Are the channel wars over?
Research has shown, time and time again, that campaigns running across multiple channels far outperform those that do not. In fact, the rate of return exponentially increases with the number of channels adopted.
Profitability by channel, is as follows:
TV (29% catalytic effect)
E F F E C T I V E M A R K E T I N G D O E S N O T W O R K I N S I L O S
Multi-channel campaigns have shown to increase profitability by 250%, but of course, for early-stage businesses or tech startups, running an omnichannel campaign that includes television and outdoor ads is not always feasible - so how can you optimise your campaign?
Prioritise earned and owned media with paid to boost
- Earned media can include things like UGC (User-Generated Content), reviews, mentions, press coverage, and reviews.
- Owned media is everything on your own channels, such as social media accounts and email.
- Paid can include performance marketing like PPC (Pay Per Click - also known simply as Google Ads) and paid social, as well as other paid media like press ads or influencer sponsorships.
Network and negotiate
- Build a partner list to reach out to for collaborations. By working with partners in a complementary and non-competing space to you, who are at a similar size with the same ambitions, you can double your efforts for half the cost.
- Always negotiate, especially if you're getting a package or a bundle deal.
Mind the budget gap
- Ensure creativity does not get compromised in the creative:media split. Yes, you do want your campaign to go across a few channels, and, yes, you do want to achieve optimum reach, but not at the price of sub-par creativity or weak messaging.
Whilst marketing gurus like Mark Ritson may advocate for TV advertising and big-budget campaigns, the reality is social media offers smaller businesses a platform to build and engage their audience.
Just don't put all your eggs in one basket.
Feeling a bit lost on your marketing acronyms? Check out our definitive glossary here.