The combination of media planning and the leasing of media space is called a “media plan”.
In order to create a media plan, it is necessary to divide it into media planning and leasing, and planning on a year-round level with clearly set goals.
Everything starts from the top and is based on clearly set goals and the budget.
Media planning is the process of selecting the optimal media combination for the advertising of a specific marketing message.
This process includes the following:
- Setting goals;
- Research and identifying the right media;
- Analysis and comparison;
- Planning and testing;
- Efficient budget redistribution.
As the second part of the media plan, media leasing is a process where we take the insights gathered from media planning. Depending on our plan, we find adequate media and negotiate the purchase of advertising space through planned and paid media channels.
The result is a comprehensive media plan, i.e. a joint result of media planning and purchase, which ultimately includes a final evaluation of the effectiveness of the campaign.
It all seems simple but unfortunately, many companies do not devote enough time to media planning, not realizing that not planning brings about unpredictable costs and, ultimately, ineffective campaigns.
Simplify the process – not because we claim that media planning is easy, but because we would like to direct you towards planning.
This small step can bring you big savings and a much more effective marketing campaign.
How to simplify the media planning process?
The first and most important step that affects and defines all subsequent steps is defining the marketing budget (ideally for the entire year, but not necessarily) and the sales to be achieved using that budget.
There are no guarantees you will achieve your goal, but at least you will have a goal and something to strive for. If you have historical data, you already know how much you invested last year (or during the last campaign) and how much income you generated.
With these data, you can predict your increase in sales and how much more you need to invest in marketing.
In the end, you want the goal to be defined by 2 simple numbers – the budget and the sales result. For instance, if the budget amounts to HRK 150,000, additional incremental sales in the amount of HRK 300,000 should be achieved.
We recommend including an inflation estimate in your plan, i.e. the increase in costs from year to year.
Research and identifying the right media
After setting clear and simple (smart) goals, you have to choose what types of media you can rely on.
We at Blueprint divide the types of media into PAID, OWNED, and EARNED, and they have the following associated channels:
- Google Search
- Google Display, YouTube, etc.
- Facebook Paid
- Your own website
- Landing pages
- Your own social media accounts and their organic traffic
- Affiliate networks
- Influencers and bloggers working on sales commission
- OTA channels such as Booking.com, TripAdvisor, etc.
Each of the above media and channels affects sessions (website traffic) and the conversion rate and can be seen not only as a separate profit centre but also as the sum of all communication efforts. The combination of media and channels should be tested, and the most profitable combination should be found in a given part of the year.
Based on our experience, we divide the media ratio required for success into Growth and Profit models:
For growth we recommend:
- 40% of paid and earned media
- 60% of your own media
For profitability we recommend:
- 20% of paid and earned media
- 80% of your own media
These ratios change only if you have the possibility of high margins and a satisfactory sales volume. If you don’t have this media types ratio, you are subject to the payment of high and rising costs of paid and earned media.
Explore where the customers are, what media channels they use, and where they consume information and spend their time. Invest in those media!
Analysis and comparison
Analyse the prices of impressions and clicks, and find the media combination that will maximize your reach, reaching the highest number of people possible.
Accordingly, compare which media channels convert and drive sales. Some channels are great for information, while others are great for conversions and sales.
Media channels work in harmony, and it is your job to find the ideal combination of media channels and messages to address your customers directly and offer them a solution to their problems.
Planning and testing
Once you have gone through the previous three steps, you will have clear information needed to create the best plan possible.
Based on your plan, test what message your users react to and maximize the possibility for success.
After creating a media plan, we carry out a cost-effective, extensive, and innovative process of testing messages and creativity to ensure maximum campaign reach and success.
Efficient budget redistribution
Once the testing is done, we’ll have all marketing campaign elements collected, and the greatest possibility for success in achieving our goals.
The only thing left to do is to reallocate the budget among the media channels that will offer you the greatest chance of success.
How to make a smart decision when reallocating the budget?
You should first examine the metrics, such as:
- CPM – Cost per Mile (price for 1000 impressions), the price of the media itself
- CTR – Click through Rate, showing the success of ads
- CPC – Cost per Click, which is directly correlated to CTR, but depends on the medium
- CPA – Cost per Action, the action you wish the user to take
And don’t forget, in the digital business:
Number of Sessions x Conversion Rate x Average Sales Price = Total Income
That’s enough to get you started, but don’t stop there – find metrics and solutions that can help you make even better decisions.
The job of a media planner and purchaser is to reduce advertising costs and maximize business goals! We do that on a daily basis!
Let’s be clear, there is no guarantee of success, but what we can guarantee is that you’ll have a greater chance of success if you make a media plan!