We’ve already flipped the marketing funnel. It’s about time we shake up the marketing media mix. Below, we’ll go over the five traditional elements and where they’re headed in this digital era. Then we’ll go over the newest element of the marketing media mix and how much marketers are pushing for its inclusion in their strategy. Here’s what’s on the track for this super hot new remix:
TV has been king of the marketing mix long before we thought of the pound sign as a hashtag and has remained king long after the dot com boom, but its reign is coming to an end. Digital advertising will overtake TV in 2016 and hit $103 billion in 2019 to represent 36% of all ad spending, according to Forrester’s latest estimates based on its ForecastView model. 24% of marketers are planning on cutting back on TV budgets.
The digital revolution is in full swing and it only makes sense that the marketing mix follows the time. Digital won’t usurp TV because marketers will spend necessarily less on TV, but marketers will spend more on digital. The larger contributing factor for digital’s upcoming dominance is new marketing money dedicated to digital. 71% of marketers are expecting to increase their online video budgets.
Though there is a strong trend of pushing marketing dollars towards digital marketing and social media, print will remain a key player in the marketing mix as it is tangible, avoids spam folders, and outlives any tweet or post on your audience’s newsfeed. Print isn’t seen as just advertising, but also as an extension of a brand. Print isn’t dead, but 39% of marketers are planning on cutting back on print in newspapers and 36% will cut back on print magazines.
Radio advertising has had to battle to remain relevant in the marketing mix due to online music streamers such as Pandora and Spotify, satellite radio such as Sirius, and podcasting. Traditional radio has taken a hit as many listeners are using their smartphones to listen to music in the car, radio’s “prime arena”. These services even offer listeners the option to pay and cut out ads from their audio experience altogether. Because of these new options, 23% of marketers are expected to cut back on radio advertising.
Out of Home (OOH)
Even OOH is going digital with outdoor screens and vehicles. With the use of technology, OOH is delivering real-world context and interactive messages as marketers are utilizing location and mobile data. This traditional component of the marketing mix is set to reach US$45.37bn in 2019. Though OOH advertising is digitally revolutionizing, 21% of marketers expect to cut back on its budget.
This is the most recent release into the marketing mix. Influencer marketing utilizes those that have the most influence over potential buyers by getting them to post or talk about a certain brand or product. Influencers vary is reach and popularity from celebrities and journalists to bloggers and everyday consumers. Influencer marketing is so hot right now that 71% of marketers are expected to increase their budgets for social advertising and 69% for social media (non-ad campaigns). If your marketing mix is missing this beat, we think it’s time to get your bars up.