What is the definition of a Media Audit?
A media audit is a procedure carried out by an independent 3rd party concentrating on an advertisers media spend. The audit determines whether the media was purchased at competitive prices in comparison to the rest of the market. The media audit methodology used follows a specific set of techniques that are put in place to evaluate the brands media spend and placement allowing the advertiser to evaluate the performance of their media agency versus a set of benchmarks.
What is Media Auditing?
Media Auditing involves an independent review of an advertisers media spend. Companies engage with a media auditor to examine if their advertising budgets are being spent effectively. The main criteria of a media audit is to check media delivery and placement, this is carried out by evaluating each media individually. The media audit process gives brand teams comfort that they are receiving an above-average return on their media spend and if not, offers the necessary data to achieve improved media pricing and placement.
How can media auditing companies help advertisers?
Most businesses have a media auditor to check they are being delivered the best media rates and placements possible from their media agencies. As of 2019, approximately 80% of all media spend was audited. Advertisers not receiving a media audit are in danger of missing out on potential advertising savings and strategy improvements. A Media Audit detects areas where your ad budget is underachieving versus the market or specific category and where improvements can be made. This secures an increased quality of media placement and positioning. It empowers the brand to reap greater value for money from their advertising budget.
Can my media agency carry out a media audit for me?
Conflicts of interest can arise when media agencies self-audit, as the process is often approved by a department that is part of the same group. Employing an independent third party will lead to a more efficient, effective and transparent approach to an advertisers media delivery.
Who are 23 Media Audits?
23 Media Audits was formed in 2005 to provide a real alternative to the traditional media audit. We have over 15 years’ experience and knowledge across media auditing, digital auditing, pitch management and media strategy. We have planned, evaluated and delivered over £10 billion worth of high-profile agency reviews and negotiations. We are a wholly-owned independent company and one of the fastest-growing auditors across a wide range of categories. We audit over £1 billion of advertising business annually. Our clients span from FTSE 100 companies to small regional advertisers covering media delivery across the UK and in many international markets.