If we spend $2 million on Newspapers, we could reach approximately 40% of Newspaper viewers and 58% of the Standard segment reads Newspapers. What happens if we spend $2 million on Newspapers, and $2 million on Magazines? Option 3: But maybe we can do better than that still. So our $4 million spend would reach approximately 50% (taken from the graph at a spend of $4 million) * 85% (Media Viewing Habits) = 42.5% of the Standard segment
Option 2: 85% of the Standard Segment can be reached via Digital Media. So o ur $4 million spend would reach approximately 90% (taken from the graph at a spend of $4 million) x 42% (Media Viewing Habits) = 37.8% of the Standard segment can be reached Option 1: 42% of the Standard Segment read magazines. The best way to explain this would be to provide an example.Įxample: Budget of $4 million on Standard Segment. This is shown within the Advertising and PR Reach by Media Curve. Both information can be found in the Market Information report.Įach media type can reach a given proportion of its audience for a given investment. There are two substantial sources of information you can use to determine your optimal advertising mix for a given advertising spend: Advertising and PR Reach by Media Curve and Media Viewing Habits. There are four media choices to develop your advertising mix on: Television, Newspapers, Magazines and Digital Media. What these sensitivities mean is a change in any of these factors, will result in a proportionate change in the consumers’ demand for your product(s). This means that an increase to your price (example setting the price to the maximum) is going to have a negative effect on your sales volume. If you take the Standard segment, you’ll see it has a high sensitivity to Price. The best way to explain it is through an example.
How do I interpret this Product Dimension Sensitivities graph?
SMARTSIMS MUSIC2GO HOW TO
How do you know if you are spending your advertising budget inefficiently? Follow through this section, it will show you how to efficiently allocate your advertising budget.Įach market segment is sensitive to different dimensions. Meaning your firm’s profitability is at risk! This can have a negative impact on the demand for your products and can also lead to overspending. Not understanding this can be a costly mistake as it often leads to incorrectly assigning your Advertising Mix. Mistake #4: Misunderstanding the Importance of Reaching the Right Customers Here’s Part One of the article in case you missed it. In Part Two, we’ll talk about the importance of reaching the right customers and how to better allocate your Sales Promotion Mix. What are the other common mistakes in Music2Go Marketing? Mistakes are the stepping stones to success.
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