November 11, 2013, posted by Tony Quin
5 Reasons to Rebalance Your 2014 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 the 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.
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