Although I avoid the mulch, the times I didn't, I found success with these rules: 1) use more club than you think you need. 2) choose punch mode. 3) use no less than 70% power. These steps will allow you to advance the ball free from the mulch and produce, usually, a bogey at worst.
The punch shot in general offers many benefits. As an example, on Andy's #1 with heavy tailwind I always hit a punch driver that goes sneaky long but always short of the water.