Media planning and buying has become much more complicated in today's marketplace. As traditional platforms like TV and radio become more and more fragmented, digital options have become more important. But how do you know where to spend your advertising dollars with hundreds of platforms begging for your money?
Has a sales rep proposed a new ad vehicle or has your boss recently asked you to follow-up on a new media trend? Have been thinking about trying a vehicle you saw your competitor using? A POV report can help you look at options in a more effective manner.
It is important to evaluate the potential benefits of each platform to discover which have the most potential for reaching your advertising and marketing goals. A point of view (POV) report examines the overall advertising environment and the options available for advertising your products, services or cause.
This starts with a true understanding of the target market. Developing a "buyer persona" is essential. Knowing the habits and actions of these buyers will help eliminate some platforms that aren't a good fit and may show promise in areas that had not been previously considered.
The POV report examines the target markets of the proposed media vehicles to see if their viewers, readers, subscribers or listeners are similar to people their clients want to reach.
Industry trends can also be helpful when starting a POV. What are the major brands in the industry doing? What is your competition doing?
An accurate evaluation of a potential media vehicle in a POV study involves evaluating other comparable options. Looking at each option's positive and negative aspects helps determine the viability and efficiency of the vehicle being examined. Cost efficiency plays a big role in this evaluation.
Not only do you need to evaluate the media option against others on the plan, but you need to decide how it will be paid for. Will this replace another element in the plan? Or is the cost too high to consider at this time?
When you have clear understanding of who you are trying to reach you can start with an overview of the media vehicle. This should be an in-depth analysis of advertising environment, base level traffic and how the vehicle performs compared to its competition.
While performance is key...costs can make or break a new vehicle. Look at traffic levels, CPM, and creative costs to determine how efficient it will be.
Finding the time to examine all the new vehicles and proposals that come across your desk can be daunting. Everyday something new is being pitched or thrown at you. An experienced media planner/buyer can help you review potential advertising opportunities. They can find ways to shift current advertising strategies to pay for new media that shows both effectiveness and efficiency for your goals, while steering you clear of over-priced or ineffective media.
At Media Management Services, Inc. we help medium and small businesses succeed in this ever-changing environment. We help clients evaluate traditional and digital platforms and devise strategies for a consistent message across multiple channels.