Media audits, a foundation of many a media performance program, have changed. The rapid and continual increase in digital media, programmatic trading and real time bidding means that advertisers are looking for understanding how to optimise media value, rather than simply benchmarking media cost. It is all explained 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 insights on the new media auditing approach. Stephen? STEPHEN: That is right, Darren. As old school media auditing has become less relevant, outside of traditional television and a few other channels, a new approach that is media value driven, has arisen. DARREN: So, is it based on pools of media pricing data? STEPHEN: Darren, media price is an important component of media value, so yes, there is a pricing comparison. But it is not based on pools of other people’s data. DARREN: How does this new form of Media Auditing work? STEPHEN: It is based on the understanding that media is an investment and that in the complex media works we find ourselves; media brains beats the old media brawn. DARREN: So, you’re saying the media audit is more than just price? STEPHEN: The truth is it has always been more than media price. But now, the smart advertisers are waking up to the fact that the value derived is more than what they are paying for their media. DARREN: Sounds complicated, Stephen. What does the new media audit look like? STEPHEN: Instead of simply producing a price metric and have the agency beat the pool, we take a qualitative and quantitative approach to determine and quantify where media value is being created, lost, missed and duplicated. DARREN: Okay. But that does not sound like an audit? STEPHEN: Darren, the truth is the traditional media audit was never an audit. It was a price benchmarking exercise. A one-dimensional measure on the price the advertiser was paying. DARREN: And the difference now? STEPHEN: Now, Darren, we are assessing, benchmarking and scoring the total media value chain and identifying and quantifying the media value delivered by both the advertiser and their media agency. DARREN: By both the client and the agency? What has that got to do with the price of media? STEPHEN: What has that got to do with the value of media, Darren. The value of media. DARREN: Okay, the value of media, Stephen. STEPHEN: Everything, Darren. As I said, the smart advertisers understand their important role in setting up their agency for media success. This includes everything from activity planning, media budget setting and media performance metrics. DARREN: So, both the advertiser and the agency have a role to play in delivering media value? STEPHEN: Absolutely, Darren. And this was always overlooked in media auditing of old. But in today’s media landscape, both parties play essential roles in delivering return on the media investment. DARREN: Makes sense, Stephen. But why is it called media auditing, when it sounds so little like an audit? STEPHEN: I guess Darren, it is simply because for many people, old habits die hard. DARREN: Thank you Stephen. And make sure you subscribe to Media Minutes. A weekly snack on all things media. Until then. I’m Darren Woolley, and he’s STEPHEN: I am Stephen Wright TOGETHER: And this is Media Minutes.