Marketing to a new audience is like trying to find that special someone. Or, if you’ve already forged a lasting bond with a partner, marketing can be like maintaining that relationship.
Think about it.
If you’re venturing into a new location where no one knows you exist, you need to pull out all the stops (or at least more of them) if you want to make an impression. And if you’ve been in the same area for a while, you still need to put in the work if you want to keep the spark alive.
In short, you need to create — or change — your media strategy based on your market’s maturity.
So, what should your media strategy look like? Let’s find out.
Broadcasting a Grand Gesture (New Market)
The old saying “There are plenty of fish in the sea.” means you have options. Well, the same goes for your prospects. Odds are there are at least dozens of other companies who do what you do — or something similar.
In turn, you need to stand out by letting prospects know you exist in a memorable way.
So, if you’re trying to make a name for yourself in a newer market, that means high-reach media like TV or radio should be at the top of your list. Think dedicating a song on the radio, only in this case the song is a commercial made with your prospect in mind.
Casting your message where tons of prospects are likely to hear or see it ups your odds of getting multiple bites. And using newer advanced targeting features ensures you can be more precise with where you cast your net.
TV reaches 90% of US households weekly
Radio reaches 92% of US households weekly
Stay Top of Mind with Digital Marketing (Established Market)
If your market is mature (in the sense you’ve been there awhile), you still need to remind prospects and existing clients alike that you’re around. Admittedly, this is a delicate dance. You want to be known and remembered — but for the right reasons.
*66% say annoying or intrusive ad experiences reduce their trust in the brand advertising
* 71% agree that annoying or intrusive ad experiences make them less likely to purchase from that brand in future.
-Source: MediaCat
The important thing is to be included in your customers’ consideration set for new or upgraded services they want. And since you’ve established your market presence, meaning you’re more familiar with its personalities and needs, you can achieve this without being overbearing.
- Paid Search
- Display
- Retargeting
- Paid Social
Brands in the initial consideration set can be up to 3X more likely to be purchased than brands that aren’t in it.
-Source: McKinsey
Keep the Spark Alive with Out of Home (New Markets)
Early in your relationship, you might be more daring and adventurous. Riding in a hot air balloon? Sure, why not? The most expensive wine on the menu? Two bottles, please.
These high-impact experiences show the lengths you’re willing to go to win someone’s affection.
From an advertising perspective in new markets, that might mean surprising clients when and where they least expect it, like at a gas station. Or devoting a can’t-miss billboard they’ll drive by on their way to work. Or sponsoring their favorite sports team.
Out Of Home Advertising generates the highest percentage of brand recall
-Solomon Partners
Send Them Mail (Established Markets)
A key to any successful relationship is reminding your partner (or client) that you care. Yes, even if it’s obvious that you do. And yes, even if you’ve been together for decades.
In these circumstances, sending a personalized gift or note in the mail just might do the trick.
And in marketing, that can include hand-written direct mail with a special offer just for them.
Handwritten direct mail has a response rate more than 2X greater than traditional mail.
-Handwrytten
Tell Them a Story In Print or On Your Website (New Markets)
Think back to your first few dates with someone. They hardly know anything about you, like your favorite color or lucky number — let alone your deepest beliefs and biggest life goals. You spend hours and hours talking about yourself while listening in kind.
If you’re the new business on the block, you don’t have the benefit of brevity working in your favor. You need to provide a lot of details, including:
- What you offer
- Why you’re better
- What you stand for
- Company achievements or awards
- Promises, guarantees, reassurances
Print marketing has a 70-80% higher recall rate than digital advertising.
-Gitnux
In short, you need to educate. You need to build trust. But that requires time and space.
In this case, print — whether in the local paper, direct mail or area publications — or infinite-scroll websites makes a world of sense.
Gentle Retargeting Reminders (Established Markets)
Let’s say you and your flame of many years have a date planned months from now. Sure, you could just each enter the time and place in your separate calendars.
That’s not very romantic, though, is it?
Sending them a text with a restaurant’s menu or a recent setlist of the band you’re going to see during the months or weeks leading up to the big day builds the excitement. It reminds you both of what you’ll experience.
Retargeting serves the same purpose in established markets. It keeps the conversation going. It reminds your audience that you’re there. And, since they visited your site, you know the interest is mutual.
For example, if you’re in the financial space and want to re-engage with clients, consider retargeting them in other apps.
In-app retargeting can boost conversion rates by 38%.
-Criteo
Go Over The Top (New Markets)
Pretend you plan an extravagant day on the town for your new special someone: A picnic at their favorite park and appetizers at their favorite restaurant, followed by a pint at their favorite ice cream shop (or bar).
You’re going to their favorite locations.
Geotargeting achieves the same level of meaningfulness. And when you personalize your message at the right space at the right time, the sparks can really fly.
This can include serving a mobile ad that displays a special deal when your prospect is near one of your competitors. Or, showing an Over The Top (OTT) commercial speaking with “new customer only” messaging.
80% of Millennials and younger prefer advertisements that are customized to their individual interests and location.
-MarketSplash
Different Needs for Different Stages
We’re not dating coaches or relationship gurus. We’re just (really good) media strategists and buyers.
Every relationship, romantic and business, is different. But every relationship is the same in that effective communication helps unlock happiness. In marketing, the format, frequency and intent of your communication changes based not only on your goals, but your market maturity.
While a healthy mix of all media — digital, broadcast, social, print — is recommended regardless of your brand’s recall or geographic relevance, your recommended strategy depends on many factors, from target age to overall budget.
So, what would your ideal media strategy look like? Slide into our DMs or give us a call if you’re old fashioned.
And let’s see if we’re a good match.
