benchmarking media value

P3Media is often engaged to benchmark and measure the media buying for our clients. One significant component of media value, beyond rate discount, is added value. But in measuring and benchmarking added media value there are a number of key issues that must be addressed. In this edition of P3 e-news, Stephen Wright looks at added media value and how P3Media assists marketers to take a more strategic approach to their media. – measuring media added value  – advice on all disciplines – adnews power 50 – networx marketers meeting

measuring media added value

At P3Media we have a very simple approach to determining whether a client is getting good value from the Media Buying side. The right discount levels mean that wherever you determine you need to be, you’ll be buying those environments at a good price relative to the market. But the level of discount is not the ‘be all and end all’.

the right value is better

The overall package can be significantly improved by securing the right added value. There are the obvious elements such as bonus spots on broadcast media, free space in print and additional signage in outdoor but do these add to the campaign in a way that generates a real increase in campaign potency and cut through?

value is determined by the strategy

When determining weights of activity for Television and Radio, most media planners and buyers will plan weights to achieve reach & frequency goals without taking into account additional bonus activity on the basis that it can’t be relied upon and is often of dubious quality. The net result is that bonus activity is very often ineffective over exposure of low engagement at less appropriate times of day.

Other types of added value may well be of greater real value to the client. Customised promotions, tailored sponsorships or web based extensions can add new dimensions to a campaign that prove far more effective in elevating awareness and creating a stronger consumer connection.

operational value versus strategic value

P3Media’s approach to Added Value is to break it down into two components. Operational and Strategic. Operational Added Value is additional inventory, i.e. more of the same activity such as bonus airtime or space. Strategic Added Value is deemed to deliver against business objectives and/or the communication objectives of the campaign – an additional element that adds a new dimension to activity.

negotiating the best added value

What we tend to see when analysing clients’ campaigns is a lot of Operational added value at the expense of the Strategic. Our role in these instances is to work with the Client and Media Agency to maintain (or even improve) the overall level of added value but within this to increase the proportion of Strategic and through this enhance its capacity to resonate with the target market.

We are careful not to devalue important elements of Operational value but to encourage trade offs when Operational can be replaced by strategic Added Value of greater overall benefit.

determine if you are getting the value you need

P3Media has an extensive pool of information on discount levels and added value parameters across all major media. To find out how to access this information and benchmark your current arrangements, contact Stephen Wright at P3Media in Sydney 02 8399 0922 or Melbourne 03 9682 6800 or email stephen@p3.com.au