If you are in the marketing biz, I’m sure you’ve heard a thing or two, or twenty about marketing through multiple channels.
You know, using a variety of methods to reach your target market. But why is it so important?
Well, for one, it ensures that you’re not putting all your eggs in one basket. You never know when a certain channel might suddenly become less effective – maybe the competition launches a new ad campaign that outperforms yours, or a social media platform you rely on becomes saturated with ads and people start tuning them out.
By using multiple channels, you can hedge your bets and make sure that even if one channel falls short, you’ve still got others to fall back on. Plus, it allows you to target different parts of your audience with different messages.
Almost every modern company out there has been using channel marketing as their reliable marketing strategy, but just because it’s popular doesn’t mean it’s easy to implement.
In this article, we will cover the must-knows about channel mix marketing and how it will take your business performance from ordinary to extraordinary.
What is Channel Marketing?
Channel marketing is a form of marketing that uses a variety of marketing channels to reach consumers. These channels can include TV, radio, the internet, billboards, and more.
By using a mix of different channels, brands can reach more consumers and better target their advertising. Which will not only increase brand awareness, but also sales.
This type of marketing is often used by large businesses with a lot of money to spend on advertising. However, small businesses can also benefit from channel marketing by using less expensive channels like the internet to reach more customers.
Want to learn how you can develop and optimize your channel mix marketing?
At Business Marketing Engine, we can help you market your brand with a curated customized multichannel marketing strategy that is specifically catered to your business.
What is Channel Mix in Digital Marketing?
Channel mix marketing is the combination of different marketing channels on the internet that you use to reach your customers. It’s important to have a channel mix because no one channel can reach all of your customers. You need to use a variety of channels to reach them all.
Think of it as a mixtape (or playlist for the young folk) of all your customers’ favorite songs. Except your mixtape is your channel mix and your customers’ favorite songs are their favorite channels.
Your channel mix marketing will be based on your business goals and the customers you want to reach. You’ll also need to consider your budget and what channels are available to you.
Some common channels include:
- Paid search.
- Social media.
- Email marketing.
- Traditional advertising.
- Public relations.
- Affiliate marketing.
- Content marketing.
Each channel has its own strengths and weaknesses, so you’ll need to find the right mix for your business.
Why Optimize Your Channel Mix?
You may already believe your channel mix marketing is fine the way it is, but without optimizing it regularly, you are putting your business at risk of becoming overshadowed by the competition.
The truth is, optimizing your channel mix marketing can offer a broad range of benefits for your business. A well-executed multichannel strategy can help you improve customer engagement, boost sales and streamline operations.
When it comes to creating a multichannel approach, it’s important to consider the needs and wants of your customers. Customers today expect businesses to provide a seamless experience regardless of how they choose to interact with them.
For example, if a customer visits your website, they may expect to be able to purchase items directly from the site. If they can’t, they may end up going elsewhere. This is where a multichannel strategy comes in handy. By offering multiple ways for customers to interact with your business, you make it easier for them to buy from you.
By understanding how your customers like to communicate and interact with your brand, you can create a multichannel strategy that both meets and exceeds their expectations.
Well-optimized channel mix marketing can also help you improve your bottom line. When all of your channels are working together cohesively, you’ll see an increase in sales and a more streamlined operation.
So What’s the Ideal Channel Mix?
Optimizing the marketing mix across all channels has been the biggest challenge marketers are facing today.
Millward Brown Digital (MBD) indeed has recently completed a study that shows 50 percent of marketers don’t feel confident in their company’s media mix between digital and traditional.
And for good reason. With the rapid changes in technology, and the various platforms now available to promote your business, it can be difficult to know where to allocate your marketing budget for the best results.
Sure, every business’ channel mix marketing depends on the industry it resides in as well as the products or services they sell.
However, MBD has done the research and assembled an ideal channel mix that every entrepreneur and marketer should follow if they desire the most lucrative results.
This mix is based on the average time and effort that each respondent spent on each marketing channel.
- Traditional advertising — 16 percent.
Surprisingly, the top channel was traditional advertising. This is believed to be the top choice because this is where businesses are putting the most of their budget.
Traditional advertising also tends to be the main influence that drives adults to purchase and is a great way to reach a large audience quickly.
- Websites and search — 13 percent.
Websites and search tie as the second-largest channels in the ideal marketing mix.
This takes up a lot of priority for marketers because, through website content and SEO, we can precisely target our customers, measure results and make optimizations quickly.
- Social media — 12 percent.
Next is social media marketing. This channel is at the top of our list because it is where customers are spending most of their time.
In fact, according to research from the Pew Research Center, 72 percent of Americans use social media channels like Facebook, Instagram and Twitter.
- Online advertising and content marketing — 11 percent.
Although less effective than traditional advertising, online advertising is still a major marketing channel. It is particularly useful for reaching consumers who are already interested in the product or service being advertised.
Content marketing is also becoming an increasingly utilized marketing channel. Content that is relevant to potential customers can help to attract and retain customers. Good content can also help to improve a company’s search engine ranking.
- Mobile apps and ads — eight percent.
Mobile apps and ads are two of the most modern marketing channels used today, and they generate results for many marketers.
The main allure mobile apps have is their convenience. People can download an app and have instant access to it no matter where they are. And since people are spending more and more time on their phones, businesses are taking advantage of this by creating more and more mobile apps.
Mobile ads are becoming popular for the same reason. They can be targeted to specific demographics, such as mobile gamers or people who live in a certain area. Plus, they’re less intrusive than ads on other platforms.
- Email — seven percent.
Email is far from dying out. It is still a marketing favorite, and for good reason – it works.
It might seem like everyone is on social media these days, but email is still a top channel for reaching customers. In fact, email has an open rate of over 20 percent, which is much higher than any social media channel.
Email also has a high ROI. For every $1 spent on email marketing, the average company sees a return of $44. That’s because email is extremely targeted — you can segment your lists by demographics, interests, and even past behaviors.
- Direct Mail — five percent.
Although direct mail may seem like something from the past, it is still one of the most beneficial marketing channels out there.
There are a few reasons why direct mail is still being utilized by marketers today. First, the tangible aspect of direct mail cannot be ignored. Recipients can touch, feel, and even smell the mail they receive, which is a stark contrast to digital communications.
Additionally, response rates for direct mail are still high compared to other channels and it is great for targeting specific demographics. This builds a sense of loyalty among customers that is hard to replicate with other channels.
- Events and Conferences — four percent.
The last marketing channel on our list is events and conferences. This channel is often overlooked, but it can be a powerful way to reach your target audience.
Events and conferences are a great way to build relationships with your target market. You can meet potential customers face-to-face and learn more about their needs and preferences. This information can help you create better products and services that meet your customers’ needs.
As you can see, multichannel campaigning is no easy feat. It takes a lot of hard work and an experienced marketing team to make it work well.
With the right strategy in place, your business can successfully navigate through the complex world of channel mix marketing.
Are you looking for help developing a successful marketing plan? Then contact Business Marketing Engine today.
We have years of experience crafting winning strategies for businesses just like yours and would be happy to put our expertise to work for you.