Being diverse with your marketing spend is the future.
Our lives are diverse—even on a given day our routines can change sporadically. And just like our daily lives, our marketing approach can’t be set in stone or predictive.
Being diverse doesn’t mean you have to micromanage 10 different vendors—find a vendor that has an agnostic approach, like Genius Monkey, and see the results for yourself.
What is a Diverse Media Plan?
Brands should define what a diverse media plan means. In an article from The Drum, a senior commercial director said that brands are starting to wake up and “realize that their advertising budgets equate to social good if they can spend them in the right places.”
Diversity as we explore it in this article means diversifying your ad spend and not placing all your ad dollars in one space.
Don’t Rely On One Channel or Source
With a strong media plan, diversity means keeping an open mind and exploring other not-so-obvious channels or marketing methods.
In the past year alone, there have been multiple social media shortages, including policy changes, blackouts, and more. We published our own article about how to “Diversify Your Advertising,” where we say, “When you diversify your ad spend, you’re making sure your bases are covered and you have a plan, no matter which way the market turns.”
Two large companies in this space hold monopolies over the digital advertising market, and they sometimes use unethical methods to boost their sales. Adweek wrote that advertisers will need to shift their dependence away from the “big guys.” As a result of this movement, we think there will be a greater use in trusted ad tech vendors and a wider spend across smaller and more niche marketplaces/networks.
Genius Monkey has taught clients for years to move beyond the big names and to not put all your eggs in one basket, because that basket could be taken from you at any time.
Find New Audiences
It’s important to diversify to new audiences and people beyond who you, as an advertiser, think your customer base looks like. A great way to find new audiences is to place ads on a variety of channels and platforms. For example, in a media study exploring the 16-34 age group, researchers found that social media is a dominant channel, but online video is beginning to grow in popularity. From 2015 to 2020, time usage for online video has grown by 236%.
This means that running to social media may be your knee-jerk reaction, but you should consider all other viable platforms, channels, and mediums.
In the article exploring this same media study, found on What’s New in Publishing, this age group is further explained: “16-34s still want news content just as much as 55+, but they want it in a way that works best for them—often digitally and on mobile—while for 55+, print and TV just seems to fit better with their lifestyle.”
Age and demographics are just one way you can diversify your media plan. Another way is making sure you don’t put all your marketing eggs into one basket.
A Real-Life Example with Genius Monkey
We’ve seen clients experience major growth after changing their strategy and choosing a programmatic plan that expands across networks and channels.
We helped Canales Furniture increase both their online and in-store traffic by running display and video ads for them. Prior to these ads, the stores had been relying on paper mailers for a large portion of their advertising. After diversifying their media plan and bringing in a powerful programmatic partner, they saw a 900% increase in store visitors and a 887% increase in website visits.
This real-life client example shows the power of expanding your advertising plan and trying a variety of methods and channels. You can see more similar client examples by exploring our Case Studies page on our site!