As we hit the midway point of Q420 and the unwelcome second lockdown gets underway, the wide range of SME, challenger and regional brands we advise and audit continue to have it tough. So it is vital that for the rest of the year and beyond the focus is on a media plan that truly aligns with your internal business aims.
Improving your media and marketing plans will have a beneficial impact on your business and provide a clear strategy for brand growth and ROI. At 23 Media Audits, we ensure that our clients’ media is efficient across all buying and quality parameters and equally effective to their business objectives.
1. Invest in Media Quality
The media business is far better at doing this across traditional media than we are within the digital sphere. However, we have seen improvements with far more emphasis on brand safety and ad fraud levels. Chasing a low CPM inevitably delivers low-quality environments for brands and, across every advertiser category we have worked with looking at premium positioning and targeting, the KPI’s have been fully achieved despite the initial CPM levels being higher than the standard entry CPM.
2. Media KPI’s
Once these have been set make sure you have full backing from your procurement/finance teams. In the first instance work out internally how much money you need to hit your KPI’s – this is where 23 Media Audits can play a pivotal role in helping companies calculate their budgeting across different media before then asking their agencies what they can do for their available budget, be it £500,000 or £5 million. This pre-plan stage is great for helping brands understand how much each media costs before involving the agency planners and buyers. Also, some media KPI’s may be centred around growth whilst for other brands, it could be sales ROI. The key is making sure your marketing and finance teams are aligned internally.
3. Customer Journey
Within your media plan make sure you understand what each media adds to your customer’s touchpoints. For instance, if they are searching via Google does your brand come up and is this budget aligned to the traditional media budget of creating awareness? You must ensure all the media work as one rather than independent media via a standard media block plan.
How do you make sure that your media plan is looking at total brand reach rather than individual reach for each media? 23 Media Audits have developed a forecasting tool that calculates both total reach and frequency. This is a key approach for brands and enables them to pull together their entire media plan rather than having each media working in a silo, which is still how the majority of agency teams are set up to plan and buy media.
5. Targeting or Broadening?
Ultimately all advertisers use media channels to try and reach as many people as possible, looking to not just talk to your loyal audience but also to potential customers who may buy very occasionally and are hard to reach. Try not to overcomplicate your media and especially your digital media. Targeting is important (in fact very important) but not to the extent that your reach is so narrow that it fails to talk to a wider audience. Remember to try to keep your media simple and that too much data can adversely affect a brands performance.
6. Keeping it Straightforward
Start by looking at previous performance and media spend and critically analyse whether you were successful by gauging what could be improved and ultimately what were your learnings. Using this information to look at competitor activity, the timing of media within the year, reach, media quality and channels may not have all the ultra-targeting of programmatic and audience segmentation etc, but they are the add on’s that can help reap the extra few % from the more basic overall media plan. Making the plan too sophisticated can lead to a narrowing of the brands potential and ultimately less brand awareness and poorer longer terms sales.