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The Marketing Mix

The Marketing Mix

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Published by Miki Devic
Interactive Advertising and the Optimal Marketing Mix helps marketers make better decisions on investing advertising dollars. The ground-breaking study, developed by MarketShare Partners, analyzes three brand scenarios in three different verticals—consumer packaged goods, financial services and automotive. Each example illustrates a distinct opportunity for optimizing marketing spend, specifically in the area of interactive media.
Interactive Advertising and the Optimal Marketing Mix helps marketers make better decisions on investing advertising dollars. The ground-breaking study, developed by MarketShare Partners, analyzes three brand scenarios in three different verticals—consumer packaged goods, financial services and automotive. Each example illustrates a distinct opportunity for optimizing marketing spend, specifically in the area of interactive media.

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Published by: Miki Devic on Aug 02, 2010
Copyright:Attribution Non-commercial

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11/16/2010

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Interactive Advertising andthe Optimal Marketing Mix
MarketShare Partners in collaboration with the IAB
 
pg.1
I. Introduction
Marketing decision making has become substantially more complex over the years. Compared to 20 years ago,there are now many more marketing vehicles available to deliver messages, but at the same time consumers’attention is being split between even more sources o inormation and entertainment as well. Gone are the dayswhen a marketer could ocus on a ew big “buckets” such as TV, print and radio and eel condent that they werereaching their consumers. Gone too are established metrics to assess how well they accomplished this goal. Today’s marketing executives have to contend with distracted audiences, disruptive technology, more mediavehicles and increasingly complicated metrics. In addition to traditional vehicles, relatively new marketingvehicles such as online display, paid search, mobile, and social media are available and growing rapidly. In act,expenditures on interactive advertising surpassed radio in 2009, and are projected to pass magazines in 2010,and newspapers in 2011.
1
While many marketers realize that there is more competition or consumers’ attention, they are unsureabout how to best allocate their marketing dollars to gain this attention. As illustrated in the ollowingchart, consumers have become increasingly ocused on the internet as a source o both inormation andentertainment, at times consuming this medium alongside other media, and other times at the expense o timespent with other vehicles.
1. “
Thriving in Any Environment Customer Experience as the Next Frontier o Competitive Advantage
,” Jerey F. Rayport, MarketSpace LLC, YPO WPO Global LeadershipSummit, Barcelona, Spain, February 26, 2010.
Time Spent by Media
Media Time
Source: Forrester Research: North America Technographics media survey 2009 - base US adults, eMarketer, MSP analysis
 
pg.2 With the popularity and growth o the internet, consumers have become empowered with more inormation.And with social media sites, they have gained the ability to easily share their thoughts with others. Additionally,advancements in technology such as DVR have given consumers more control over their media consumptionand, in some instances, the ability to block or skip over ad messages targeted to them. To be successul,marketers must nd a way to make the best use o their marketing dollars, which means understanding how tobest allocate their budgets across the multiple vehicles available to them. This is made more complicated bythe act that there are not clearly established metrics or measuring the impact o certain vehicles, such as socialmedia, on sales. Historically, advertising metrics have ocused on GRPs or number o impressions in the targetpopulation. Yet, not every minute o consumer time spent on media vehicles or every second o their exposure toadvertisements leads to sales. Marketers and industry analysts should increase their ocus on how dollars spenton advertising lead to revenue dollars.While many o the internet’s benets are oten measured dierently thantraditional media, these benets are still concrete. Instead o having tocommunicate with a broad audience, the internet creates the opportunityto reach smaller, more targeted audiences, whether demographically orgeographically. The popularity o social media sites has increased the speed atwhich word o mouth can spread, which can be both a blessing and a curse. The medium oers several dierent ormats that provide a more interactive,engaging dialogue with consumers than those available via traditional vehicles.Now, with 16 years o experience with internet marketing and sizeable investments in advertising, industrystakeholders are seeking proper attribution and optimization o both oine and online marketing spend.Especially in the current economic market environment with more accountability, CMOs want a better measureo the return on their marketing investment. Does advertising impact sales? I yes, how much should be spenton TV? What about online display? Do I still need print ads? There is a need to identiy the best ways to combat competitive marketing eorts through more eective andecient marketing, which includes matching the marketing vehicles selected to the type o products andconsumer segments targeted. Optimizing allocation across regions, consumer segments and available mediavehicles is imperative, thereore, understanding the impact each medium has on revenue is key.While most marketers and industry analysts agree that the need or attribution across the dierent media isimportant, with the growth o new venues such as the internet and the growing popularity o sponsorships,analysis o advertising’s impact on revenue and prot has become more complicated. There has yet to beestablished a standard metric or measuring the return on interactive advertising, sponsorships or social mediamarketing. Further complicating the issue o attribution is the cross eect o the various media. For example, individuals see TV commercials, which then prompt them to research the product online, wheresearch or display ads may grab their attention with more inormation. This activity oten results in a purchaseonline or in store. How do you measure the eect o the TV commercial versus the search ad? How do you knowi customers purchase something in a store because they saw a search ad online? And then there is also the issueo quantiying the eect o elements beyond the marketer’s control, such as the economy.
Industrystakeholders seekproper attributionand optimizationof both offline andonline marketing

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