Understanding the processes involved when looking to conduct a media audit can be confusing to those that have not been through the process before. This simple guide aims to clear up any confusion or questions you may have about this process.
What is a Media Audit?
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.
Media auditing is a vital tool not just for our marketing but also our wider business and is balanced with commercial performance. The audits give us complete transparency about the decisions made and enabled our company to increase return on investment. The audit provided is much more than a standard audit – it’s part of a full consultative process, based around a demanding set of checks & balances.
What Does a Media Audit Involve?
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.
Did you know?
80% of all media ad spend is audited in the UK and this figure is set to rise.
Advertisers that are not utilising media auditing are at a significant disadvantage in comparison to their competitors.
What Parameters Does a Media Audit Cover?
Setting clear Key Performance Indicators (KPI) is an essential element of ensuring an effective media campaign and audit process.
Measuring brand awareness before and after campaigns can be an effective measure of how successful your campaign was.
Advertising has the potential to reach hundreds of thousands of potential customers. Analysis of estimated reach can help you set realistic conversion goals for your campaign.
Analysing pre and post-campaign website traffic can indicate if a campaign has been successful. Seeing an increase in your site traffic from branded searches is a great indicator that you’re influencing the way your consumers think about your brand.
Did your sales increase as a result of the media campaign? How did the different channels perform; analyse your campaign performance by individual media channel across specific campaigns. The process develops a brands potential to link media efficiencies to sales effectiveness.
Return on Ad Spend
The ultimate measurement of campaign effectiveness is analysing sales uplift in the sense of your advertising spend.
What Can Our Media Audit Deliver?
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.
By identifying savings of up to 17%* in 2020 we gave our brand portfolio the opportunity to either stay live for longer or reduce their overall spend.
At 23 Media Audits we always make sure that levels of media delivery are agreed upfront.
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 KPI’s 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 provide a full media audit helping brands to fully understand the customer journey. Our auditing processes are providing clients with the answers they need to key questions such as “Are my media plans 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 media audits in the market. By carrying out our audits we are delivering efficiency levels of +100% on existing plans.
We carry out a full diagnostic of a brands media schedule. This allows brands to construct strategies that are media efficient and 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.
* Based on increases in volume of media, improvements in media placement and actual cost savings