Both methods enable your marketing campaign to target the right market and grab a share that will be sustainable. To carry out an effective media mix planning, you will need a component like "ad-stack."
Using an Ad Stack for Media-Mix Planning
Digital acquisition initiatives and their outcomes cannot be understood without an analytics framework. An Ad Stack will help present your data in a way that is useful for your business. It will enable you to use actionable analytics and insights that will be integrated into an innovative stack, which will drill down to the metrics that matter and bring the most pertinent data to the top.
Advantage of an Ad-stack
• An Ad-stack places all your data in one place. Whether we are talking campaign-level, cross-accounts, keywords or ads. You can roll up your sleeves and dive into the data with inbuilt tools that can handle any data size. From social media accounts to CRM data, the ad-stack can correlate the data to provide you with unique insights.
• There are multiple filters to drill down to the group your desire. Easily sort through column and lock into the data you want.
• Ad stacks help you understand your users. The insights are in-depth and available to report across channels in real time. Helping all employees to have a better idea of the marketing and sales processes.
• It provides at-a-glance reporting tools to keep you on top of what is happening. No lags or waste of time, you can respond to dire content changes to meet the needs of a real-time market.
The media mix planning is the way forward for marketing in the 21st century. Without understanding data and analytics marketing campaigns will be practically throwing money in the wind. With media mix and an ad stack component, organizations will be able to narrow down their marketing endeavors to the markets that matter for sustainable growth of the company.