HOW DO I TELL PEOPLE ABOUT MY BUSINESS? RADIO? TV? BILLBOARDS? PRINT? OR ALL OF THE ABOVE?
These are questions that all business owners struggle with to find the right advertising medium to promote their business. After answering the questions above it only leads to more questions.
For example, you have decided that TV is the perfect place to advertise your business. Now you need to ask the following:
Which stations do I buy?
Do I buy the broadcast channels or cable TV?
Which networks are best for my target audience: ABC, CBS, FOX or NBC? Or cable networks like HGTV, FOOD, FOX News or ESPN?
What about cord cutters? How do I reach them with my commercial?
How often do I air? Every day, every week, only in my peak months?
What programs should I buy? Is prime time worth the extra cost?
Am I getting a fair price?
While all advertising is good and effective when done properly, not all options are the best choice for all businesses and in all situations. The Trial and Error method of media buying is very costly. Using a creative media buying strategy can help you make the right choices upfront to save you time and money.
INSPYR Media Planning and Buying Tips
Don’t skip the strategy step.
Many buyers get solicitations from media reps and skip straight to the buying process before coming up with a solid strategy for what you are wanting to promote, who is the target audience and choosing the right media mix to reach them. Media buying is all about reaching the right people with the right message at the right time.
Research and compare proposals.
Using your media strategy from step 1, research each media option to see which fits your goals. Then research each company within that media to see which one best fits your target audience. The more you can narrow in on this target audience, the less waste there will be in your advertising efforts.
Negotiate.
Most media reps give fair prices in their proposals but what most businesses don’t know is that rates for many media options vary. There are many factors that go into pricing media: inventory levels and demand, days/times of the month, contract length, etc. Don’t be afraid to ask for a discount for a longer contract or if airing during a less busy time of the month for that station or days of the week.
Evaluate performance.
This is a common missed step. After placing media, it’s important to monitor that creative is running correctly and in the placements scheduled. Understanding the industry for each media can help you determine whether a shift in strategy is needed. Keeping on top of ratings, circulation levels and industry shifts like talent changes can help optimize the results of your campaigns and help you stretch your advertising dollars.
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