The approach of marketing has transcended over the year.
With inception of internet, the marketers are able to increasingly analyze and
capture the interest and behavior of customers. This has allowed upsurge in
meaningful insights of how and why people consume services/products etc. online
or at an in-store location. Businesses performing market research can now identify new data points, and execute
strategies better. Cross-channel content is deliverable dynamically based on
uniform and integrated platforms.
Traditional Marketing Plans
Traditionally, a marketing cycle was halved into planning
and execution phase. In the former, the analyst team decided creative and
financial components for a period, such as quarter or yearly long. People
determined what assets department would require for initiating a marketing
plan, while creative component included identifying audience segments, content,
plan’s timeframe, and channels of distribution. After considering outputs from market research reports, the useful
findings would be applied in budget.
However, this way of looking at marketing plan is not
outdated in today’s world where the online world is booming, making companies
step up production, easy connect, and driving high volume traffic to
products/services, and a lot more. Now, real-time strategies act quickly and
improve the developments. To stay on part with the changing needs of people,
media-mix planning does bring a revolutionized thinking in catering to
customers, on a much larger and enhanced scale.
Media-Mix Strategies
In media-mix planning, the approach is towards determining
right budget to optimize effectiveness of a promotional activity. The process
follows top-down and bottom-up strategy. In the first method, the analyst looks
at high-level expenses and data of historical revenue to predict the
performance of a plan in moving forward. This kind of procedure is easier to
execute than bottom-up. The later looks at concrete data and high-level assets
to base the predictions.
·
It focuses on detailed insights to plan a
development, and is more difficult to initiate on grounds of the inputs.
·
The bottoms-up methodology also concentrates on
creative-level data. These data points are harder to correlate and capture,
especially in offline platforms.
·
The process is directed towards improvising in
execution phase, giving real-time insights in the changing marketing behaviors.
·
It is also complex to link economic data in this
approach, and it becomes challenging to appropriately assess ROI potential for
a program.
However, any advertisingand marketing research out of media-mix planning betters a marketing cycle
by hiking the ROI accuracy and predictions based on historical performances. It
promotes understanding of budgeting and forecasting. This provides suitable solutions
for capitalizing on trends. One of the important features of media-mix method
is ad stack.
Advantages of Ad-Stack
When a mix of creatively designed programs is integrated on
multiple channels to capture real-time, important analytics for peoples’ behavior
and interaction, it is termed as an ad-stack. The process involves managing
multitude content on single space such as online e-commerce to mobile
applications or sites, across special device, social outlets, and more.
·
As the data is captured in real-time, the
responses are faster, and it is possible to keep track of changing content for
a marketing strategy.
·
Reactions are quicker and credible, so the
transitioning phases are better analyzed to be converted into fulfilled goals.
·
Conversion figures are greater, and wasting of
resources is minimal. Thus, any negative brand impact is swiftly curtailed.
In ad-stack, the media-mix planning is actualized in meeting
consumer needs to accurate levels. The activities promote internal environment
for a company as well. It can assist in synergizing employees in understanding
the sales process properly and make faultless predictions. With financial
resources sound, there are no loopholes for inventory leakage. Resulting data
points can effortless correlate, and serve the channels.
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