Buying the right media is critical to the success of any business and ensuring that you get the right deal is essential.
One of the biggest challenges that I’ve seen with small business is the constant “have I got a deal for you” from media reps. Media reps are employed by media companies to sell space. Whether it’s radio, tv, outdoor, newspaper, magazine, independent or corporate, media reps end goal is to get the deal signed. As a business owner, you need to understand the restrictions and limitations to every offer and also to ensure the media is going to drive the results and is the correct deal for you.
1. Re-visit your plan
We spoke in a previous blog about developing a marketing plan. Before agreeing to any media you need to look at it line with your marketing plan. If it doesn’t fit with the strategy, it’s not a good investment.
2. Read the fine print
In a lot of bargain or brand type media buys, there are generally restrictions about when the media can be utilised and times when the media can run. For example, you might receive 50 ads during the day and another 50 at night. The reason for this is that they are trying to sell up the media that doesn’t have the highest views. Depending on your product, this might work fine based on the broadness of your audience, however, the more media you buy at the time people are listening or watching, the greater opportunity for return.
3. It’s not just about the spots.
Further to the above, you shouldn’t just assess the buy based on number of spots but your total audience numbers. Media companies buy to TARPS which is basically a rating based on the number of people within your target audience expected to view the media at a certain time. The higher the TARPS, the larger your audience. You need to ensure that your media is actually reaching your target audience for it to be considered a wise investment.
4. Is it a media that your customers actually engage with?
Getting a great deal is one thing but whether your target audience uses it is another. If you are buying media, check the media results to ensure that your audience is a part of the viewership. If they aren’t, it’s not the right media for you.
5. Does it meet your objective
It’s not just about getting your name in lights but driving results aligned with your objectives. Ensure that any media offer is going to achieve to your plan – acquisition, retention and awareness messages all perform differently in selected media.
6. Never agree to buy media on a golf course, at lunch, dinner, football….
The old wine and dine still definitely exists in media. Be careful what you commit to when you are in a social environment where you don’t have the opportunity to conduct a proper assessment. You might not get a hole in one once you leave the course!
7. Get a second opinion
If your not sure, get someone else to review the details for you. They might ask some questions that you hadn’t thought of.
8. Ask for the facts
If the media offer doesn’t include some statistics, facts, case studies and previous usage references, ask for the details. You need to understand who else has used the service and the results that they’ve achieved. You even have the right to ask for contact details to speak with the person direct, especially if there is a large amount of investment involved.
9. Take time…just don’t sign
Never sign or agree on the spot. It could mean a very poor investment in the long run.
10. It’s okay to say no.
When you have the media rep standing in front of you, contract in hand, you can sometimes feel overwhelmed and pressured into signing a deal. The pressure may be a way to hide things and I’ve seen a number of pressured commitments that have resulted in some very costly poor decisions. You don’t have to sign immediately, even if it’s a one off only available until 3pm deal. There’s always the opportunity to go back and negotiate later should you identify that the media is potentially going to drive results, but you need to maintain the drivers seat position. It’s your business.
Purchasing the right media, not over investing and ensuring that you are able to continually measure your results against your objectives is really important as part of your media plan. As with any offer or contract, if the deal sounds too good to be true, it generally is. Taking the time to ensure that you understand exactly what you are signing up for is going to be a great starting place before you commit to any media. If the media continues to be offered at bargain prices, you may want to question whether it is achieving the results proposed as discounted media is driven mostly by additional availability – if other companies aren’t buying there could be a reason.
If you end up with media that isn’t suitable or isn’t going to drive the return required, this could be a very costly exercise for your business especially if it is taking funds away from things that are really going to drive results.
Be careful. Once signed, it’s hard to get out of media agreements and you don’t want to be caught in a drop and charge where you still pay for the media even though you didn’t use it.
Remember – always refer to your plan. If it doesn’t fit, don’t buy it.
Good Luck!
The Marketing Elf
August 2017
The Marketing Elf 