Media agencies

Media agencies and selecting the media mix

 

Problem: How to corporate with media agencies?

 

Learning objectives: 

1. What do media agencies do?
2. What stages are involved in media planning?
3. How to optimize media expenditure?

Media Agencies

 

Media agencies are companies that advice on how and where to advertise and on how to present a positive picture of themselves to the public. Many firms use media agencies especially to represent their brands online. 

(source: http://dictionary.cambridge.org/de/worterbuch/englisch/media-agency?)

The services a media agency offer are about: advertising, public relations and media management. The marketing message the media agency creates has to appear at the right place, at the right time, right quality, right quantity and to the right price for the customer.

The usual hierarchy of the account services is: account executive, account manager, account director and head of department.

A media buying service is responsible for purchasing advertisemnts space and time.. With media planning and buying, a media buyer has to evaluate media reach, formats and pricing and everything that is related to the advertiser's marketing objectives.

Media bying agencies are very similar to advertising agencies except they do not offer any creative services. Full service advertising agencies offer media bying and media planning services.

Media Planner:

• selects the media to meet clients marketing objectives
• creative service

Media Buyer:

• work with media planners
• selects the right media for reaching effectively the target audience
• purchases the media
• choses the right place for the marketing message

Find a ranking of leading agency brands here:
 http://www.adbrands.net/top_media_agencies.htm

Starcom Mediavest show how media agencies work:

https://www.youtube.com/watch?v=Vd8JoPzjOg8

 Media planning

Among media planning the entire planning process for the targeted use of mass media (newspapers, radio, television, Internet, etc.) is meant for the purpose of advertising.

 

The process of media planning is involved in the marketing management process. To achieve those derived from the marketing objectives advertising goals, media planning analyzes the following questions:

1. What budget is needed? 
2. What is the advertising message?
3. Who is the target audience of the campaign? (Target group) 
4. Which advertisement format should be used? (Advertising Materials) 
5. Which media will be promoted? (Advertising)  
6. When and where will be promoted? (Temporal and geographical spread) 
7. In which way will be promoted? ( continously?) 

 Elements of a Media Plan

 

(1) Client request and marketing objective

•  Business/ Sales Objectives
• Strategies for upcoming year
• Initiatives
• Research/ Industry Trends

(2) Media objective

• Who?
• Freqence?
• Budget Consideration

(3) Media strategies

• Where? When? What?

(4) Media tactics and media vehicle selection

•  Magazines/ radio/ TV/ Out-of-home/ Newspapers (...)

(5) Plan and recommendation

• Executive
• Evaluate
• Adjust if needed

 Selecting the right Marketing Mix

The right Marketing Mix can help a company to approach consistently new sales while sustaining customer lifetime value over a long period of time. By profiling customers and determining goals and tactics, you can create a marketing mix that will help you succeed in building a strong sutomer base. Furthermore creating a customer profile helps to make decisions concerning: product, price, promotion and placement. Concerning the companys goals and budget the most efficient marketing tactic has to be chosen. The most value can be created by increasing benefits to the customer and tactics so called "Marketing Mix" can create this value.

The customer profile you create will help you make product, pricing, promotion, and placement decisions.

Some marketing tactics are more expensive than others. Decide which ones are the most efficient considering your goals and your budget.

Once you have created your customer profile and determined your goals and budget you'll be able to make tactical decisions that will reach your customers throughout the entire life cycle of the product.

Source: Boundless. “Creating a Marketing Mix.” Boundless Marketing. Boundless, 08 Jan. 2016. Retrieved 07 Apr. 2016 from https://www.boundless.com/marketing/textbooks/boundless-marketing-textbook/marketing-strategies-and-planning-2/steps-to-creating-a-marketing-plan-28/creating-a-marketing-mix-154-7234/

What is the Marketing Mix?

Product: What is the product that fulfills the customer's needs?

Price: What should be the appropriate price for this product that allows to compete with other products in the same segment?

Place: In what markets should the company offer a product?

Promotion: How should the product be promoted?

By profiling customers and determining goals and tactics, you can create a marketing mix that will help you succeed in building a strong customer base.

Source: Boundless. “Creating a Marketing Mix.” Boundless Marketing. Boundless, 08 Jan. 2016. Retrieved 07 Apr. 2016 from https://www.boundless.com/marketing/textbooks/boundless-marketing-textbook/marketing-strategies-and-planning-2/steps-to-creating-a-marketing-plan-28/creating-a-marketing-mix-154-7234/

By profiling customers and determining goals and tactics, you can create a marketing mix that will help you succeed in building a strong customer base.

Source: Boundless. “Creating a Marketing Mix.” Boundless Marketing. Boundless, 08 Jan. 2016. Retrieved 07 Apr. 2016 from https://www.boundless.com/marketing/textbooks/boundless-marketing-textbook/marketing-strategies-and-planning-2/steps-to-creating-a-marketing-plan-28/creating-a-marketing-mix-154-7234/

By profiling customers and determining goals and tactics, you can create a marketing mix that will help you succeed in building a strong customer base.

Source: Boundless. “Creating a Marketing Mix.” Boundless Marketing. Boundless, 08 Jan. 2016. Retrieved 07 Apr. 2016 from https://www.boundless.com/marketing/textbooks/boundless-marketing-textbook/marketing-strategies-and-planning-2/steps-to-creating-a-marketing-plan-28/creating-a-marketing-mix-154-7234/

By profiling customers and determining goals and tactics, you can create a marketing mix that will help you succeed in building a strong customer base.

Source: Boundless. “Creating a Marketing Mix.” Boundless Marketing. Boundless, 08 Jan. 2016. Retrieved 07 Apr. 2016 from https://www.boundless.com/marketing/textbooks/boundless-marketing-textbook/marketing-strategies-and-planning-2/steps-to-creating-a-marketing-plan-28/creating-a-marketing-mix-154-7234/

 

5 Simple Steps to create value

1. Understand your products and services
2. Don't skimp on your marketing budget
3. Try a variety of marketing tools
4. Know your target audience
5. Create realistic, measurable sales goals ( SMART)

Source:

http://dictionary.cambridge.org/de/worterbuch/englisch/media-agency

http://www.kantarmedia.com/us/thinking-and-resources/blog/what-is-media-planning

http://www.adbrands.net/top_media_agencies.htm

http://articles.bplans.com/5-simple-guidelines-to-achieve-the-right-marketing-mix/