Edition 68 – Media strategy benchmarking – March 5 2007

While many advertisers ask P3Media to benchmark their media buying, it is more important to make sure your media strategy is right, because buying the wrong thing cheap is no bargain.

In this edition of P3 e-news Stephen Wright discusses how P3Media Strategy Benchmarking can provide advertisers and their agencies with a measure of their media strategy.

In this P3 e-news:

– benchmarking – the right strategy

– P3TV workshops – they’re back

– benchmark your media strategy today

– looking for a speaker?

The right strategy is more important than the right price

Cheap media can be like discount beef for a Hindu or half price pork for a Hasidic Jew. There is no point saving a fortune on the buy if the product you are buying is wrong for the audience.

Yet many marketers can be so obsessed with how much they are paying for media they forget to consider if what they are buying is right.

Almost anyone can buy for a good price these days

With a collection of major buying groups, client specific media agreements and buying strategies depending on the state of the media market, most advertisers are in a position to buy cost effectively.

In fact, in four years of media buying benchmarking, the only time we had an advertiser who was buying above the market rate was because they had poor buying processes in place.

Based on this experience, at best, marketers need to ensure they have the appropriate processes in place to ensure they are buying media effectively.

Media options are expanding and changing rapidly

The issue of media strategy has become critical in the face of unprecedented audience fragmentation and the ever-increasing number of media options available to advertisers.

While much of the discussion is about the emergence of the digital platform and the many channel options this has provided, traditional media channels are embracing technology to expand the options they offer.

The increasing number of new channels and the corresponding decrease in the effectiveness of traditional media means that developing effective media strategies is becoming more complex.

Many advertisers are being left behind in the rapid change

The problem is that many advertisers and their media planning and buying providers are still working within a traditional paradigm. Focusing primarily on media cost overlooks the increasing importance of strategy in ensuring the right media is being selected.

Even at the lowest possible price, the wrong media selection is no bargain. Therefore it is important to focus on ensuring the right strategy process and resources are in place.

The right strategy process delivers maximum value

P3Media has developed a benchmarking process to ensure advertisers and their agencies have the most robust and effective media planning and strategy process.

The P3Media Strategy Benchmarking evaluates both the advertisers process in creating a platform from which the media strategy can be developed and then evaluates the media strategy process to ensure the agency is delivering the full potential of that platform.

Scores are provided for all elements of the strategic process providing absolute clarity on the quality of the media planning process undertaken.

To find out if your media strategy is delivering the right outcome, contact P3Media in Melbourne 03 9682 6800 or Sydney 02 9279 4997 or by email on people@p3.com.au

P3TV workshops – they’re back

2007 P3TV Production Workshops for Advertisers are planned in the coming months, for Melbourne and Sydney.

These half day workshops fill fast and cover all aspects of the television production process from briefing your agency to approving a rough cut to despatching final dubs.

Booking forms will be posted soon, so make sure we have your correct postal address by emailing georgia@p3.com.au

Media strategy benchmarked

Wondering about the effectiveness of your media strategy process? Want to benchmark your media planning process?

Then talk to Stephen Wright about P3Media’s Strategy Benchmarking.

Stephen has more than fifteen years experience in media strategy and is the senior media consultant and a director of P3Media.

Contact Stephen by email at stephen@p3.com.au

At a conference near you

What are the top 10 mistakes advertisers make?

Darren Woolley of P3 provides an entertaining and informative presentation of 30 – 45 minutes on ‘The top mistakes advertisers make and how to avoid them’, based on seven years of advising some of Australia’s largest advertisers.

To organise to have Darren speak at your next conference, workshop or event email georgia@p3.com.au to check his availability.

P3 – helping people achieve commercial purpose through creative process

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About Darren Woolley

Darren is considered a thought leader on all aspects of marketing management. A Problem Solver, Negotiator, Founder & Global CEO of TrinityP3 - Marketing Management Consultants, founding member of the Marketing FIRST Forum and Author. He is also a Past-Chair of the Australian Marketing Institute, Ex-Medical Scientist and Ex-Creative Director. And in his spare time he sleeps. Darren's Bio Here Email: darren@trinityp3.com
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