For decades the Marketing Mix template boiled down to the 4P’s (Product, Price, Promotion, Place), it was integral to how most businesses do marketing. But things have changed. And boy, did they change fast.
Perhaps, the most drastic transformation in today’s marketing is how we consume content. We have come to see the world through multiple platforms. We have become experts at switching from one medium to the other, binge-consuming all forms of content simultaneously. which has revealed a gaping hole in the marketing mix, as we know it.
The 4P’s do not tackle the role the media plays in marketing. To address this gap, Altimeter has created a complementary framework. This marketing (re)mix focuses on the nature of today’s media and how its converging nature impacts marketing strategies across the board.
Source: Altimeter’s The Converged Media Imperative
Altimeter identified three kinds of media: paid (brand reach), owned (customer engagement), and earned (word of mouth marketing). While each has their specific role in marketing, recent trends show that these three are converging into one media real estate. Simply put, isolated media strategies do not work anymore. Paid, owned, and earned media can no longer stand alone and deliver optimized results. As these forms of media converge, an integration of efforts will be critical to the success of any campaign. To truly be effective, brands must align strategy and content designed for the converged media.
I know you have two questions in mind: What does that mean? And How do you make it happen?
Source: Altimeter Group
A holistic strategy requires that brands create compelling content via owned media platforms, amplified by paid efforts, and strategically distributed in channels where target audience can be reached. The formula provided by Altimeter can be a good starting point:
- Strategize: First, identify our paid media, your, owned media, and your earned media. Then determine their convergence point. Where do they intersect? Or do they intersect at all? If there is a convergent point, assess if it has been effective. If there is none, think of how they can be integrated into a holistic campaign. Different companies will have different convergence points depending on their goals and their resources. What is important is that we find a formula that works for us.
- Organize: Regardless of specific business objectives, marketing campaigns must ensure that customers are engaged all the time. That is why strategy must include how to achieve earned media at scale through paid efforts and content within the owned media platforms. And with the rise of the converged media, alignment has never been more necessary. It is critical that everyone involved in the campaign are on the same page. For a bigger company, different departments and vendors must be synchronized regarding efforts. For a smaller company, the strategy must be clear so that the assigned team for marketing know how to navigate across the three platforms.
- Produce: At the end of the day, media is still a platform that delivers content. For marketing campaigns to be successful, content must appeal to the target market and compel them to act. Content across the different media channels must also be aligned and complementary. Much like the convergence of the various media into one, content must also be holistic and consistent in approach. At the same time, content must be flexible that it can connect with the audience regardless of what channel the audience consumes it.
- Analyze: As marketers, we must always monitor our campaign. How has it impacted the bottom line? How is it contributing to the business goals? But more than the graphs and charts, it is also critical to know what the audience thinks across the different platforms. This is where social listening comes in handy. We have to be attuned to the actions and reactions of our target audience. This way, we can adjust accordingly.
The new marketing mix is an essential blueprint in this new marketing age. It allows us to integrate content, strategy, and efforts to ensure that the entire campaign is both effective and efficient. More importantly, this new approach enables us to create a holistic campaign that attracts, converts and develops clients.
Rica harnesses her love of writing to create unique and engaging content. She can reach any audience through any form of media, and she I’ll give your brand the voice you’ve been looking for.