Media Strategy: How Do You Create One?
A media strategy is a plan of action that helps businesses reach their target audience, and by reaching their target audience, they improve their overall conversion rate. When trying to capture the attention of a niche market, it's important to know the exact demographic and what will get their attention in the most effective way.
Key Components to Consider When Creating Your Media Strategy
Identify Your Target Market
The demographics of your target audience should be taken into consideration. The more you know about your target market, the more effective your overall marketing strategy will be. You will need to identify your market, where and how they spend their time, and how the audience can most effectively be reached. For example, marketing through mobile apps and social media would be more effective for reaching the teenage demographic than print, and traditional media would be.
Importance of Measurable Objectives
One thing to keep in mind during the strategy process is your overall marketing objectives and goals. They need to be measurable and specific; if a goal is simply, "make more money," it can be measured, but there are no specifics tactics involved. "Increase profits by 20% by Q3" is a much more specific, realistic goal -- and it introduces a time aspect that creates a sense of the ability to measure and draft a workable timeline.
Determine Your Marketing Budget
In your media strategy, you must also consider your marketing budget. Without a budget, it is possible to throw tens of thousands of dollars at a problem without seeing a clear solution. However, having a set budget encourages you to think each tactic through and be more creative in your problem-solving and protects you from overspending or spending money that you do not have.
Learn From Your Results
The most effective media strategies are those that evolve over time. If a company launches one strategy that doesn't have the expected results, the company can learn from where it went wrong and improve subsequent launches. It is why measuring results are important; they provide valuable data that can be implemented into future media strategies to improve them.
Purpose of a Media Strategy
The purpose of a media strategy is entirely dependent on what the company hopes to achieve with it. Improving public relations is a completely different goal than increasing profits, but both can be achieved through a well-written, well-planned-out media strategy.
Different Types of Media Strategies
All media strategies take the same approach during creation.
They must all have specific goals and a specific demographic n mind; however, their objectives may be totally different. In this sense, there are different types of media strategies. For example, a strategy implemented to raise awareness of a certain issue or condition is far different than a strategy that is used to promote the upcoming release of a product or movie.
Implementation of Your Media Strategy
- Who's the target audience? First thing is first, Who are you trying to reach with your message? This is important to the success of your media strategy. This step identifies where your message needs to be to hit your target audience, without this the rest of the steps have no value.
- What's the goal? What your goal is? Be specific, this the benchmark you will use when it comes to the success of your media strategy.
- What's the proposition? Next, identify your proposition or theme. What's the problem that you solve or need you fulfill and how do you go about it. That's the core or basis of your proposition and/or theme.
- Set your objectives. Use the SMART method when setting your objectives. They need to be:
- Research. If you struggle with any of the above, spend time doing your research with your goals and objectives in mind.
- Create a prospect profile. What needs to be communicated? What's the message that will grab their attention?
- Draft the message. Based on the information above you are ready to draft your message. You can use different messages, but they must all have the same objective. Don't forget your call-to-action.