Connect with us

MARKETING

What is a Media Mix & The Most Effective Types [HubSpot Blog Data]

Published

on

What is a Media Mix & The Most Effective Types [HubSpot Blog Data]


I’m willing to bet that today, the typical campaign at any brand uses a media mix.

This refers to the process of using multiple channels to meet marketing goals. The question is, how exactly does it help brands better plan campaigns?

Let’s dive into how it works, review some stats, and see some brand examples.

A media mix is another term for an overview of the channels businesses choose to execute their marketing strategies on. Ultimately, media mix optimization is the process of analyzing the performance of those channels.

Think about the last campaign you saw from one of your favorite brands. What did they do differently that really clicked with you? By incorporating a media mix into your yearly planning, you can narrow down what resonates with your audience.

Media Mix Example

To see how a media mix works for a campaign, let’s use makeup brand The Lip Bar’s latest campaign: “Something BAWSE is coming.”

To build anticipation around its latest product launch and celebrate its 10-year company anniversary, The Lip Bar launched a multi-channel campaign that reached audiences both online and offline.

First up, website.

media mix example showing makeup brand's campaign on their website

Image Source

When you land on the brand’s homepage, you’ll see an image of the CEO with the following sentence “Shark Tank said no, 12,000 5-star reviews later, 100% that bawse.”

Upon clicking on the image, you’ll arrive at a landing page that has a timeline of the brand. From launching in 2012, to opening its flagship store in 2019, then expanding to 1500+ stores in 2021. Once you get to 2022, you see the tagline “Something Bawse is Coming.”

As you continue scrolling, you reach a section that offers a launch date and time for the brand’s newest product.

The second digital channel the brand leveraged for this campaign is YouTube, publishing a 45-second video showing the CEO’s journey over the last 10 years.

Moving offline, the brand also published billboards in five cities to continue the campaign.

Note how the billboard didn’t use the tagline we saw on social media platforms.

media mix example showing makeup brand's billboard campaign

Image Source

The benefit of using a media mix is to leverage different strategies to see which tactics work and lead to better conversions.

The Lip Bar’s latest campaign is a great example of how any brand can leverage channels differently to reach the same marketing goal.

Media Mix Stats in 2022

In January 2022, we surveyed over 600 media planners to discover their strategies, goals, and challenges. Here are some interesting findings:

  • 84% of media planners surveyed leverage a mix of organic and paid media.
  • Email marketing is the most leveraged media channel, used by 1 in 2 media planners.
  • 41% of media planners surveyed will change their media mix in 2022, while 45% will keep it the same.
  • 14% of media planners currently leverage non-fungible tokens (NFTs) while 16% plan to use them for the first time in 2022.
  • 39% of those who use NFTs in their media planning say they have the best ROI of any channel in their media mix.
  • 39% of marketers surveyed say determining the most effective media mix is the biggest challenge of media planning.

Media Mix Optimization

Media mix optimization provides businesses with an understanding of how their messages are coming across to customers. It allows a brand to invest more time and money into marketing strategies that are best suited for their audiences.

Marketers might consider optimizing their media mix if they want to gain some helpful insight into what time and capital is needed to target their audience in a way that gives customers a personalized experience.

But, while media mix optimization is a powerful opportunity for methodizing data collection online, it’s not the best strategy for marketers who employ a lot of traditional marketing techniques, since you can’t really measure the success of a billboard or newspaper ad.

However, to make guided decisions such as what font to use in creative design, when to publish social media posts on various channels, or where to invest resources, this method can be helpful.

Optimizing a media mix means looking at the analytics and ROI of various marketing strategies. This can be anything from engagement data of social media platforms to views on the newest commercial.

That’s where media mix modeling comes in. If media mix optimization is the “what,” modeling is the “how.” Every model can (and should) look different, depending on your marketing and broader business goal.

Media mix models can be used to analyze the relationship between a dependent variable and an independent variable.

For instance, let’s say a business has a question like, “How did paying for a sponsored tweet affect overall blog traffic?” The business’s media mix model should then accurately depict how a dependent variable – like overall blog traffic – relates to an independent variable, such as investing in Twitter.

For businesses still deciding if a media mix optimization is a good idea for them, we’ve put together key tips to guide you when creating a media mix model. Let’s explore those, next.

Tips for Optimizing Your Media Mix

1. Collect personal level data.

The goal here is to find and focus on analytics that will help provide an accurate picture of how customers engage with your media mix.

Analytics software is expansive and offers an array of tools for use. If you’re in the market for one, the HubSpot Marketing Hub is a great place to go.

Having too many metrics can be confusing and lead to inaccurate data. The best plan is to have an idea of which metrics need to be tracked so they can be right at the beginning.

A normal media mix optimization process can take anywhere from a few months to a year. So, collecting the right information at the beginning contributes to getting the most accurate information overall.

2. Have a robust reporting process.

When using a media mix, you often combine online and offline strategies. With this in mind, it can be more difficult to measure the impact of a billboard compared to a paid social ad.

That means you’ll have to think outside of the box when evaluating your media mix. For instance, while an online ad will have clear conversion rates you can find, a billboard may require some creative tracking.

Perhaps, you can track the uptick in branded search volume or improved brand recall.

This requires having a robust reporting process that accounts for the events you’ll be tracking – both online and offline.

3. Choose the right platform.

Marketing teams that use CMS or analytics software are already ahead of the game. Software like this is essential to optimizing a media mix because it can give you numbers that would otherwise take some time to figure out manually.

A brand can analyze its media mix with the use of platforms that collect engagement data in real-time and compile that data into tracking reports.

Look for a platform that can give a holistic view of results across the board, so results will maintain consistency. It’s also good to choose software that specializes in the marketing channels being used at the time.

Because optimizing is measuring a lot of different data at once, stick to as few systems as possible.

For businesses that are in the market for a CMS, HubSpot offers tools that are easy to use for brands of any size.

4. Analyze the data.

We’ve been talking a lot about the kind of data and analyzing that needs to be done in a media mix optimization, but another important factor is being able to interpret and understand that data.

It’s no secret that in the marketing world, there is an abundance of processes and acronyms floating around. While first getting into the groove of understanding them and what they mean can be intimidating, it’s important to know the data being collected and how to use it to your advantage.

For instance, if a marketing team had especially high click-to-open rates for weekly newsletters, that’s useful information to infer that the next campaign could benefit greatly from an email-marketing rollout. Alternatively, if a marketing team has no idea what a click-to-open rate is, those numbers aren’t going to be helpful — just a little confusing.

Reading data to understand its usefulness is just as important as collecting it.

5. Consider public perception.

Knowing how the public perceives your brand can help fill in some interpretation gaps during the modeling process. In the media mix model, think about how to fit in customer opinion. That way, the numbers will have some customer opinions to define them.

There are a couple of ways to do this.

To better understand your brand perception, monitor your brand mentions on social media. Take note of the positives, the negatives, and the questions. You can also create a survey to know how your customers feel about your company and its services and use a net promoter score.

An NPS asks customers how likely they are to recommend a business to a friend. Knowing this will aid in figuring out how a business fares among the competition in the market. It will also assist in future marketing endeavors.

For instance, if customers fill out your survey and ask for more personalized Instagram stories, your team could take that knowledge and include it in your next campaign.

This method ultimately gives the media mix optimization reigns to the customer.

Media mix optimization can help your marketing team figure out which distribution channels will best promote an upcoming campaign, and can ultimately help strengthen your marketing strategy as a whole.

Editor’s Note: This post was originally published in Feb. 2020 and has been updated for comprehensiveness.

Blog - Content Mapping Template





Source link

MARKETING

5 Project Management Essentials That You Need to Know

Published

on

5 Project Management Essentials That You Need to Know

Project management essentials represent step-by-step instructions on how to complete projects successfully, on time, and on budget. Poor project management will cost you more than just money. When deadlines and budgets are missed, it harms your reputation, self-assurance, and client trust irreparably.

Here we discuss the top 5 project management essentials for a successful project, how to implement them, and how they can benefit you and your whole team. Let’s dive in!

What Is Project Management?

Project management is the use of procedures, methods, techniques, abilities, knowledge, and experience to accomplish particular project goals in accordance with predetermined guidelines. Such management is determined in terms of budget and time.

When done correctly, project management makes every aspect of the business work more efficiently. Your team can concentrate on the important work without being distracted by unmanageable budgets or projects that grow out of hand.

Why do Companies Need a Project Manager?

If there are delivery delays, companies risk losing customers, which can harm the whole company. Project managers can help companies achieve their goals efficiently and on time by designing the project plan. As a result, the teams working on the project have a clear vision that is aligned with the company’s objectives.

