Less is More: 6 Reasons to Consolidate Media Spend for Impact
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Nick Johnston
Product Manager at Wavo
Wavo Blog: This series shares information that’s most relevant to music marketers around the globe.
“As music marketers, it can be tempting to want to serve our ads everywhere, and to everyone.”
Context
As music marketers, it can be tempting to want to serve our ads everywhere, and to everyone. That said, by over extending our reach, we sometimes risk losing the opportunity to make an impact on the channels and audiences that matter most. This article seeks to outline 6 reasons music marketers may want to consolidate media spend in an effort to maximize the impact of their marketing dollars.
“We want our campaigns out of the learning phase as early as possible”
Strategy
The Campaign Learning Phase
During the learning phase, a platform’s machine learning delivery system is exploring the best way to deliver ads - so performance is less stable and cost per result is usually worse.
We want our campaigns out of the learning phase as early as possible to allow platform optimization engines to do their job, and to make predictable optimization decisions.
For example, Facebook/Instagram requires 50 results in 7 days for each ad set to leave the learning phase.
In order to do so, it is critical to allocate enough budget to not only collect that data but to capitalize on it by effectively putting that machine learning to use.
Excessive changes to campaigns can also “retrigger” a learning phase, which effectively resets the whole process.
Minimum Budgets
Fixed Campaign Level Minimums
Some platforms, like Spotify Ad Studio, can be flighted for an indeterminate amount of time as long as the 250$ USD campaign level minimum budget is met.
Daily Minimums
Most platforms however, including Facebook and TikTok, require a minimum budget per ad set, per day. TikTok for example, requires that $20 USD be spent per ad set for each day of the flight.
Planning Accordingly
Knowing the total budget and the flight time are key factors in choosing the media mix
Building Addressable Audiences
We’re in the business of building audiences that we can grow and re-engage over time. By spending across too many channels, we sometimes risk siloing this data and reduce our ability to bring consumers along the same narrative and through the campaign funnel.
Consolidating Engagement
Engagements create engagements which create results. Our optimization strategy is designed to match the right creative with the right audience as early as possible to begin snowballing likes, comments and shares. Breaking down the walls between channels facilitates that process to make an even larger splash.
Tracking Reach & Unique Visitors
It is very easy to track reach and frequency across a single platform, and increasingly complicated with each channel added.
Depending on the business goal, it is sometimes crucial to know exactly how many people we’ve reached with our marketing effort.
For example, being able to produce an exact reach metric for radio markets is always useful ammunition.
“It is very easy to track reach and frequency across a single platform, and increasingly complicated with each channel added. ”
Maximizing Results
The best way to maximize results is to focus on the platforms that drive those results most cost effectively. For instance, if your business objective is music video views - you should direct your spend towards YouTube. By diluting your spend across platform, you wouldn’t be able to create as many views per dollar.
Key Takeaways
6 reasons music marketers may want to consolidate media spend in an effort to maximize the impact of their marketing dollars.
The Campaign Learning Phase
Minimum Budgets
Building Addressable Audiences
Consolidating Engagement
Tracking Reach & Unique Visitors
Maximizing Results
Written by Nick Johnston, Product Manger at Wavo
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