By: Julianna Alanne and Katie Takacs
At its core, advertising is investing — using the available resources in the most efficient way to reach profit. One of the most well-known methods to mitigate risk when investing is diversification. No one should put all of their eggs in one basket, right?
Thus, it is fair to say that investing in a multi-platform strategy now is more relevant than ever. Being present across multiple platforms enables advertisers to tap into the advantages of each platform, meet your customer at every step of their customer journey, and build a strong brand.
#1: The early bird gets the worm
Getting started with a new platform follows the common rule of first-mover advantage. Usually, there are naturally fewer people to reach in new, younger platforms, yet there is also less advertiser competition. As a result, the audience inventory tends to be cheaper from an advertiser's perspective. You want to take your brand where the people are, and it’s even more effective if you are there first.
Practicing the approach of getting started in a new platform also tends to pay off. As new platforms keep on surfacing, your team already has the experience of how to move and adjust to a new advertising environment, making the "getting started" easier. Finding the possible synergies on the ad operations and creatives is a skill while still leveraging the best practices for each platform.
#2: Putting all your eggs in one basket leads to missed opportunities
As more customer touchpoints (i.e., social platforms) become available, the more fragmented the customer journey becomes. In turn, the more difficult predicting that customer journey becomes. This fragmented journey is especially true for social platforms, as today's consumers use different social platforms for various reasons. Ultimately, a consumer now determines their own journey.
They may discover a product on Pinterest, turn to TikTok or Instagram for a more authentic product experience, and ultimately purchase a product through Facebook. Therefore, advertisers need to ensure they have an active presence on all social platforms to deliver memorable experiences along every step of the journey.
We're also seeing advertisers struggle with predicting the customer journey of today's consumers as recent industry changes across iOS 14 and cookie-based tracking have caused a loss in intent signals. One platform dominating performance is a thing of the past. Instead, advertisers must diversify their platform spend to mitigate risk and reach consumers across the purchase journey, no matter the platform.
Leveraging a multi-platform strategy doesn't only allow you to reach customers across the purchase journey - it also allows you to reach incremental audiences you may not find everywhere. For example, did you know that Pinterest isn't only all women and DIY lovers? The platform is now also seeing an increase in male users across the auto, travel, and gaming industries. Similarly, while Snapchat has typically had a significant presence in the United States, they also see an increase in other areas of the world, such as India.
#3: Consistent social strategy = better brand recognition
In today's world, where adults spend 12+ hours per day on social media, getting a consumer to recognize your brand can be challenging but is key to standing out from the competition. To transcend above all of the noise, advertisers must create and deliver consistent, memorable brand experiences across all social platforms.
Why is consistent branding so important?
Your customers expect it. In fact, 90% of consumers expect consistent branding interactions across social platforms. The truth is, though, only 22% believe mobile experiences from today's brands are good. While a critical goal for today's advertisers, delivering a consistent brand experience seems to be a pursuit that advertisers continue to lose.
Consistent brand experiences also build trust. When a brand delivers consistent messaging across social platforms, consumers begin to develop an emotional connection as they "get to know" the brand better. When embracing consistency across social platforms (and therefore across the entire buyer's journey), an advertiser's messages can continue to build off each other, presenting a story for the consumer. This connection then leads to a more positive perception of the brand, bringing up predictability and reliability, which ultimately leads to more engagement and sales.
While it's clear today's advertisers need to embrace a multi-platform strategy to exceed customer expectations and drive engagement, scaling across platforms can be challenging for many reasons, including bandwidth, resources, and best practice knowledge. Tune in for part two of this blog, where we'll share tips to get started with a multi-platform strategy easily.
If you need help in taking your multi-platform strategy to the next level, don’t hesitate to contact us and we’ll be happy to help!