Global Market Outlook on Media Analytics
As consumers continue to increase engagement with mobile devices for daily activities and content consumption, marketers will further integrate all marketing activities, including advertising, to the mobile category
Recommendations: Channels to Use
- Each channel has a threshold capacity to influence customers and the budget allocated to a channel is dependent on the channel’s capacity. The channel or the set of channels to which budget is allocated makes independent trials to influence customers in their network and the set of channels that influences the maximum customers can be selected as the optimum mix.
There are several general ways that these companies plan media.
- In house vs. agency: Some companies do their media planning in-house. This is advantageous because they know their business better than any media planner can. However, its weakness is that most in-house brand managers may not have as good of a pulse on media and ad tech, so they may not have as sophisticated of media plans
- Geo-based planning: All major brands plan campaigns in different geo’s with different teams. Brands should have a team focused on EMEA vs. N.A. vs. APAC, etc. This is critical because each of these regions is incredibly nuanced. EMEA for example typically requires the most resources, since there are so many countries, languages, and cultures to navigate
- In house vs. outsource: A company can choose to either execute this media via DSPs and social platforms in-house or they can outsource this activity to a trading desk or agency. There is a lot of expertise needed to buy/execute the media, so a strong in-house team is necessary
- When outsourcing, either a trading desk model or transparent agency model can be followed. One of the biggest problems when outsourcing is that the level of transparency will be minimal. Typically, trading desks are very opaque. There are tons of details to this, but when engaging with an external execution arm (agency, trading desk, etc.), a transparent model need to be requested
- Many large global companies (HP, Google, L'Oreal for example) build internal Centers of Excellence (COEs) in order to ensure that Internal Marketing Managers and Agency partners perform at the highest level
- Understanding the cost components facilitates significant cost savings through negotiations with suppliers. Hourly billing rates will help client in gaining visibility into the agency salaries, which is the major cost component in media planning and buying.
- Unbundling panel, fieldwork, and facilities requirement are the key approaches adopted by majority of pharma buyers in order to have a better control over the overall pricing.
The engagement with a media agency has many value benefits, such as lower costs, access to best in the industry technology and talent pool, higher audience reach, etc., but in-house team facilitates better control over the process and a quick response and modification scope to campaigns.
The experts suggest to go with an optimal mix of both these via building the strategy in alliance with the agency and then maintaining it in-house.