A deceptively simple proposition
When I set out to list ways to stretch a brand's digital budget, I spent some time brainstorming tactics that would be both helpful and interesting. In the end, however, I think stretching a brand's digital budget is a deceptively simple proposition.
In today's marketing world, media budgets are fragmented across an array of platforms and outlets, so we've focused on where media dollars will go the furthest yet still function cohesively. Interestingly, one of the best articles I've read recently about the digital space is "The Web Is Dead," by Chris Anderson and Michael Wolff, in this month's Wired. The world, and especially the digital space, continues to evolve and change. The proliferation of media options is changing significantly, and in fact, we are getting back to a more streamlined, simpler marketing environment.
This does not mean that we will revert to a three-network structure -- not by a long shot. But the evolution of the web to a greater focus and usage of peer-to-peer networks and push technology (think iPhone apps) does mean that marketers need to think differently about where and how they place their messages.
The single most important factor in any discussion about media is the creation of ideas and utility. Media, creative, and strategy must be merged. Furthermore, it's the combination of various types of media -- paid, owned, and earned -- that will help a brand succeed. When integrating media plans, brands can create dynamic campaigns with vigor and creativity that resonate with their audiences, but one media channel cannot flourish on its own. How did the Old Spice guy become the notorious cultural phenomenon? The campaign had this unique combination or, as we'll refer to it in this article, the "magic formula."
Let's take a look at that formula.