A little of this and a little of that can work when making cookies in the kitchen. But when it comes to marketing your business, having the correct “Media Mix” is crucial to capturing your immediate sales, and more importantly, your future sales and market share.
Digital media has made it possible to narrowly target, locate, and reach those precise prospects who are “ready to buy” today, but many businesses have fallen victim to the pitfalls of micro-targeting.
The flawed “targeting” strategy suggests that advertising that reaches the broader market with mass media is a waste of time and money. It claims that if they are not in the market to purchase today, they’re not worth talking to.
But here’s the thing…What if your competitor has been using mass media effectively to establish a brand and create a pre-need preference for their business over yours before the consumer is ready to buy? Waiting to reach your prospects until they are ready to buy can be too little too late.
The world’s largest advertiser, Proctor and Gamble, discovered this the hard way. They learned that by targeting, or niche marketing, via digital and social platforms they were not reaching their potential future customers. Therefore, they were actually losing brand identity and ultimately market share. They quickly re-adjusted their media mix to include even more traditional media (Radio/TV) which turned the tide and grew their sales. (No pun intended as Tide Detergent is a P&G product!)
Human beings are stubborn animals. Reaching them when they are ready to buy is of little use, especially when they are biased towards your competitor or not familiar with you.
Conversely, if you have created a strong pre-need preference for your business, your competitors’ online and search efforts will be in vain.
Like cookies with added preservatives, the good ole’ traditional advertising (Radio/TV) is what makes your advertising investment last longer. Of course, it’s not wrong to reach consumers when they are ready to buy, particularly if they are already familiar with you, trust you, and prefer you.
To see what the Advertising Research Foundation (a media-neutral organization) says about the right media ingredients, click here. If you would like to visit about your media mix, give me a call and we can visit. I’ll bring the mixing bowl!