Optimising media spends in the current financial crunch
The year 2020 saw a huge rise in paid ad spends, when brands wanted to leverage E- commerce to their benefit, at a time where retail buying – the more preferred buying medium in India – and the retail revenue capability was rendered finite. India may still be a nice E-commerce sector due to diverse factors such as infrastructure and technical know-how, government regulations, etc. The disruption due to the pandemic saw a tremendous consumer behaviour shift, where several small-scale and smart brick and mortar businesses quickly navigated to hop aboard the online marketplace ship, leveraging the reach of the likes of Amazon, Flipkart, and others, to sell their goods.
However, 2023 is a different story. It is an emissary for focused media spends. While paid media is expected to shift towards heavier, ROI-based marketing than just mere branding, owing to the focal point shifting towards the value of every rupee spent. Optimisation plays a massive role with this shift, with regards to the objectives that brands are looking at this year. Reach and ROI will become the two main pillars for the media mix.
The rule of thumb to make media a success factor is alignment of departments and stakeholders on the brand side. The objective of a campaign and a fair duration for it to perform is vital. However, there are some factors that can ensure enhanced ROI.
A strong media strategy is inclusive of continuous testing, data orientation, and media tools which lead to accurate insights and relentless optimisation. The least expensive optimisation tools are available in dashboard analysis. A strong marketer will agree that some amount of squinting can help find the sweet spot in this data that can lead to a paid media breakthrough and a favourable ROI.
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