Auditing Your Media Plan And Budgets: 5 Actionable Tips
The question of how to advertise, or what to advertise, are among those concerning marketers in these unprecedented times. Here we discuss the importance of auditing and reviewing your advertising spend and budgets.
For further details on auditing your media plan and budgets, download our PDF: Mediaworks – Auditing-Your-Media-Plan-And-Budgets
5 Actionable Tips
1. Review your media spend, channels and creative
Budget allocated to Out of Home, Cinema Advertising, Trade Shows, or any media that targets large gatherings should be reviewed.
In addition, any creative that you are using that includes scenes or descriptions of seasonal get togethers or reference crowds, should be replaced for the foreseeable future.
2. Check lead times and cancellation policies for new media
If you need a rule of thumb for cancellations, work from 28 days’ notice. If you’re outside of this period, you shouldn’t be penalised for cancelling.
Before considering short term cancellation or amends, review the alternative creative available to you for those placements and the lead times for booking new activity and producing new creative.
3. Focus on in-home media such as on-demand TV, digital, audio and radio
Early reports show that radio is hitting a listening peak, particularly in the home through smart speakers, connected TVs, and online streaming services, making platforms like DAX and Spotify a viable option.
The increase in viewers of on-demand TV services means it’s a good time to test the medium if you have suitable TV-ready content available. Moving a proportion of your traditional media budget to top of the funnel online display and online video content should also be considered.
4. Advertise with trusted media sources
Consumers are keenly seeking out information and up-to-date news from trusted media providers. Radio stations such as LBC and TV channels like Sky News are being accessed more regularly as they’re trusted sources of information.
Channel 4 News has seen significant increases in viewing on its linear broadcasts, up last week by 18% for all individuals, but crucially up an incredible 84% for those important young audiences.
5. Ensure you are visible across all channels
If you are in a market where your products or services relate to changes brought about by the current situation, consider placing editorially led advertorials online or in print to provide prospects with more information.
Provide succinct key differentiation points on why your product can help others in the crisis. Audiences are looking for advice and information through relevant news and media and advertorials are guaranteed to deliver that.
If you need any further support or information then do not hesitate to contact the Mediaworks team.
Thank You. Stay Safe.