Every year, Americans spend more than $240 billion on advertisements. Commercials aim to raise awareness for a product, pique consumers’ interest in it, and increase product sales.
In marketing, advertising is one of the most high-stakes, data-driven operations. A great advertising campaign requires the right balance of artistic vision and cold, complex data.
Channels, assets, media outlets, and goods must be managed simultaneously. Many moving parts make it difficult to monitor the efficacy of a marketer’s media planning efforts. Using media planning, advertisers and marketers can track results, adjust and improve their campaigns, and generate more money from their ad spending.
A media strategy is the foundation of every effective marketing campaign. This article serves as a comprehensive guide to media planning for advertising campaigns, covering everything from the definitions of media planning and media buying to the creation of a media plan.
What do you mean by “media planning”?
To provide the greatest possible return on investment (ROI), media planning is performed prior to the purchase and rollout of advertisements (return on investment). It is the foundation of every successful advertising effort. A media plan document that will direct your advertising campaign is the physical result of the media planning procedure.
When considering budgeting resources, why is media planning important?
HubSpot reports that 70% of marketers are already investing in content marketing, with an additional 24% planning to do so. More and more money is being spent on advertising products worldwide, as seen by these numbers. The other side of making massive investments is that occasionally you lose everything. Media preparation is essential for spending with certainty.
Attaining organizational objectives and minimizing promotional expenditures are the primary targets of this procedure. In order to grow the company’s client base, expand its market share, and strengthen its reputation via advertising, strategic media planning is essential. Careful planning is essential to achieve the brand’s goals efficiently and within budget.
However, advertising a product without a clear plan may lead to financial loss and unpredictability in sales. If ads for your company appear in the wrong places or try to reach people with whom you disagree, it might cause lasting harm to your reputation. Fortunately, with careful media preparation, you may sidestep all these pitfalls and rest easy knowing that your next campaign will be a smashing success. Media planning is choosing which channels, formats of information, and promotional messages will be used to achieve a campaign’s objectives.
You can’t hope to get to the top of any modern digital era field without formulating a comprehensive marketing strategy. In the following paragraphs, you’ll learn about the many advantages of media planning.
Here are the top five benefits you can expect from media planning.
1. Take Everything Into Account
Precisely what is meant by the term “media planning”? But, it’s how advertisers choose which ads to run. When and where should they hold it? Can you recommend how frequently it should be run? While many of these concerns may appear inconsequential individually, they contribute to significant advertising ROI.
The answers to these questions are helpful for media buyers when deciding where to place their ads. There are many expensive options for getting a product in front of customers, including radio, television, video, and print.
All of these inquiries lead to conclusions that are the next direct steps. Ad placement, timing, and strategy are all crucial to the success of a new business or product. A media strategy is the result of all of these choices.
Choosing the “best” option is the central theme of modern advertising. Sometimes you need to rely on data, expertise, first-hand experience with the target audience, or even just a hunch to make the proper decision. Now more than ever, consumers have little time to stop and think. They are constantly confronted with calls to part with their hard-earned cash.
Advertisers that want to distinguish out should perfect their delivery at every opportunity. A media strategy is designed to do just that, to cover all of your bases. Though it’s hardly a picnic, media preparation may help you avoid missteps and catastrophes.
2. Know your audience
Thorough research is essential to effective media strategy and purchase. “Know thy enemy” is an ancient adage that advises you to do just that. Why?
Because being informed will give you an advantage over the competition. It’s an excellent tool for learning about your target market. A buckshot advertising strategy will result in a broad yet inefficient coverage area. People who aren’t interested, can’t afford it, or don’t fit the target demographic will see your adverts.
Researching the market beforehand can allow you to target your advertisements better, increasing the likelihood of their success. The following guidelines should be used as a foundation for your media strategy. First, you should investigate the market segment’s stakeholders, the audience, the performance and advertising of competitors, and the insights your organization has gained and documented from previous ad campaigns. Use this data as the cornerstone of your media strategy. Learning to define your goals is also essential.
3. Are You Making Progress?
Make it like you’re a runner. Yet, you don’t keep track of your progress, which is discouraging. After six months of running, you have no clue how much faster or more durable you have become. You feel like you’re putting in the effort, but you have no clue whether anything is changing. This is especially true if you neglect to establish key performance indicators and specific goals.
Is there a method you have in mind for evaluating the success of your media strategy? Metrics like conversion rates, clicks, sales, interactions, and more must be calculated regardless of whether you handle it in-house or hire a media planning firm. One advantage is that progress can be measured, and another is that expenses can be monitored.
4. Be Aware of Your Approach
Marketing veterans and newcomers alike may struggle to put their plans into words. Without a strategy, convincing stakeholders, bosses, and coworkers to support your efforts would be next to impossible. You are establishing your competence with a media strategy. You’ve done your homework and have a plan for how much you can spend on various forms of media.
Before you attempt to launch, a media plan may show you where you’re likely to fail. By delaying the start of a campaign, you may save a lot of money with the help of media planning tools. What, for instance, is your strategy for displaying the written material? Find the right calls to action and central messaging to include in your advertising.
Limits are necessary for a plan to be clearly shown. Expenditures have been discussed, but when can we expect progress? What results must be produced, and what criteria will be used to evaluate their quality?
5. Prepare for Media Buying
Media purchasing is the “real world” implementation when looking at a sample media strategy. It’s time to purchase advertising if you’ve done your homework and gotten approval from higher-ups on your approach.
This might be a watershed moment for the company’s future and your professional development. With careful media preparation, you can make informed purchasing decisions. Media purchasing is the process of using a strategy to guide decision-making. Several methods for purchasing billboard space for advertisements include manual bidding, programmatic buying, and real-time bidding.
Calculating reach and frequency is one of the last elements in your media strategy. If your campaign runs for a certain period, how many people will see it? How often will the same consumer see your adverts?
A series of occurrences may occur before the target audience responds to your ad. The novelty of it the first time piques their interest, the familiarity of it the second, and the urgency of it the third. You may choose the scope and frequency of your advertising campaign using methods like continuity, flighting, and pulsing.
Accepting Media Planning
There are several factors to consider while developing a media strategy. So, it’s crucial to think things through and create a strategy that accounts for every possibility.
If you invest time early, you may save monetary, impression, and reputational costs later in your campaign. The advantages of such nature are well worth the effort.
Media Planning Templates
Numerous paid and free media plan examples may be found and downloaded from the internet. The media planning templates are quite helpful since they can be modified to fit the requirements and objectives of each organization.
There may be editable planning templates included in your company’s media tools, such as HubSpot’s (free) CRM, Marketing Hub, or Sprout Social (similar to this menu of options from HubSpot). It’s also possible to make your templates using Google Sheets. You should feel free to tweak your media planning templates as your business develops and your target audience expands; each company’s media planning demands differ.
Wrapping It Up
Your company’s capacity to produce, distribute, and disseminate media material relies heavily on careful planning. This is the best way to ensure your material is shared with your audience as soon as possible and to facilitate communication and cooperation among teams working on the same project. In order to start reaching and converting more audience members, you should go through the phases of the media planning process outlined above and choose which templates you will utilize.