Success Hangs in the Balance

The word balance means different things to different people.

To a gymnast, it’s the difference between bronze and gold.

To a tightrope walker, it’s the difference between life and death.

And to a marketing guy like me, balance can be the difference between reaching a few people and reaching millions.

Most experts agree that for a marketing campaign to be successful, companies should use a balanced approach to marketing their products or services. 

For example, what happens if you buy a billboard on Interstate 540, but the people you’re trying to reach never drive past it? Likewise, what if you buy airtime on one radio station, but your target audience doesn’t happen to tune in to that particular station?

Or, if you develop a social media strategy, only to learn that your target doesn’t know a Facebook from a cookbook?  

The answer, of course, is that you wouldn’t reach many people. And all the money you just spent on marketing goes down the drain.

Say, for instance, your potential customer sees your ad in a magazine, then sees another one of your ads online. Both of these ads lead them to your website where they can learn more about your product and form purchase intent. You further increase their intent to buy with an online coupon and/or a coupon in Sunday’s paper. Then once they get into the store, you cinch the deal with in-store advertising or at-shelf promotion. 

Congratulations. You have just successfully touched your target five different times and dramatically increased the odds of turning them from a shopper into a buyer. If they had only seen your first magazine ad with no additional touch points, the likelihood of an actual purchase would have been much, much lower.

There are many factors to consider when determining the right media mix —  too many to go into here. But in my opinion, the three most important are budget, relevance and target demographic.

 

Budget

Everyone wants to run a television commercial because TV can give you the opportunity to reach a lot of people. However, if you can’t afford to produce a high-quality spot and run an effective schedule, then you could be hurting your brand more than helping it.

Quite frankly, if you have a tight budget, then it’s usually better to look at other types of media where your money could be better spent. Finding the best vehicles to reach the most customers in the most cost-effective manner should be the goal.

 

Relevance

One of your goals should be to market to the right people at the right time — the time when it’s most likely to influence their actions.

For example, advertising your restaurant on the radio during evening drive time makes good sense, but advertising your breakfast menu at two in the afternoon isn’t relevant to anyone.

 

Target Demographic

If you want success, you need to understand your audience and how they consume media. How old are they? What gender? Income level? Education level? Kids? Marital status? These are just a few of the things you need to understand about your target.

Knowing who you’re selling to is critical in determining which media vehicles will be most efficient for reaching them.

For almost two decades, I have been helping clients find the right mix of advertising channels.  Together we review goals, objectives, target audience, budgets and timing to create a customized media plan. 

Can you navigate these waters by yourself? Sure, but it’ll take time and a lot of effort on your part.

Regardless of how you proceed, just be sure to keep it balanced.

Matt Baker is senior director of media and promotions at CJRW, a full-service strategic communication firm with offices in Springdale, Little Rock and Dallas. He can be reached at 479-684-2811.