Voice intelligence firm Veritonic surveyed more than 1,000 brand marketers for their concerns about crafting, implementing and optimizing their media mix. Secrets of Media Mix Success Revealed: New Data Reveals Key Insights for Brand Marketers Not a formal analysis by a series of publications. But VeriTonic sent us a summary of the key findings.
The word "concern" features prominently in these results, which Veretonic describes as "enlightening":
- Uncertainty in audience engagement: Surprisingly, 14% of brands expressed uncertainty about whether the mix of current media spend meets their desired demographics and target audience.
- Senior management concerns: 66% of brands reported that senior management questions the effectiveness of average overhead, indicating an urgent need for improvement.
- Concerns about missing targets: Up to 70% of brands have expressed concerns to senior management that their media plan may not be meeting set targets, increasing the need for an effective strategy.
- Competitive advantage at risk: A significant share of brands, 72%, fear that their competitors' advertising efforts will surpass theirs as competitors find more attractive ways to reach their target audience.
- Shrinking brand footprint: Concerns about the shrinking brand footprint and total market share by 2023 is more than 72% of brands.
- Evolving Audience Behavior: With 66% of brands concerned about declining TV viewing and engaging on social media platforms, it's clear that brands are struggling to change audience habits.
Interestingly , the brands surveyed cite social media as the top spending channel, followed by video, streaming audio, screens and podcasts. In terms of effectiveness, the brand identified social media, video, podcasts and podcasts as the most influential.
Despite these priorities, Veritonic reminds podcasters with this information: "About 42% of the US population now consumes a podcast each month, and 75% of podcast listeners have made or are considering a purchase after seeing a promotion for heard their product or service Favorite : Veritonic notes that making audio a meaningful part of the mix should be important to brands.
