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The Marketing Architects
Optimizing Your Media Mix with Richard Kirk
Nov 5, 2024
Richard Kirk, Chief Strategy Officer at EssenceMediacom UK and an expert in media planning, joins the discussion. He reveals that brands are overspending on social media, advising a significant budget shift towards TV. Kirk emphasizes the delayed impact of advertising, suggesting that 60% of effectiveness is felt after three months. The conversation also covers the resurgence of TV-style advertising and the move of streaming platforms to ad-supported models, showcasing lessons from the UK's marketing effectiveness culture.
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Quick takeaways
- Brands are currently overspending on social media advertising and should consider reallocating budgets toward more effective channels like TV.
- The podcast emphasizes the importance of a long-term perspective on advertising effectiveness, as 60% of ROI occurs after three months.
Deep dives
Overspending on Social Media
Brands may be significantly overspending on social media advertising, potentially spending up to three times more than the optimal level for growth. Recent analysis indicates that the average social media expenditure, currently at 13%, could be decreased to just 4% to achieve better returns. This shift suggests that while brands have historically favored social media, they may need to reevaluate their strategies in light of overall advertising effectiveness. The findings emphasize the importance of channel optimization and the need for advertisers to be open to reallocating their budgets towards more effective channels, such as linear TV.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode