The headlines scream, media audits are dead. But in fact, media audits are as popular as ever. It is just today they are very different to the audits of yesteryear, with a less focus on cost benchmarking and a greater focus on media value creation and how to optimise it. Find out how media audits have changed here in Media Minutes.
DARREN: Welcome to Media Minutes. I am Darren Woolley STEPHEN: And I am Stephen Wright DARREN: In the next few minutes we will share with you our view on the new media auditing. Stephen, we have discussed traditional media auditing, what is the new media auditing? STEPHEN: Well Darren, it appears that somethings never die, even when they have lived well past their usefulness, and the term media auditing is one of those. DARREN: In what way, Stephen? STEPHEN: Many advertisers, quite rightly, are looking for independent validation that they are receiving value for their media investment through their media agency. This is moving beyond traditional media price benchmarking to looking at the value being delivered in outputs and outcome and not simply cost. DARREN: What is an example of this independent validation? STEPHEN: Of course, price is still a component of the assessment, but you need to go beyond this to also assess the objectives of the media investment and the process from briefing to delivery and review the results and the application of the on-going insights for improvement. DARREN: Sounds comprehensive, Stephen? STEPHEN: It is Darren. But it needs to be. Advertisers have realised that one dimensional assessments of media cost or price do not drive results. But because of the complex nature of media, a more holistic and encompassing approach provides a more value bale assessment of the current media performance. DARREN: Well that certainly makes sense, Stephen. But what does not make sense is the fact it is still called a media audit. STEPHEN: That is true, Darren. As we have discussed, it was never really an audit in the more traditional definition of the word. The old media audit process was a media cost benchmarking exercise, largely backward looking and primarily used to ensure advertisers were not paying too much for their media. DARREN: But this new media audit approach is very different. STEPHEN: Yes, it is Darren. While the new media audit may look at what is happening now, the insights are more about how to improve future media performance by identifying where media value is being created or lost. In this way advertisers and their agencies can use the process to improve media performance together. DARREN: Sounds like a very positive step, Stephen. STEPHEN: Absolutely, Darren. It is a clear sign that advertisers are recognising not just the complexity of the media marketplace, but also acknowledging their role in optimising media value and performance in collaboration with their agency. DARREN: But are their still advertisers that still want a traditional media audit, Stephen? STEPHEN: Yes, Darren. But they are fewer and fewer. It is usually because they are trapped in agency agreements where they are either rewarding or punishing the media agency based on media prices and cannot get out of their contractual obligations. DARREN: Sounds like they need to catch up with media in the 21st century then. STEPHEN: True Darren. But in fact, most advertisers who are looking for ways to improve their media value, may request a media audit, but they will quickly see the benefits of this more modern approach to the task. After all, value is not the price you pay, but the value delivered. DARREN: Very true, Stephen. So, does that mean media auditing is still with us then? STEPHEN: Darren, let’s just say, media auditing is dead. Long live the new approach to media auditing. DARREN: Thank you Stephen. And if you want to keep up with the latest in media, make sure you subscribe to Media Minutes. A weekly snack on all things media. Until then. I’m Darren Woolley, and he’s STEPHEN: Stephen Wright TOGETHER: And this is Media Minutes.