Volume 7 No. 4: How to balance your marketing mix
Things that are best when balanced:
- Your checkbook
- Riding a unicycle
- Your brand’s marketing mix
What does a balanced marketing mix look like?
Each week, we break down another marketing trend so you can skip having a breakdown.
The perfect marketing mix has always been an elusive goal for marketers. Part of the struggle is that the ideal formula is different for each business. And that formula changes over time as the business and marketing channels evolve.
Now there are more options to choose from than ever. Radio. Direct mail. OOH. TV. Social media. SEO. Paid search. And of course, email newsletters.
All this complexity is why we advocate for balance.
- Don’t over-rely on one channel. 92% of marketers use more than one channel and 81% use more than three. But that doesn’t mean they’re still not asking too much of one channel—whether that’s paid search or catalogs.
- Think across the entire customer journey. Include channels that work together to connect with consumers across all stages of the customer journey. This can mean leveraging a full-funnel channel like TV—which can both raise awareness and drive sales activation.
- Pair complementary channels. Despite being incredibly different, TV and digital support each other’s performance. Adding TV to your mix can increase web visits by as much as 127%.
Key Takeaway: A perfectly balanced mix looks different for everyone, but a few key principles stay true. Test and learn your way to what’s right for your brand while dedicating resources to continual improvement.
The Growth Lab
Question: How do you approach a major business decision?
We ask an experienced group of business leaders, marketers and statisticians about strategies for success.
Answer: "First, determine if there is a relevant decision-making framework. If not, break the decision into smaller components to simplify the decision-making process. Next, engage colleagues with expertise on the topic to provide a broad set of perspectives. Finally, combine their information with your own research to develop a recommendation. And always continue to seek advice until the decision is final."
— Brent Longval, CFO
Brent combines strategic vision with a contagious attitude to guide the agency’s growth. He attributes his strategy skills to a highly successful college basketball career.
Watch: Thinking Fast vs. Thinking Slow
Here we celebrate books, podcasts, videos, and influencers that are actively pushing marketing into the future.
Check out Inc Magazine’s interview with Daniel Kahneman on his iconic book Thinking, Fast and Slow. Kahneman explains the two systems of thought he covers in the book—”System 1” is uncontrolled, automatic, and immediate while “System 2” takes effort and deliberation. Differentiating between the two systems is key to avoiding decision-making mistakes.
Our favorite insight? Trusting your gut isn’t always the best option. Taking a moment to deliberate can help you identify situations where System 1 decision-making may mislead you.
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