5 m’s of advertising includes Mission, Money, Message, Media, and Measurement. These five m’s of advertising serve different purposes like Mission is associated with advertising objectives, Money talks about Advertising Budget, Message refers to the advertising message, Media includes selection/ scheduling of different media channels, and last one- Measurement is related to MEAE i.e. measuring and evaluating advertising effectiveness.
What are the 5 M’s of Advertising?
Advertising is one of the essential parts of a company’s life. Multiple organizations use a wide variety of ways to handle their advertising to optimize their market share and consumer base in a profitable manner.
For instance, small forms include executive or office managers who are part of the accounts departments or work with an advertising agency to handle their advertising jobs.
In other higher stature firms, they have separate departments attributed just to advertising or marketing with a separate team of professionals. Some companies are big enough to hire advertising agencies to promote their brand, products, and services.
To begin with a particular advertising campaign, the executive must start by penning down the market that is to be targeted and the customer’s intentions.
The effectiveness of the advertisement is related to the adept use of these 5 m’s of advertising in a manner that market share and consumer base along with conversions and sales are optimized. Let us dive deep into the world of these 5 m’s and understand how they help brands in penetrating the target market with the right advertising objectives, advertising budget, strategy, and plan.
The 5 M’s are discussed below in detail:
The advertising mission talks about the things that you want to achieve with that ad. I may include key details like:
- Informing the consumers during the development stage of a particular product. This is usually done in the beginning to build the brand for the product or service.
- Persuading consumers to aim for a particular brand for their product
- Reminding customers during the maturity stage of the product. This is to keep them in the loop, to keep them repeatedly thinking about the product
- The setting of advertising goals and objectives by deciding the current market share as well as the target market
When it comes to setting the advertising budget, the money section of 5 m’s of advertising talks about the budget allocated for advertising.
This can be done based on media to be used, geography and demographics to be targeted, the time of the year the advertisement has to run in, the groups of products, competition and clutter, advertising program, media measurement, advertising frequency, etc.
When deciding the total advertising budget, the following factors have to be kept in mind:
a. The Product Life Cycle stage
Products in the baby stages of their PLC have to be allocated a greater budget for consumer trials and to build awareness among the consumers. Brands that are well established in the market have lower advertising budgets than sales ratios.
b. Consumer base and share in the market
With high competition in the market and a huge consumer base, large companies do not need much advertising. If there is a lesser share in the market, progression will require greater expenditures concerning advertising campaigns.
c. Competition in the market and clutter
There has to be a huge emphasis on advertising if there is a great deal of competition in the market surrounding the particular product.
d. Frequency of advertising
These refer to the number of iterations a particular advertising campaign has to undergo. This may happen several times during the Product Life Cycle (PLC).
e. Substitutability of the Product
Brands that belong to the commodity class (like drinks, cigarettes, etc.) require higher budget allotment to advertising, to develop and maintain a positive image of their brand and product(s). It is also essential when there are a variety of services and benefits on offer.
Message generation in advertising can be done in many ways such as-
By proper communication with customers, experts, etc. Consumers are instrumental in generating good ideas. Message generation can be made much easier through the consumer’s different insights, weaknesses, and strengths.
b. Deductive Approach
According to John C. Maloney, the following four rewards are expected by a consumer:
- Ego Satisfaction
The following experiences can help consumers visualize their rewards:
- Experience of Product in use
- Experience of Results in use
- Incidental Experience
Before the final message is conveyed, a good advertiser always considers the alternative messages available. A good campaign keeps its focus on the minimum of one core selling proposition of the provided good(s) or service(s).
These messages can be rated based on believability, execution, and desirability in the audience. The proper mix of all three will help the product deliver the rights message to its customers.
c. Execution of Message
Once a message is said, the greater factor that matters is the way it is conveyed or said. Some focus on the emotional aspects, while others focus on the products’ rational positioning, anyway the customer can be attracted towards the brand. Factors like tone, style, format, and exact words are big determinants of the message’s proper execution.
Next, we discuss the media through which the advertising message is conveyed to the target audience. At the time of the decision, the given steps are accounted for choosing the media message.
Some of the key steps involved in the selection of media in 5 ms of advertising are-
- First of all, the reach, impact, and frequency of media are decided and determined as per message generation, competition, and clutter analysis
- Next, the mode of transmission is decided from the available plethora of options.
- Upon considering all the supporting factors, the appropriate media vehicle is chosen.
- Following this, the timing of the chosen media vehicle is decided.
- The geographical and demographic allocation of the chosen media vehicle is chosen.
This step is predominantly aimed at testing the capacity and effectiveness of the program or advertising campaign.
Upon proper research and analysis, one can determine the problems and improvements that can be taken care of to prevent further wastage of money and make the required course correction. The most widely used method of evaluation is the research on the effectiveness of the advertisement.
It can take two forms, namely Sales-Effect Research and Communication-Effect Research. The following methods can be adopted for the measurement of the advertising campaign-
It is the measurement of effectiveness before the consumer uses the product. It is done through the following methods:
- Finished Testing – Test Commercials in the form of offering trails of the product to groups of people
- Concept Testing to check the wellness of the concept of advertisement. This is done using an expert opinion.
It checks the advertisement’s effectiveness after the consumer has used the product. It is done in the following ways:
- Aided recall: A technique that makes the use of clues to get answers from people regarding ads they might have seen in their schedule
- Unaided recall: A direct technique of asking the person how much he/she remembers the particular advertisement
All in all, 5 ms of advertising play a key role in empowering advertisers to communicate the message as per the service or product category to accomplish the advertising mission via the right advertising frequency and channels of communication.
The right use of advertising mission, money, message, media, and measurement optimizes the lead generations, conversions, and sales of ad campaigns.
How important do you consider the role of these 5ms of advertising in optimizing brand presence and conversions?