Media buying can seem complex, but it doesn’t need to be. An expert media buyer can really simplify the process while still negotiating the best plan possible for your business. It can be difficult to know where to start and you may be wondering if everyone approaches it the same way. The short answer is no. Read on for the longer, but-worthwhile-reading, answer.
When buying TV, radio, outdoor, and print advertising, some media buyers only look at the basic data: GRPs (gross rating points), CPP (cost per point), CPM (cost per thousand Impressions), frequency, CUME (cumulative audience), and total delivered impressions. While that information definitely has its place and is part of the equation, it’s not all of it. A strategic media buyer can deliver far superior results by going several steps further. By focusing on more than the metrics, your business will get more bang for your buck, more results, and in turn, more padding for your bottom line.
So, how do we get from media buying to strategic media buying? Here are five key considerations in a strategic media buy:
If you look at radio, there is talk radio and music radio. Each format comes with different listening habits. And, here are the facts:
Radio: Statistics show that talk radio can be over three times more effective than music radio. Think of talk radio as the foreground radio that involves active listening to catch the details vs. background radio (music) where your mind can wander anywhere while listening.
TV: News and sports rarely get PVR’d because people prefer to watch live content compared to sitcoms and other pre-programmed shows which they record. The simple truth: live TV is much more effective.
2. Ad Placement
Radio: While most media buyers buy a selection of spots per week to hit a certain frequency, they leave out so many valuable options, such as host read live reads, integrations, endorsements, bonuses, and more. It’s important to look for more than just spots in your radio buy!
TV: Does your business operate locally, provincially, or nationally? This helps you determine what to buy. Tags on TV stations run the full province, while most commercials run locally only.
Find commercials that are first up in the commercial stop set. They are much more effective than the others.
The bottom line – placing your ads in the most strategic place and in the right format is definitely a part of strategic media buying.
3. Know Your Audience
When media buying, businesses are often asked what their target demographic is? But many times the audience ranges for media can be too broad. A 54 year old rarely makes decisions the same way a 25 year old does. And, they certainly don’t consume media the same way, or react to creative the same way. The more you hone in on your true demographic, the more strategic your buy will be. Drill deeper into the audience details!
4. Be First + Be Unique
Is your business in a competitive market, where the differentiators between you and your competition are sometimes difficult to explain? So many businesses today forget about traditional media. Want to stand out and get results? Go on talk radio, get an endorsement, make sure there are live integrations, and you’ll see the results you want. Be the first in your category and you will never look back.
A good negotiator can add significant value to your media buy. One of the negotiating tools a good, strategic media buyer uses is negotiating pre-emptive spots. This means that if the station is sold out, your radio or TV spot is “booked to run” and it will run for free. The reality is that most TV and radio stations have multiple weeks per year available that are not sold out. So, why not ask for some pre-emptiable bonus, right before you sign?
If you’ve decided buying traditional media is something you’d like to do for your business, congratulations! This is a proven way of generating awareness and driving sales with your target audience. But before you start, do your research and find a media buyer who thinks outside the box and a little more strategically with your media buy.
Want to talk to us? Great! Give us a call, we’d love to walk through this with you.