What is the role of media agencies?
Media agency —a company that advises companies on how and where to advertise and on how to present a positive picture of themselves to the public (Cambridge dictionary).
How to choose the right media agency?
- Identify your company’s needs
- What do you expect and want from a media agency?
- Would it be better to choose a full-service advertising agency that also offers media planning and buying expertise?
Qualities To Look For:
Advantages and disadvantages of ad agencies
The pros of media agencies
The first important advantage of outsourcing a media agency is expertise. Small businesses may not have their own marketing department, and so may need the depth of expertise an agency can provide. Agencies will usually have access to professional experts such as researchers, media buyers, etc. and others who can provide advertising know-how that small businesses cannot afford to hire for themselves.
The seconds is resource saving: outsourcing can reduce time and money needed for a marketing campaign. This is especially important if there is no staff that is dedicated to advertising work. Hiring an agency will free personnel to do what they have been doing.
The last but not the least advantage is brand development. Even for experienced businesses, developing a brand can be a complex process. Advertising agencies can help by developing advertising that will improve brand awareness. They can also provide research that will allow targeting the most effective market.
The cons of media agencies
It might be expensive to outsource. Furthermore, a risk of misunderstanding with a firm’s vision and values can lead to an unsuccessful marketing campaign and affect the reputation and brand image.
How to communicate between companies and media agencies?
- Make sure clear expectations are set: right communication channels are chosen; regular meetings; clear documentation. You also have to communicate personal goals and vision, as well as tell the what exactly do you expect and what is the budget.
- Find the right rhythm: you have to be accessible and available to the agency and invest your time for regular meetings. You should contribute consistently and effectively to the agency relationship — especially during the early days.
- Evaluate often: conduct quarterly evaluations, for example, a questionnaire for an agency; be open to giving a constructive feedback
How To Manage Your Public Relations Agency, Forbes
- DEFINE OBJECTIVES.
- START WITH TRUST.
- ONE CONTACT PERSON.
- CHOOSE THE RIGHT TASKS.
- BE FLEXIBLE.
How do media agencies come up with media plans?
What are the elements of a media plan?
Media plan — The process of establishing the exact media vehicles to be used for advertising (Entrepreneur).
Media plan — Document describing objectives, strategy, tactics, resource allocation, and media schedule and media mix to be used in reaching a targeted audience (Business dictionary).
The process of creating a media plan includes the following steps:
- Defining the marketing problem.
- Translating the marketing requirements into attainable media objectives.
- Defining a media solution by formulating media strategies.
When comparing the cost and effectiveness of various advertising media, consider the following factors:
- Reach. Expressed as a percentage, reach is the number of individuals/ households you want to expose your product to through specific media scheduled over a given period of time.
- Frequency. Using specific media, how many times, on average, should the individuals in your target audience be exposed to your advertising message? It takes an average of three or more exposures to an advertising message before consumers take action.
- Cost per thousand. How much will it cost to reach a thousand of your prospective customers (a method used in comparing print media)? To determine a publication’s cost per thousand, also known as CPM, divide the cost of the advertising by the publication’s circulation in thousands.
- Cost per point. How much will it cost to buy one rating point for your target audience, a method used in comparing broadcast media? One rating point equals 1 percent of your target audience. Divide the cost of the schedule being considered by the number of rating points it delivers.
- Impact. Does the medium in question offer full opportunities for appealing to the appropriate senses, such as sight and hearing, in its graphic design and production quality?
- Selectivity. To what degree can the message be restricted to those people who are known to be the most logical prospects?
How to choose the right media mix for the target audiences?
Media mix — Combination of advertising channels employed in meeting the promotional objectives of a marketing plan or campaign (Business dictionary).
- Step 1: Add channels into the mix as necessary, to reach specific audiences: Think about which non-traditional channels are best for different employee audiences, such as remote employees.
- Step 2: Add and use different channels more frequently as they become more popular: Do your research on current stakeholder behaviors in new channels, such as social media — i.e., what channels they use and which are influential.
- Step 3: Experiment with new channels to determine their effectiveness before starting to use them frequently: Measure the use of these new channels as you experiment with them.
- Step 4: Evaluate your channel options and select the channel mix that is most appropriate for your objective and target audience of the message. Use the channel selection guide in chart 1 to identify which channels are best suited for your communication objectives.
Balance of communication channels, Millward Brown Digital Study
What are media consumption habits in different countries?
What are the media consumption habits in Russia
Why it’s important to define or look into media consumption habits of one country?
… will tell you about your target audience’s local media habits and how digitally connected they are. Are they on Facebook? Twitter? Are they actively using mobile devices? Or, are they spending most of their time with print, radio or television? This is the most critical piece of the local media planning process.
… will show you which programs and stations your target audience is exposed to. And, more than likely, it’s not your favorite programs. This data will also allow you to select the right mix of programs/stations/publishers needed to reach your target audience.
With an increasing number of local media properties vying for limited media dollars, the media landscape becomes more fragmented every day. As advertisers, it’s easy to get caught up by the “next big thing,” or in our own personal preference, and lose sight of how our target audience consumes information.