Broadcast Media Efficiency – Doing More With Less
Efficiency, Efficiency, Efficiency
This is the second part of a recent article I published on avoiding media buying pitfalls. In this piece I focus on elements of an efficient media buy. With the imminent launch of self-serve products like the Nine network’s “Voyager” media buying platform it Is important to highlight what constitutes an efficient media buy. Without some level of understanding, many SMEs may find themselves (and their budgets) lost in space.
Here we are only addressing point number 6 in this simplified campaign checklist. The thing is though, it’s a very important point. Even for astute media planners it can be challenging at times to understand what constitutes an efficient media buy.
- 1. WHAT IS THE GOAL OF MY CAMPAIGN?
- 2. WHAT IS MY MARKETING STRATEGY TO ACHIEVE THAT GOAL?
- 3. WHAT IS MY MESSAGE & CREATIVE IDEA?
- 4. WHERE IS MY AUDIENCE?
- 5. WHAT MEDIA MIX WILL I NEED?
- 6. HOW CAN I REACH THE MOST PEOPLE WITH MY BUDGET?
- 7. HOW LONG WILL IT TAKE TO ACHIEVE MY GOAL?
- 8. HOW MUCH DO I NEED TO SPEND FOR THAT TO HAPPEN?
- 9. DID IT WORK?
- 10. DID I GET WHAT I PAID FOR?
- 11. WHAT TO DO NEXT?
In 2019 however, most of the inventory is still being sold via old school sales teams with advertising schedules and spots and dots.
There’s been a lot of talk about data lately. Media owners are selling a product, and invariably the data is employed to convey a favourable story about the product being sold. Let’s take the example of Radio & TV advertising. Both are broadcast media and are heading in the direction of being digitised in both content delivery and advertising. In 2019 however, most of the inventory is still being sold via old school sales teams with advertising schedules and spots and dots. These schedules, regardless of being manually or automated claim to deliver on metrics around reach and frequency. The methodology of these calculations is based on extrapolation from much smaller sample sizes, albeit significant.
While not perfect, it is the best we have to determine the CPM (cost per thousand) of people we reach. For simplicity, let’s assume the engagement or quality metric of the spot is constant, for Radio we need to use average audience, not cumulative audience number to measure CPMs. In contrast, leading metric for TV audience is TARPS, again another very confusing metric for those outside the media bubble. Nuances in the data collected and reported means how and when it is employed will have very different outcomes if not understood properly.
The combination of a correctly calculated CPM with a high engagement metric will provide the most efficient and effective media buy. There’s no point having one without the other, and no point having either if there is no reach to justify the time & space.
By Adam Shalagin
Director, Union Agency