Chapter 8 Media Buying Process

Transcription

1 Chapter 8 Media Buying Process 1

2 Learning Objective To understand the media buying process To understand the modern day practices such as use of software in media planning To understand the future practices of media planning such as automation of the function 2

3 Introduction Media buying is the crucial function as the spending size on media is generally high across companies. It is very important to ensure an intelligent process deployment in the media buying exercise 3

4 Modern day media options Concept of media buying has expanded beyond the traditional media The media planning model needs to understand the 360 degree view of the client s target audience Advanced media planning tools and experience in buying media across genre, media team ensure that they select the most appropriate media vehicle 4

5 Examples of Media Buying Software Strata- provides suite of tools for planning, buying, stewardship, optimisation and billing across all forms of media Smart Plus Offers analytics and reporting tools Print Plus Simplifies print buying, automates ordering with publication groups etc. 5

6 Media Buying Key Steps Identification of the target market Assess whom the message is trying to reach, creation of profile of consumer Research of target market and pricing Conducting primary and secondary research to find the target market, understanding of demographics, understanding the consumer behaviour 6

7 Media Buying Key Steps Client review and set you objectives Setting the marketing objectives that media planner wants to achieve is very important for appropriate media buying Check advertisement design and creative Creative requirements needs to be considered in the process of media buying 7

8 Media Buying Key Steps Building Media Schedule Fetching of desired result by the media vehicles greatly depends on the robust media schedule Establish Matrices Evaluation of the matrices is crucial before placing the order for media vehicles 8

9 Media Buying Key Steps Media Buy Program After performing the above steps, next step is to define the media allocation budget. Performance and Measurement Includes connecting with media outlets and start negotiating the media buy rates. As the media buys are executed, the results are tracked and assessment is done as to how the strategy is working 9

10 Identification of target market Key questions will include Who are you trying to reach Who is your target market Creating the profile that reflects the consumer the organization trying to reach Review of the gender, income level 10

11 Research you target market and pricing Post identification of market, a proper market research needs to be conducted Organization can do both Primary and Secondary Research It is important to understand the consumer behavior of those that organization is targeting Research can provide organization with information on what its competitors are doing and where they are going to reach the audience. 11

12 Client Review and Setting Objectives When organization sets the marketing objectives, the next step is to create a plan The marketing objectives need to be shared with the agency from which media is being purchased The agency role is to sell, hence their input needs to be weighed appropriately 12

13 Check advertisement design and Creative It is possible that the Creative may need a different media vehicle as every media vehicle has different characteristics The inputs received from the research exercise will be extremely helpful 13

14 Building the Media Schedule In the process of taking a final call, it is necessary to keep the media timing in the mind Established methods work if the manager has robust knowledge of customer business and timings Robust Media schedule is extremely important for the overall effectiveness and impact of the media campaign 14

15 Establishment of Matrices GRP and TAM are matrices important for evaluation of the media buying decisions It is also possible that the client may need certain information 15

16 Media Buy Program Key aspects that need to be addressed are as follows From where the organization will be buying the media Are there any specific outlets of interest Budget and allocation to specific media vehicle 16

17 Performance and Measurement First step is to begin to contact the media outlets the organization is interested into Ensure that rates are negotiated Necessary bonuses and add-ons can be sought Need to keep watch on the budget, important deadlines 17

18 Media Buyers Key Functions Deliver the goods (media vehicle time) Negotiate the special deals with media owners Buy the best parcels of the slots 18

19 Key responsibilities of a media buyer Providing the important information to media planners Selecting appropriate media vehicle Negotiation of the media with the agencies Identification of preferred position offering readership advantages 19

20 Key responsibilities of a media buyer Ensuring timely billing and payments to various agencies The media buyer needs to track the performance of the media plan Once the media plan is implemented is important to monitor the performance 20

21 Key responsibilities of a media buyer Ensure establishment of policy for any missed issue or errors Evaluation of the media buy post buying 21

22 Media buying Involves procurement of media space Needs to ensure that the buying is done at a right price The appropriate media should also ensure that the desired impact is achieved Media buyers need to be skilled to be negotiators 22

23 Importance of media buying It is very crucial for advertiser as more than 80% of the spending is attributed to buying space and air time Media houses have own reference tariff used to budget for rates 23

24 Return on Media Investment Different ways the advertiser can measure his return on investment Need to measure the brand awareness and understanding of the consumers Evaluation of sales leads Advertisers often set the Return on Investment and indicators for the evaluation of media performance 24

25 Media Decisions Advertisers decide where to advertise on the basis of the following key aspects The brand s communication objective Target audience Markets and geographic coverage The advertising budget 25

26 Media Decisions Agency of Record if the entire media buying of a client is consolidated with one agency, then the agency become the Agency of Record for that particular client Online Media Buying - Needs artful mix of marketing know-how, industry expertise, cuttingedge technology, design ability 26

27 Measurements to evaluate performance of media buying Vehicle distribution Vehicle exposure Advertising exposure Advertising recall 27

28 Measurements to evaluate performance of media buying Advertising persuasion Leads Sales Profits Loyal customers Return on Media Investment 28

29 Road Ahead Increasing use of automation in the media buying process and Simplified technology delivered for media buying with advent of internet 29

30 Summary Media buying is a complex process involving identification of needs, conducting appropriate market research and ensuring the performance is measured. Media planning and buying takes up a lot of hours Selection of media vehicle and media timing greatly contributes to the success of the media campaign 30