For all of you who are still hooked on inserts, or think every media dollar now belongs in digital, or still think spot radio is the be-all and end-all, or live and die by broadcast TV, you’re all missing the point. The only correct media strategy is a diversified media strategy.
Why? Ask yourself this question… is your communications mix covering the channels and apertures necessary to manage risk and maximize ROMI? If the answer is no, then it’s time to start thinking not like a planner, but more like a financial advisor.
Developing successful media mixes is akin to practice and products of an investment portfolio. And just like the best portfolios are diversified to manage risk and maximize rewards, so must your media plan.
- Exhibit A
60% of all Americans watching TV are simultaneously surfing the web. So if you’re solely relying on TV, your target maybe focusing on screen #2.
- Exhibit B
150M Americans with smart phones by 2012 means QR codes as media, social apps as media, and SMS as media all become the most effective out of home tools. But when you’re in the subway and out of cell range, those transit posters become just as relevant as ever.
- Exhibit C
Newspapers may be on their last legs, yet coupons (40.6%) and newspaper circulars (38.2%) remain go-to media for Black Friday shoppers.
Bottom line: The skilled media team applies deep research tools to identify opportunities knowing that the best way to manage risk in our business remains understanding the value equation of each media channel and distribution segment in providing either reach and/or frequency.
There is no single absolute approach, in media planning as in financial planning. But similarly, we are guided by time, dollar investment, and ROMI calculations.
They call me the surgeon, sometimes the genie. But the truth is I’m part Jim Cramer, part Warren Buffett, and part Gordon Gecko because when it comes to getting my clients’ pound of flesh, I’m greedy as hell.
Diversification… that’s the key: Balancing stainless steel traditional media fundamentals while deploying strategies into alternative applications to reach consumers who are continuously evolving. And then putting the kind of rigorous testing and business analytics in place to test, measure, tweak and transform. And so we are relentless in seeking approaches and learnings that produce the best ROMI across our entire client base.
So ask yourself… “Am I diversified?” And if the answer is “no” or “not enough,” don’t call Madison Avenue. Call Wall Street South, i.e. Commercial Boulevard where the most ROMI savvy media team knows how to maximize an investment.
It’s your money. Diversify and get greedy.