“Media? What media? In this wonderful Web 2.0 era, I can get all the exposure I want in the social networks, for free!”
Yeah, and if that’s what you think, good luck. Here’s the door. Don’t let it hit ya where the dog shoulda bit ya, and all that. Come back when reality sets in. Because, like it or not, even in this Web 2.0/social/mobile era, media is a critical part of your marketing.
“You mean, like television and newspapers and outdoor and stuff?” you scream.
Yes and no. We also mean AdWords, and site sponsorships, and banners, and social media advertising, and magazines, and radio, and online video ads, and a whole lot more. The media landscape is vast–much larger than it has been in the past. And, believe it or not, even the most “antiquated” media have their place. The problem is finding their place. It seems that many clients come to us with one of two misconceptions:
1. I can do everything cheap/free online with social and SEO.
2. I have to go TV for broadest exposure, but I have to do it on the cheap.
Um. No.
Cheap and free are a non-starter for any product. There are marketing tactics that have no media spend, yes: social and SEO. However, management of both of those types of programs either requires an in-house team, or an agency. Both cost money. You’re just not spending it on media.
And, cheap TV is an oxymoron. If you’re talking a national campaign, you’re talking a whole helluva lot of money. Period. No excuses. Sure, you can piece together remnant space through online buys, or hit a locality with a more targeted campaign for semi-reasonable amounts, but the reality is simple: TV isn’t cheap.
So what do you do? As before in this series, it depends entirely on the product or service you’re trying to sell, how you sell it, and how you stack up to the competition (take a look at #1 and #2 to see what we’re talking about.)
An Example: High-End iPod Dock
For this exercise, let’s use the hypothetical $500 high-end iPod dock we’ve been talking about in the previous posts. Let’s also assume that we’re selling it primarily online and direct, through the company’s own ecommerce site.
This means:
1. Since this is a niche product, you should be looking at targeted media, rather than mass media. Yes, we know Bose does commercials. Bose is also a multibillion dollar company with significant distribution. They want people to be aware of them when they go in the store. You want them to come and buy your stuff now.
2. The name of the game here is keeping the cost per sale much less than the profit on the sale. If you’re making $250 on a sale, you’d be thrilled with a $50 cost per sale.
3. You also need to choose media to maximize the total number of sales. If your media is only driving a single sale a month, it doesn’t matter if the cost per sale is $1 or $150.
Media we’d consider:
1. PR/Reviews. Yes, we’ll recommend you take money away from us, because we don’t do PR. But good reviews and press on sites like Gizmodo, Engadget, CNet, Stereophile, and more are going to be the most effective way to get sales. And you can track referrals from their site through to sale and calculate ROI based on your PR spend.
2. Google AdWords. This is the easiest media to measure and optimize, and can be extremely effective. It allows us to target people searching for iPod docks, as well as a broad palette of specific sites where audiophiles congregate. And it provides direct cost per sale metrics when coupled with Google Analytics.
3. Site Sponsorships. There are fan sites devoted to everything from $5000 headphones to iPod docks. We’d sponsor some of the most likely candidates and again measure cost per sale.
4. Direct Email. Yes, we said it. Those same sites sometimes have email and newsletters, which is an effective way to get sales.
Media we’d avoid:
1. Broadcast. This isn’t a broad play, and our iPod dock manufacturer probably doesn’t have 7-8 figures to invest in an ongoing campaign. It’s also difficult to measure.
2. Print. Although there are some targeted opportunities in the magazine space here, they’re shrinking—losing to the likes of Engadget and Gizmodo. They’re pricey, hard to measure, and hit the trailing edge adopters.
3. Billboards. This isn’t a local play, and this iPod dock manufacturer isn’t Apple, able to do a significant buy in most major metros.
4. Social. Unless this is a worldchanging iPod dock, one that runs for a year on a day’s worth of solar charging, or is able to end world hunger, we’d stay away from social. Is Apple on Facebook? No. There you go.
Now, if this was a different product, or if it was sold in stores, or if the ad budget was larger, all of this might change. So how do you go about choosing the right media for any product?
How to Choose the Right Media
First, know your goal. Are you looking to get someone to buy immediately online, or are you looking for broader awareness to influence purchasers in stores? Is this an impulse buy, or a long-term commitment? This will affect the media significantly.
1. Define a Goal. First, know your goal. Are you looking to get someone to buy immediately online, or are you looking for broader awareness to influence purchasers in stores? Is this an impulse buy, or a long-term commitment? This is the most important part of your marketing.
2. Determine Your Breadth. Based on the goal, are you looking at rifle-targeting a niche audience, or do you need the broadest awareness amongst the largest number of people? Highly targeted campaigns are typically online and direct. Broad campaigns are usually broadcast, print, and social.
3. Set a Budget. Based on the goal and breadth, what’s a logical budget? How does that compare with what you can afford? You may have to scale back plans. But remember—the first question an agency will ask is, “What’s your media budget?”
4. Choose and Deploy. Choose your media and deploy the campaign, making sure to maximize measurability of all tactics.
5. Monitor and Optimize. You—or your agency—should be employing 24/7 software optimization, weekly human review, and monthly reporting. And they should be ruthless about eliminating underperforming tactics, venues, and keywords. It may be really cool to see your banner at the top of CNet, or have your iPod dock show up first whenever anyone is searching for “ipod,” but if the cost per sale is too high, they have to be eliminated—and new tactics rolled in.
And—believe me—I wish there was an easier way to do it. It would be great if you could get all the exposure you wanted for free. But we simply aren’t there yet, and it’s likely we’ll never be.