The Changing Media Mix

Ipsos Reid released a new poll on November 11th, stating that the media mix is changing for marketers. Marketing Professionals were part of this poll and they stated that virtually everything about the media mix has changed in the last two years.
What are the causes?
One cause is the recession, which has forced people to reassess their marketing dollars to get the most "bang for their buck"! Simply put - How can I reach more people, or even the same amount of people, and spend less money? This mandate fits very nicely with digital forms of advertising - as they offer a low cost alternative to traditional marketing methods.
Here are some scary statistics for traditional media channels:
If spending budgets were to stay the same for 2010, this would be the effect on the media mix:

• Print - 41% decrease (net decrease of 32% over last year)
• Radio - 26% decrease (net decrease of 15% over last year)
• Television - 23% decrease (net change of 0% over last year)

Traditional media channels are also adjusting to this shift, by embracing the new realities of online media and added this to their product offering.
So where are the marketing dollars going?
The new media channels that are quickly gaining momentum are:

• Email
• Search
• Social Marketing
• Mobile

However, the decision makers are still cautious in regards to embracing these new media channels. The marketers challenge is to offer the following:

• Proof that it works
• Better and more measurement tools
• More Education better understanding of the media
• More resources

At SMarts London this past weekend, Liisa Sheldrick from Honey Design, described their use of new media channels to promote the "beecause" event this fall. She also highlighted a very valuable point:

An article in the Globe and Mail is still an article in the Globe and Mail!
- Liisa Sheldrick, Communications Strategist, Honey Design Marketing & Communications.

All of these new media tools can be amazingly effective, but you still need to know your target audience and create an appropriate marketing mix to reach them. If your target audience reads the Globe and Mail, and this medium helps establish/reinforce credibility for your brand and/or cause, then continue to use that media channel!
My Advice:
Define your message, define your target audience and use new media channels in tandem with traditional methods. The best approach is the use of both online and offline initiatives to feed each other and create additional traffic across all media avenues.
In regards to your media mix, know your audience and invest resources in the channels they participate in!