TRFFK.ca | The Importance of Diversifying Your Media Spend
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The Importance of Diversifying Your Media Spend

Originally published to Medium.

We are going to take you on a trip down memory lane here, but do you remember the days before digital? When all you had to worry about was splitting your media spend between Print, TV, and Radio? Yep, those were simpler times! Today, the conversation takes a different path… We talk about multi-channel media. We discuss why you shouldn’t “Put all your eggs in one or two media buckets.” And we emphasize the importance of spending your dollars where people are spending their time. Essentially, what we are talking about is media diversification.

Why is this such an important issue?
Because we are almost all guilty of relying on our favorite media channels to market ourselves and our products while ignoring others. We reference our own media habits while sometimes forgetting that our co-worker might turn to a different publication to get their news or check the weather. And while you wouldn’t be wrong putting a fair percentage of your ad spend into Facebook and Google, have you thought about some of the other channels where people are hanging out? Even the more predictable audiences show up on a variety of marketing channels, which is why we recommend our dealers diversify their media spend.

Even the more predictable audiences show up on a variety of marketing channels, which is why we recommend our dealers diversify their media spend.

Here are some of the key reasons we recommend this approach:

PEOPLE ARE EVERYWHERE
While it’s true that the majority of people can be found on Facebook and Google, there are still plenty of potential customers who can be found using different media channels and different search engines. By limiting yourself to the ones you are most familiar with, you are missing out on reaching a significant chunk of the marketplace.

MEDIA CHANNELS DON’T STAY CONSISTENT FOREVER
Facebook is an excellent example of media that has been known to change its algorithm — much to the concern of companies and brands who have built a business solely through this channel. If you have too much riding on one channel and then that channel changes/closes/gets more expensive, you could be in trouble. Diversifying your media spend, minimizes this risk.

YOU WANT TO REACH PEOPLE AT ALL STAGES OF THEIR BUYING JOURNEY
The car buying journey is not a straightforward A-Z. Rather, it’s a twisting, turning, back and forth of a trip that eventually leads people to the point of purchase. That journey includes multiple touch points, through multiple channels. In fact, this article by Think With Google talks about one consumer’s 900+ digital interactions! (check out some of Stacy’s touchpoints below)

EACH CHANNEL HAS ITS WEAKNESSES
Which is ok — if you’re diversifying! By using a variety of different channels, you will find that they will complement each other and make up for each other’s weaknesses.

By using a variety of different channels, you will find that they will complement each other and make up for each other’s weaknesses.

METRICS MATTER
When you do diversify, it’s important to gauge what is and what is not working. By measuring your results, you’ll be armed with valuable information when it comes to the next conversation on how best to diversify, and which channels are yielding the best return.

By spreading your spend across multiple channels, you have the best chance of reaching your optimal ad performance. You minimize risk, reach the largest market, and will find your buyer where they are at in the car buying journey.
Simply put, no one channel can promise all of that.
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