Archive for June, 2010
Media buying is a fast-moving, complicated process that demands a mix of both hard data and intuition to be executed successfully.
It’s not as easy as making a few phone calls and plugging some numbers into a spreadsheet, neither for ad agencies nor the businesses and organizations that plan and buy their own advertising.
Each media channel is measured differently, and the formulas used to determine the best placements vary depending on the advertiser’s goals, the different media used, and how the campaign results will be measured. And if you stare long enough, the formulas can turn into one big circular reference.
There’s a mountain of information to collect and manage that—if printed out and piled—would rival the height of the campaign budget in dollar bills.
To make sense of it all, Michael J. Massey and Chrissie VanWormer offer their media buying experience and expertise in their new book Your Ad Here: De-Mystifying the Business of Media and Advertising.
In fewer than 100 pages, the book provides a high-level overview of basic advertising concepts and how to implement them in a media plan. The chapters are laid out in an order that follows the process of a media buy, making it a quick read with easily digestible tips, tricks, and examples. It’s worth the time spent following the case study of retailer Crazy Boy Jeans, who is making a buy to promote an upcoming denim sale.
Not only does the book demystify the esoteric language of media buying by providing clear definitions for words like flighting and makegood, it also offers practical tips on negotiating placements and for managing and organizing all the information related to a media buy.
In the first section, Massey and VanWormer cover
- Audience profiling and targeting
- Account management
- Avail requests
- Data management
- Trafficking and creative
The second section reviews all media and the strategy and tactics behind the ads—from broadcast to word of mouth—and provides tips for incorporating those media channels into an advertising campaign.
Your Ad Here captures some of the key challenges that media buyers face, especially when working with a tight budget. There’s also an overriding theme of “win-win” that applies to everyone who participates in getting the message out there—agency, media outlet, the business, and even the interns looking to get into the advertising space.
And above all, note Massey and VanWormer, the message needs to be good, too, to help it spread.
Read the rest of this book review at Avenue Right’s blog, including my top 10 tips from the book.
Learn more about De-mystifying the Business of Media and Advertising and purchase the book at www.YourAdHereTheBook.com.
Last week brought a quick (30-hour) trip to New York when Avenue Right was invited to demo our product at the Speed Geeking session of ReadWriteWeb’s Real-Time Web Summit.
Below is an excerpt from a company blog post that resulted from the event (and link to the full post). I mention it out here because I think it is interesting how real-time technology and user experience are being used in different industries, how we’re starting to see the same technologies used in our social lives being integrated into core business applications. And because it’s hard to find time to post to two blogs. Especially in the summer.
Among the most time-consuming tasks in media buying is gathering, organizing, and analyzing information, making sense of the piles of spreadsheets, PDFs, Word docs and other formats to get a clear picture of the advertising marketplace before finalizing the media plan.
Let’s say a media buyer has decided that it’s a mix of local radio, TV, online, and few print pubs that will best reach the target demographic. That was the easy part.
Now it’s a matter of finding the latest information on the advertising opportunities in that local market, and having the tools available to act on that information throughout the planning and execution of a simple or complex media buy.
Meanwhile, the media buyer is accustomed to engaging in social media in her personal and professional life, savvy enough to include those outlets in the advertising plan.
No matter what industry we’re in, we’re used to getting information the instant it becomes available, and being able to act on that info with the proverbial “few clicks” and to share it with a hashtag or two. We like to see what our “friends” are up to without having to ask them. We watch trending topics to gain insight about the world around us, as it happens.
It’s this same real-time technology that powers Avenue Right’s media buying platform, providing not only more accurate and up-to-date market information, but also increased efficiencies by automating manual tasks.
Power of the Platform
Avenue Right incorporates all media channels—online and offline—into a single platform without interfering with inventory supply and demand or negotiations, biasing information with a commission structure, or remaining static in a digital world grown accustomed to real-time information.
Powered by its user community, Avenue Right is not an ad network or an ad exchange, but rather a resource that brings offline and online local media planning and buying together, staying out of the commission chain in order to provide a non-biased exchange of information between buyers and sellers.