Posted by cpankey
Beware of the Free Spot. You know the ones, the ones on radio, TV, Classified Sections, Internet Directories etc… which you purchase x and get X+ Y and you are supposed to be thankful for them.
I had the privileged of sitting with an account today and listen to a media rep sell her on the value she was getting from his company, because every time she ran with them she got twice as many spots as she paid for. Man he made it sound fantastic. I listen quietly and went along with his program until he was finished and we asked him to follow-up with us later. When the account asked me what I thought, I had to intervene and bring us back to reality.
The reason company X is giving away twice as many spots as what we paid for is can boiled down to a couple of points:
1) The original spots are over priced.
2) The Free Spots have no Audience listening of Value
3) The Audience that we are being sold is of little value in the marketplace because the best audience would never be given away FREE. The Big boys would have taken all they wanted of that Audience.
When Buying media it is important that you analysis the deal you are being pitched, for its merit in the market place, for the audience you are reaching and for value of the product compared to the norm.
Let me explain a little deeper.
1) Merit of the media in the market place. If you are a small or medium-sized business and you are being pitched a product for marketing that seems really under priced or a really great value, stop and think a minute about why it is available. Are the biggest advertisers in the marketplace buying this package? What do they know that you don’t? Now that does not mean don’t buy it, this might be a great fit for you in your audience mix and for the price you are more likely to be able to afford enough to make a difference, just don’t allow your media rep to push into over believing in the media.
2)Free Spots traditionally don’t run during Drive Times, Prime Times, Featured Sections or Front Page Headlines. Free spots run when the inventory is not sold, in most cases when the audience is so thin that the Value even at FREE is questionable. Again don’t refuse them, even ask how many can be run in prime times or placement, but don’t let the FREE spots be sold to you as a bill of debt to the media company, they gave them to you because they needed to fill the void.
3)Audience is King. If your Free spots run when your target Audience is not their or is never there what value have you gained? Any guess as to why the largest grocery stores don’t buy late night Radio or TV spots? Could it be that the minimal audience that they might reach are not target grocery consumers? If you are a small business, I understand you may not afford prime time or page three placement, however if the audience you buy must be the right one or you have wasted more money than the big guys who may have a budget that allows mistakes.
I am not a media basher. I believe all media works. If you target the right Audience at the right time, with the right message you will get results in every media out there, You just need to analysis the media buy up against the audience received and calculate its value towards your ultimate business goals.
- Getting a Good Response to your Surveys, 2 of 2… Know your audience (blogs.constantcontact.com)
- Myth: Marketers Need One-Stop Shopping for Digital Agencies (adage.com)
- 5 Digital Marketing Trends to Watch (mashable.com)
- New online ad network boss slams lazy media planning (mumbrella.com.au)
- Industry Groups Seek to Unify Online, TV Metrics (adage.com)
Posted by cpankey
People have new wants and needs every day: Very few people have a need for any specific merchandise item on any given day. Frequent marketing reaches this “thin market” when they are ready to buy, not just when you are ready to sell.
Reaches your customers – regardless of media habits. Frequency builds awareness. Awareness builds familiarity and familiarity builds trust. Conventional wisdom says that your audience needs to be exposed to your ad 2.5 times to sink in and build awareness. Just like dieting, advertising gets the best results over time. Each ad builds on prior brand recognition.
Offers you the best rates. Most media today offer significant incentives for increasing frequency. Whether these incentives are for repeating an ad in a certain period, contracting to run a certain amount of space over time or investing a certain amount of money, media outlets recognize the need for frequency and encourage customers to use it.
Today’s ad may influence, but tomorrow’s will close the deal for a luke warm prospect. Like pushing a ball up a hill, it is better to push slowly than to push quickly and run out of energy halfway up. However pushing the ball up hill in the wrong season may not give you the reward you desire. Remember a consumer needs to see your message at least three times before deciding to act.
Beat your competition. If you are not advertising as much as your competition does, who is more likely to reach the consumer who is ready to shop?
Every day You: Open your store. Keep your shelves stocked. Have your staff come to work. Shouldn’t you invite customers in by advertising frequently? Advertising is one of your smallest expenses. Yet, not using it often enough can kill your business. For the average business, the investment in advertising could be as low as 2-3 percent.
24-hour options: No longer must you wait for tomorrow’s paper to get your message out. You can now send targeted marketing messages almost instantly to customers that are in the market to buy. Deadlines are now when ever you would like them to be, so the excuse of missing deadlines just does not have to occur.
Build marketing campaigns on your schedule.
Higher than average results. A study by Information Resources Inc. in the 1990’s indicated that base sales and price elasticity change over time with the pressure of long-term advertising. Brand equity grows with increased advertising. Furthermore, the long-term effect of advertising led to a brand being less price-sensitive. This phenomenon has not change in the complex media environment we now live in. The more the consumer knows the brand the less scrutiny it will have when regards to price and quality.
Cut through the clutter: Mohammed Ali did not become heavyweight champion of the world by punching 20 people one time each. No, he became the champ by punching one guy 20 times. By applying frequency to the poor opponent’s head, Ali was able to bring his message home. In today’s media environments this is easier than ever, with analytics and targeting opportunities with Mobile, web, and direct mail targeting
People Forget: What are the statistics about how fast people forget? It used to be that something like 80% forgets a message in 24 hours. But, I forget.