3 Tips to Grow Your Business Through Media Investment Planning
A brand’s ability to achieve sustainable growth is a far more sophisticated endeavor today than ever before. This comes as no surprise, given the velocity of change in consumer preferences and behaviors, the persistent emergence of new competition, and the technology innovations that enable new levels of connectivity amongst consumers. Brands are challenged to build infrastructures to keep up with this pace of change, while simultaneously growing their customer base.
The increased opportunities to deliver quality media experiences should pave the way for consumer interaction and growth, however the media planning that enables those interactions is more complex. Doing media well is no longer as simple as putting money into an integrated mix and hoping it performs. It even goes beyond, “being everywhere your customers are.” At the end of the day, a successful media strategy requires having a relationship with the consumer at each touch point. A brand must craft a thoughtful balance between where new Audiences are trending, and where the most opportunity lies for that brand.
The same can all be said when thinking about shifting media dollars, both within existing channels and audiences, and into new channels where future audiences can be captured. Take a look at some of our strategic tips for moving media dollars, that focus on maximizing your investment, elevating your brand positioning, and enabling consumers to interact with you in the channels they’re most engaged.
Break Down Your Audience Opportunity: Look beyond your own CRM
Almost everyone feels comfortable in the channels and with the audiences that they know. Creating sustained loyalty from the customers you have on file is an incredibly important business driver. If you have not already mastered that, do that. However, if you already have a focused retention plan, looking beyond your own CRM file is often over-looked. Doing this allows you to identify new audiences you may not have considered before, and is key to driving growth. For instance, maybe your product may not be built for Millennials, but a niche group likely finds your brand and products very relevant. In this scenario, you may consider investigating where Millennials show increased engagement, and where you can introduce your brand to them in a relevant, meaningful way.
Once you have a more complete understanding of the market potential for your product (s), you can begin to adjust your media spend accordingly to capture new customers – but, in doing so, remember to be prepared with a retention strategy or loyalty program that fits into your new audience’s needs to maintain them.
Experiment with New Audiences and Channels: Earn effectiveness through proper preparation
It can be easy to get distracted by all the potential and shiny newness in media platforms. If we continue with Millennial angle, it might be your inclination to invest in Connected TV. Why not invest where the cord-cutters are, particularly as the opportunity and growth in CTV grows more compelling by the day? But, before you shift money into a channel just because you believe an audience to be there, you should learn the channel, its nuances, and how and why people engage there. If necessary, find a partner who is an expert to evaluate the channel opportunity for your specific category. Work into an understanding of how to execute effectively and efficiently to maintain your base, while establishing growth. If you have a beautiful catalog that has worked well for a specific demographic, you should focus on finding a way to maintain that with efficiency. With that, you can also exist in other channels and create connections with new audiences in an equally brand-safe manner.
Jumping into a new channel without setting expectations and proper plans is dangerous. This can lead to disappointment and inappropriate future investment and in turn, to declining sales due to failure to reach new customers.
Evolve Your Brand Positioning with Audiences: Be a brand that’s forward thinking
Taking a fresh analysis of your media strategy also gives you the opportunity to consider what competitive sets you’ve been focused on, and how your brand is perceived in the market. Be the brand that’s forward thinking and more interesting to potential customers by looking outside of your immediate competition. Beyond those directly in your market, what are some other aspirational brands that are connecting to that new customer? What types of messaging do they use across channels that seems to resonate, and what experiences do they create that gets people talking? It’s important to be aware of competitor trends and patterns so that you can plan effectively and stay ahead, but also important to be a leader in your own right.
Your channel strategy can say more about your brand than you think, and it might not always be positive. If you’re investing heavily in a singular channel, like catalog, you might inadvertently create walls to younger demographics. Vice versa, if you are only present in Snap and Instagram, you may miss out on high spending older consumers. When you diversify for the market, you gain the opportunity to be perceived uniquely at each touchpoint.