Aside from creating the project plan, project managers are also in charge of project scope documents and costs in order to avoid distractions for the designated team. To avoid risks, they schedule tasks appropriately and report progress to leaders so risks can be addressed quickly and effectively.

What is Project Lifecycle?

The project lifecycle represents the stages involved in a project’s progress. It includes:

  • Initiation
  • Definition and planning
  • Execution
  • Performance
  • Closure

1. Project initiation

The first step is project initiation. In this phase, project managers determine the project’s objectives and overall scope. A project manager looks for and identifies vital stakeholders during this phase while defending the funding for the project.

Project initiation can include numerous sub-activities, such as identifying the scope, project stakeholders, and deliverables, drafting a statement of work, and determination of initial costs. All of these activities can easily be determined by using the technology for efficient project management.

2. Definition and planning

Once the initiation is done, we move to definition and planning. In this phase, managers create a project plan, which includes the project’s tasks, schedule, resources, and constraints. In this stage, project managers establish the project budget, identify potential risk, and prepare necessary mitigation strategies. Along the way, managers can use manager feedback tools in order to keep each other updated and notify one another of possible errors and risks.

3. Project Execution

The majority of the work on a project is done in this phase. Project managers make adjustments depending on unforeseen changes that arise throughout the project and ensure that designated tasks are done in line with the established timetable.

Say your social media marketing campaign is kicking off to promote your new event. During the execution of the campaign, you need to be able to track the progress across all platforms, analyze the results, and improve with each step.

4. Project performance

In this phase, project managers can use different project manager tools. Usually, they use specific Key Performance Indicators (KPIs) to monitor the progress of the project. They adjust the plan where necessary based on the ongoing results of this measurement.

Pro Tip: When you kick off a project to introduce your new product to the customers, iterations of your project development will include receiving feedback and ideas from the audience directly. Optimize this process by using tools such as a feature request tracker to navigate through information easily and prepare the next generation of your product.

5. The closure

A project is closed once the team has completed all tasks and the project owner has signed off on all deliverables. During the course of a project, project managers must prepare resources and budget utilization reports as well as lists of tasks that were not completed. Once the project is evaluated for performance, it is determined if the project’s goals were met.

Top 5 Project Management Essentials

Let’s identify the essentials for successful project management and what kind of tactics, tools, methods, and project management software you need to use!

#1 Collaboration tools

The project cannot be successful if there’s no successful collaboration. Thus the right collaboration tools are essential when working on projects. Collaboration tools make it much easier for people to stay in touch and communicate.

Rather than relying on email for communication, collaboration tools allow people to know the progress of tasks and deliverables in real-time. Integration tools help keep teams in sync by integrating disparate systems in a flexible and autonomous way. Such tools are especially important when there’s a need for staff augmentation due to the increased number of employees on one project.

#2 Gantt Chart

The Gantt Chart is the most popular project management tool. It organizes every little detail on your project. The tool’s charts let project managers properly allocate resources and time for milestones and deliverables.

It helps recognize limitations and, more importantly, adjust deliverables accordingly. Also, in a Gantt chart, links between tasks can be automatically adjusted if one task is delayed.

#3 Project baseline

The baseline represents the standard you set for your project against the actual performance of the project. The project baseline is a project management tool for scoping, costing, and scheduling projects. Your baseline enables you to monitor your ongoing improvement.

#4 Workflow software

At its essence, project management is all about ensuring that all the moving parts reach the right people at the appropriate times.Keeping things organized on an individual basis is essential, but it’s even more beneficial to have a workflow software that keeps things going smoothly and as effectively as possible.

Use one tool to assign, automate, track, and train. Some advantages include more accountability, improved consistency, fewer mistakes, less time spent looking for solutions, and quicker training.

#5 Project team activities

Team activities can bring a bit of fun, improve morale, and boost energy and productivity in a team member all at once. Furthermore, it can motivate team members to work together to find the best possible solutions by encouraging creativity and highlighting their talents. Such activities are great for bonding together and stepping out from all those project tasks to gain motivation and inspiration.

In Conclusion

Project management is ubiquitous in almost all organizations and companies. But in order to complete a successful project, each business will need project management essentials.

Using such tools will clearly define goals and project management processes. Thus, organizations that use project management tools are more likely to achieve their objectives and hit their sales targets.

Source link

Continue Reading

DON'T MISS ANY IMPORTANT NEWS!
Subscribe To our Newsletter
We promise not to spam you. Unsubscribe at any time.
Invalid email address

Trending

en_USEnglish