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:
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.