Changing your perception from marketing budgets to marketing investments.
For decades, traditional media marketing has been a major driving force and a titan in outbound marketing. It has provided us with tangible, physical material that just somehow speaks more than discredited pop-up ads. From direct mail and business cards to brochures and billboards, conventional media types have adapted and come a long way, even in the digital age.
For instance, billboards have evolved into giant LED screens, flyers are still being distributed but on a more selective scale, and posters are still mounted in geographical areas.
The traditional media industry still proves to be very significant as nearly every company still bases their advertising media mix via conventional methods. However, the reoccurring issue since the technological boom which is now becoming a growing problem is competing their relevance with digital marketing.
Traditional marketing ROI (ROMI) is facing an uphill battle with measuring big data and optimization which leads to lack of frequency and subsequent estimations. Digital ROMI does not entirely share the same challenges because the collected big data can be quantifiable in real-time for more accurate reports.
It would seem that the only choice would be to just replace your marketing strategy with the seemingly trendy digital approach and fixate your budget entirely on online campaigns. But, would it be easier? Would it be profitable? No, it wouldn’t.
The success of a marketing campaign is measured by the reliability, speed, and overall impact of how data analytics tools create tangible results. It is for this reason that digital marketing has been budgeted more. But what if there were advanced digital analytics tools that played the best of both worlds?
Here are some benefits that your company would have if you incorporated advanced digital analytics tool your traditional marketing mix.
It is established that traditional marketing has been a forefront in the advertising game and that the only reason why there are budget cuts is because more companies are investing their money into digital methods. It just seems that if you want to continue to use print ads and billboards, then you need to adapt.
-> Instead of using simple inhouse analytics, integrating more advanced digital analytic tools would benefit your aspirations for productiveness tenfold.
To adopt digital analytics tools would mean that there would be vertical silos breaking down on some level, adding more communication between marketing, sales, and even purchasing. Along with understanding which media types need more attention and applying suitable budgets, departments can pinpoint their target audience more effectively, whether it is through online or offline media.
Much like the trending stars and cash cows who use advanced analytics and machine learning, the learning curve is adopting both methodologies to full optimization in order to properly allocate your day-to-day operations.
Your updates will be more frequent and your reporting more accurate – changing your perception from marketing budgets to marketing investments.