The Beginner’s Guide to Media Auditing

A media audit is an independent third-party review of a company’s media buying costs. Advertisers employ media auditors to ensure that the money they have set aside for advertising is being spent wisely. Media audits verify media delivery and placement on a media by media basis.

The media auditing process gives the advertiser reassurance that they are getting fair value from their advertising spend and if not, provides the necessary information to negotiate better terms.

Media auditing is used in print media, television, radio, outdoor, digital, and other media channels. Media auditors can provide a competitive advantage to advertisers and agencies by allowing them to track and analyse the performance of their advertising across multiple media channels.

If media auditing is new to you, the many terms and concepts involved may seem overwhelming. To help you get started, here are a few common terms that you should know:

1. Media Audit: A process of examining a company's media expenditures to determine the effectiveness of the media strategy and identify areas for improvement.
2. Media Plan: A comprehensive plan that outlines a company's media strategy, including the channels and tactics that will be used to reach target audiences.
3. Media Buying: The process of purchasing media space or time from publishers, broadcasters or other media outlets to display or air advertisements.
4. Media Mix: The combination of different media channels and tactics used in a media plan, such as television, radio, print, digital, social media, outdoor advertising and more.
5. Reach: The total number of people who have been exposed to an advertisement through a particular media channel or campaign.
6. Frequency: The number of times an individual is exposed to an advertisement through a particular media channel or campaign.
7. GRP (Gross Rating Point): A measure of advertising impact that combines reach and frequency, calculated as the percentage of the target audience reached multiplied by the average number of times they were exposed to the ad.
8. Impressions: The number of times an advertisement was displayed or seen by an individual through a particular media channel or campaign.
9. CPM (Cost Per Thousand): A common pricing model for digital advertising where advertisers pay a set fee for every 1,000 impressions their ad receives.
10. CPA (Cost Per Acquisition): A pricing model where advertisers pay only for a specific action taken by the viewer of the ad, such as a click or a purchase.
11. ROI (Return On Investment): A measure of the profitability of a media campaign, calculated as the revenue generated by the campaign divided by the cost of the campaign.
12. Click-Through Rate (CTR): A measure of how many people clicked on an ad after seeing it, calculated as the percentage of total impressions.
13. Conversion Rate: A measure of how many people completed a desired action, such as making a purchase, after clicking on an ad, calculated as the percentage of total clicks.
14. A/B Testing: A method of testing two different versions of an advertisement or landing page to determine which one performs better.
15. Ad Placement: The physical location or position of an advertisement within a particular media channel, such as a specific page on a website or a specific time slot during a television program.

Preparing for a media audit involves several steps to ensure that the audit runs smoothly and effectively. Here are some of the steps you can take to prepare for a media audit:

1. Gather all relevant data: Collect all data related to your media buying practices, including contracts, invoices, media plans, and campaign reports. Make sure the data is accurate and up-to-date.
2. Identify key stakeholders: Determine who will be involved in the media audit from your company and the media agency. This may include representatives from marketing, finance, and procurement departments.
3. Define the scope of the audit: Determine which media channels will be audited, the time frame to be audited, and the specific areas of focus. This will help ensure that the audit is comprehensive and targeted to your specific needs.
4. Communicate with the media agency: Let your media agency know about the upcoming media audit and provide them with the necessary information and data. This will help ensure that the audit runs smoothly and that there are no surprises during the process.
5. Set clear expectations: Establish clear expectations with the media auditor regarding the scope of the audit, the timeline, and the deliverables. This will help ensure that everyone is on the same page and that the audit meets your expectations.
6. Prepare for the findings: Be prepared to receive both positive and negative feedback from the media audit. Use the findings to improve your media buying practices and negotiate better terms with your media partners.

By taking these steps to prepare for a media audit, you can ensure that the audit runs smoothly and that you get the most out of the process.

A media audit involves a detailed analysis of an advertising campaign to measure the effectiveness of each component, to provide key insights and to prepare for future campaigns. It will look at spend vs. results, and check your ad spend to see if you’re optimizing the placement of ads across all your advertising channels.

Each component of the media audit is individually weighted to give a final score against the set benchmarks.