Understanding the processes involved when looking to conduct a media audit can be confusing to those that have not been through the process before.
To make everything a little easier for you we have put together this simple beginner’s guide to a media audit.
This guide aims to answer the following questions to help you make the right decisions and understand how it all works.
What is media auditing?
Why do media agencies need to be checked on their media buying and planning?
How can a media audit can help improve marketing efficiency?
What is a Media Audit?
Media Auditing entails a 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. The main focus of a media audit is to verify media delivery and placement. This is carried out on a media by media basis. The media auditing process gives the advertiser comfort that they are getting fair value from their advertising spend and if not, provides the necessary information to negotiate better terms.
In 2019, 23 Media Audits saved clients up to 17%* on their media planning and buying costs.
Why Conduct a Media Audit?
Most advertisers have an auditor in place to ensure they are provided with the best media rates and placement from their media agency. As of 2018 approximately 80% of all media spend is audited, and with this figure set to rise, those who don’t audit their media are missing out. Media Auditing identifies areas where your advertising spend is underperforming against the market and can be improved. This in turn secures increased quality of media placement and positioning. It enables the advertiser to reap greater value for money from their advertising budget.
By using our range of auditing techniques, we were able to deliver channel-specific results and compare performance to different demographics to further assess if the agency were targeting the correct audience.
How Can We Help with Your Media Benchmarking?
23 Media Audits are not just an insurance policy for your media; we provide a far more comprehensive and transparent return on investment. Our unique Media Metrics system allows you to tailor your media buying goals in line with your media strategy. In doing so, you not only secure increased media value year on year, but increased media value in the areas that are most important to you.
In 2019, 23 Media Audits saved clients up to 17%* on their advertising budget. 23 Media Audits establishes an inclusive relationship with advertiser and agency from day one. We understand the importance of positive working relationships and strive for clear communication at all times to ensure the goals of the advertiser, agency and auditor are always aligned.
Our media audit report metrics have led to an increase in media effectiveness by at least 10%
What Results Can an Advertising Audit Have on Media Costs?
A media audit can help reduce media costs and allow your media budget to extend further using the techniques outlined below:
Monetary Savings on your media budget
By identifying savings of up to 17%** in 2019 we gave our brand portfolio the opportunity to either stay live for longer or reduce their overall spend.
High levels of media quality guaranteed
At 23 Media Audits we always make sure that levels of media delivery are agreed upfront.
Streamlining your media KPI’s
23 Media Audits helps streamline your media KPI’s in conjunction with your business objectives, helping you to promote your product/ service whilst effectively managing the relationship with your agency. Even if you are in line with the wider market there are always ways in which your brand can improve in order to outperform your competitors.
Increase brand knowledge and awareness of what the true engagement metrics are via your media output. We identify areas where there is media wastage and excessive spend and after applying our metrics, we routinely increase brand ROI by at least 10%
We also provide a full digital audit helping brands to fully understand the customer journey. Our digital auditing processes are providing clients with the answers they need to key questions such as “is my digital plan really working?” and “how do I actually improve performance and how do I track these improvements?” We have worked with key advertisers to make sure we provide one of the most accessible digital audits in the market. By carrying out our audits we are delivering efficiency levels of +100% on existing plans.
23 Media Audits also task agencies with a zero-based budgeting approach. This enables them to plan around what they envisage is best for the brand, driving them to deliver innovative thinking rather than simply replicating the previous year’s plan.