Experts decode the new market realities driving media mix strategies today
With the rapidly changing digital landscape, it is becoming increasingly important for marketers to re-evaluate their media mix and make adjustments to ensure they reach their target audience most effectively and efficiently as possible.
According to reports, 84% of media planners leverage a mix of organic and paid media. Marketers may consider rejuggling the media mix to reach target audiences more effectively, optimise return on investment, and stay ahead of changes in consumer behaviour and technological advancements. This could involve increasing investment in digital channels, such as social media and mobile, while reducing or eliminating traditional media, such as print and television.
In consideration of today’s scenario, Adgully hosted its premier Twitter chat property, Gully Chat, on the topic ‘Re-juggling the media mix - New considerations for marketers’ on January 20, 2023. A panel of leading industry experts took part on the discussions:
Abhishek Mehta, Digital Marketer Lead - FMCG, Jubliant Foods
Anjali Malthankar, National Strategy Head, Tonic Worldwide
Shrenik Gandhi, Co-Founder, White Rivers Media
Tanya Menon, Team Lead, PR & Corp Comm, Gamezop
Vani Gupta Dandia, Independent Business Consultant, CherryPeachPlum Growth Partners
With businesses having to pivot their marketing strategies in the post-pandemic period, how are brands’ media mix strategies evolving?
Commencing the conversation, Shrenik Gandhi noted, “The pandemic was a key catalyst for the growth of technology. The era of experiential shopping is here, and brands are finding new ways to provide immersive experiences to their customers. Being on top of the MarTech solutions and leveraging Web 3.0 experiences can work wonders.”
He further added, “Since the pandemic, time spent watching videos has been at an all-time high. Leveraging this opportunity, Connected TV and OTT advertising is booming. Short-form videos have also become an effective tool for businesses to participate in strategic social media outreach!”
Anjali Malthankar remarked, “From Cookieless future-proofing to prepping for a recession and a lingering Covid scare here and there – marketers have a lot to be cognizant of. The evolving strategies include flexibility, caution, and experimentation. Brands have multiple challenges while picking their media mixes today.”
Abhishek Mehta felt that post-pandemic, it is imperative to have a strong digital brand experience. “Build/Invest in your digital assets and collect, and analyse the customer data you need to tell the right story, personalise experiences and drive action,” was his advice to marketers. Tanya Menon added here, “India will have 700 million gamers by 2025. So, marketing dollars will chase casual gamers as almost every digitally-connected person is a gamer. Advertisers with all kinds of goals and budgets can buy gaming inventory to meet the objective of their campaign – whether branding or performance marketing.”
How can brands maximise a full-funnel media strategy?
According to Abhishek Mehta, “Awareness, Consideration, and Conversion are great, but the Retention of customers is most important now. They drive repeat purchases, word of mouth, and act as brand advocates.”
Adding further, he said, “Use video ads to generate awareness – one-third of all online activity spent watching the video, but videos also generate higher engagement, with prospects 27 times more likely to click a video ad than a banner ad.”
Tanya Menon noted, “By tapping into the most diverse group on the Internet vis-à-vis casual gamers, brands and advertisers see casual gaming as a more viable option to reach out to a wider audience.”
Anjali Malthanker’s advice was to identify and reach shoppers who are most likely to purchase with hyper contextual creative with a strong CTA.
According to Shrenik Gandhi, “The new marketing funnel is no longer a linear, cone-shaped model. With increased access to information, changing human behavior and competition, it has transformed into an omnichannel experience that’s unique for each customer. Brands must ensure to add value to customers’ lives.”
Follow the entire discussion below: