Media agencies

  • What is a media agency?
    • What is the definition of a media agency?
    • What are tasks and core competences of media agency?
    • What are different kinds of media agencies? Give examples.
  • When to use a media agency?
    • What are pros and cons of using a media agency?
    • How to consider budget when using a media agency?
  • How to select the right media mix?
    • What are the components of media mix?
    • What is a media plan?
    • Define the following concepts:
      • earned-owned media;
      • paid media;
      • shared media;
      • intramedia;
      • intermedia

WHAT IS A MEDIA AGENCY?

Media planning is generally the task of a media agency and entails finding media platforms for a client’s brand or product to use. The job of media planning is to determine the best combination of media to achieve the marketing campaign objectives. (Advertising Promotion and Other Aspects of Integrated Marketing Communications, Study Guide)

In the process of planning, the media planner needs to answer questions such as:

  • How many of the audience can be reached through the various media?
  • On which media (and ad vehicles) should the ads be placed?
  • How frequent should the ads be placed?
  • How much money should be spent in each medium?

Factors to consider when comparing various advertising media:

  • Reach — Expressed as a percentage, reach is the number of individuals (or homes) to expose the product to through media scheduled over a period of time.
  • Frequency — Using specific media, how many times, on average, should the individuals in the target audience be exposed to the advertising message? It takes an average of three or more exposures to an advertising message before consumers take action.
  • Cost per thousand — How much will it cost to reach a thousand prospective customers (a method used in comparing print media)? To determine a publication’s cost per thousand, also known as CPM, divide the cost of the advertising by the publication’s circulation in thousands.
  • Cost per point — How much will it cost to buy one rating point the your target audience, a method used in comparing broadcast media. One rating point equals 1 percent of the target audience. Divide the cost of the schedule being considered by the number of rating points it delivers.
  • Impact — Does the medium in question offer full opportunities for appealing to the appropriate senses, such as sight and hearing, in its graphic design and production quality?
  • Selectivity — To what degree can the message be restricted to those people who are known to be the most logical prospects?

Role of media agencies :

  1. Creating an advertise on the basis of information gathered about product
  2. Doing research on the company and the product and reactions of the customers.
  3. Planning for type of media to be used, when and where to be used, and for how much time to be used.
  4. Taking the feedbacks from the clients as well as the customers and then deciding the further line of action

Types of media agencies :

1. Traditional Advertising Agency

This is the oldest and most traditional type of marketing company style. Made most famous recently by the hit TV show Mad Men.

Up until a little thing called the internet was launched in 1996 ad agencies were the only game in town. The larger Winnipeg ad agencies offer all types of marketing; with the most common service being media planning and buying services, however many now offer other services from branding, to internet marketing.  The most common service from the larger Winnipeg ad agencies remains advertising. These agencies dominate TV advertising—both creative and media, along with all types of print (magazines, newspapers), radio, outdoor, and Internet.  Many of Winnipeg’s mid sized agencies also offer many of these services. There are several smaller ad agencies in Winnipeg that focus on print, but also offer radio and digital marketing solutions if required. Many of Winnipeg’s Ad agencies will focus on retail clients (business-to-consumer), but will also work with business-to-business clients that need advertising, or have larger marketing budgets.

2. Branding Agency

Branding or brand identity agencies are often referred to as boutique agencies. Agencies that specialize in branding provide a range of services from logos design, to brand name development, graphic identities & signage.  Most branding specialists will conduct market research to support their brand strategies, and may engage in wider services like website design & advertising.

3. Design Focused Agency 

Many Design focused shops describe themselves as design agencies or studios. Design agencies will often focus their efforts on the creation and design of brand packages, websites, advertising, flyers, brochures and all types of print collateral.

4. Media Buying & Planning Service 

Media agencies and buying services often specialize in strategy, research, planning, buying, execution and placement of all types of media including TV, print or newspaper, radio, billboards or outdoor, and online & digital. Like many of Winnipeg’s advertising & marketing agencies, media agencies will also offer other types of marketing. The larger media agencies provide an integral service to large advertisers due to their ability to negotiate and leverage and multi-media networks.

5. Promotional 

Winnipeg has several promotional type agencies that specialize in working with retail and package-goods clients for promotional campaigns that include advertising, coupons, contests, loyalty programs, merchandising displays, & promotional displays.

6. PR or Public Relations Agency 

Public relations, media relations, investor relations, and crisis communications are common services provided by Winnipeg PR Agencies. Other services include, news announcements, content creation and placement, and press conferences or events. Some Winnipeg PR firms also offer event marketing and will assist clients with new product launches, web development & social media.

7. Marketing Agency

The main difference between a traditional Advertising Agency and a Marketing Agency is the volume of services they will offer. Traditionally, Advertising Agencies have focused on creating and executing advertising campaigns and while some have diversified and now offer many other services, marketing agencies generally do it all. Most of Winnipeg’s Marketing Agencies will refer to themselves as full-service agencies and provide advertising, PR, strategy and planning, digital, branding, photography, video, and other types of marketing.

8. Digital Agency

With the emergence of digital as an essential part of the marketing mix , Internet marketing, social media, e-commerce, content marketing and related, are the fastest-growing agency types in Winnipeg. All agencies in this category will design websites, social media networks, manage blogs, and more. Further segmentation of this category occurs with Search Engine Optimization (SEO) agencies or consultants, Paid Search or Pay-Per-Click (PPC) advertising, and application development (Apps).

9. Social Media Agency

Winnipeg has an abundance of Social media agencies that specialize in creating and managing a brands on social media networks. With many paying special interest in Facebook, Twitter, YouTube, LinkedIn, & Instagram. In addition to profile design, they’ll manage blogs & create interesting and engaging content including info-graphs & videos.

10. Direct Marketing Agency

Direct marketing agencies are experts in direct mail, but also utilize email marketing, Internet marketing, customer databases, analytics and more.

 WHEN TO USE A MEDIA AGENCY

  • What are pros and cons of using a media agency?
  • How to consider budget when using a media agency?

John Sexton (Founder & CEO of Hiiro Media) says the following about the benefits of hiring a media agency (on LinkedIn) :

Turnover
A high turnover rate can lead to an inconsistent brand image. The man-hours put into a new person being trained is costly. Allowing an outside firm to handle your branding needs is a great way to make sure these guidelines don’t slip through the cracks from one employee to the next.
Time
Unless you have someone on staff who is wholly dedicated to both marketing and design, there’s just not enough time in the day to keep up with the branding needs of a business with 25+ employees. Things tend to get placed on hold or forgotten. Things such as social media posts are missed, ads are only halfway complete, concepts are not well thought-out, and your brand image begins to fade. Partnering with an agency gives you the assurance that your needs are met on a daily basis and handled with complete competent care.
Skill
Rarely can you find a master of both marketing and design. You may find an employee that understands the best avenues for marketing your brand. However, it is extremely unlikely that you will find both. Successful agencies like Hiiro Media have it all. As a client, you should receive a thoroughly vetted marketing plan that encompasses multiple channels (social media, digital display ads, print, etc.), accompanied by strategic planning and monitoring. For example, let’s say you sell naturally made skin care products and want to update your logo to captivate the in-store consumer’s eye. The agency designer can provide you with stellar graphics, the brand strategist could suggest adding a campaign on Instagram to drive additional traffic to your website  (also updated with the new logo) which will drive sales. An outstanding agency will always create quality content and a consistent brand experience that keeps your company relevant and thriving. An agency has the expertise to bring up relevant, strategic points that are often overlooked by an internal staff member.
Money
Astonishingly enough by hiring an agency your business will actually SAVE money. The talent at an agency such as Hiiro Media has the capabilities of: creating the best design, blogging, creation of original content to platforms, managing those social media platforms best suited for your brand, strategizing ad placements, and more. If you have to hire new employees to push out new content on a regular basis a lot of money will be lost in the process. If you hire someone internally to take on your specific marketing needs, think about the money that goes into health benefits, vacation days and training for a new employee. An agency provides an entire team of skilled professionals that hone their skills on a daily basis and can specifically focus those skills on meeting your needs and driving actual business results.
Perspective
With all the hassle and stress of running a business it can be overwhelming. Sometimes brands are spread thin focusing on too many things at once and cannot stay focused on their social media marketing efforts. At Hiiro Media, We live and breathe branding and marketing. Our team consists of experts in design, social media management, copywriting and video marketing; just to name a few. We are excited to talk with you about how we can create a strong, successful strategy for your brand that makes sense and drives revenue while building brand equity. The Result? Quality content and marketing efforts that will captivate your audience while encouraging engagement and elevate your brand.

The costing options Mark Kelly (Smart Insights) sees used most often by agencies:

Option 1. Blended rate with time estimates model

A blended rate covers all the specialists in the agency, regardless of role or seniority and will be one rate (e.g £650 per day). Useful if you are trying to keep things simple whilst estimating. And some clients will prefer this approach. Clients may ask you to give specific individual rates though if they are trying to compare ‘apples with apples’ in a pitch situation.

Option 2. Specialist rate with time estimates model

Here, as per the spreadsheet templates, the rates for individuals vary dependent on both their contribution to profitability (taking on board their overhead etc) and also the level of seniority and / or experience they have in the industry. You will be paying more for experienced people yourself and will seek to pass that on to a client who needs that experienced input into a creative or technical solution etc.

Excel-marketing-project-costing-example

Option 3. Fixed fee model

Sometimes a client fixes the budget as a ‘fait accompli’ and in this case the agency has to calculate (with its own charge­out rates) how much time can realistically be spent at each stage of the process to arrive at a solution that will meet any KPIs or campaign objectives set. Fixed fees should ideally only be set in consultation: agencies and clients should work in partnership to transparently work out what is truly involved in delivering a solution. Trying to ‘massage’ time to make it artificially fit into a ­fixed budget can lead to problems further down the line.

Even if the client has a fixed budget you should still go through a robust estimating process yourself to determine how much budget would really be required for the brief that has been set. You can the make a decision: agree to invest time (out of goodwill and for considered commercial reasons) that makes up the budget shortfall, negotiate a more realistic budget (with your robust estimate as evidence) or walk away.

Option 4. Value-based model:

This is charging for the value of the strategy or creative thinking rather than the time taken to do that thinking itself. Value-­based remuneration is based on the assumption the client will gain a high Return On Investment against the fee you charge. This is a perennial point of debate in the industry. By debate, I mean that I know of a lot of agencies who would like to use this model but the market paradigm is still that of time not value!

Option 5. Payment by results model:

Still a rare model in my experience, but one you should consider for differentiation. But you need to be confident your marketing strategy or creative for the client in the sector you’re working for can have a demonstrable, measurable impact on the KPIs you have agreed with the client. That’s where it gets difficult I think: since integration of channels is core to most campaigns, how your specific input / thinking / media planning / creative etc is isolated and attributed to those agreed measures (e.g increase in brand awareness, website traffic, online sales etc) against other external factors such as a wider campaign that may have run recently, the efficacy (or not) of the client sales team to convert leads, the UX of the website etc.

Whether you use spreadsheets or an automated / integrated project agency fees management platform, the important thing is to get your estimating discipline right from the start. A lack of accurate estimating will lead to an impact on your agency profitability. By ‘accurate’ I mean estimates that factor in all the resources / roles and time that will be required to meet the project objectives and at rates that the business has set to achieve a desired profit.

When comparing the cost and effectiveness of various advertising media, consider the following factors: (Entrepreneur)

  • Reach. Expressed as a percentage, reach is the number of individuals (or homes) you want to expose your product to through specific media scheduled over a given period of time.
  • Frequency. Using specific media, how many times, on average, should the individuals in your target audience be exposed to your advertising message? It takes an average of three or more exposures to an advertising message before consumers take action.
  • Cost per thousand. How much will it cost to reach a thousand of your prospective customers (a method used in comparing print media)? To determine a publication’s cost per thousand, also known as CPM, divide the cost of the advertising by the publication’s circulation in thousands.
  • Cost per point. How much will it cost to buy one rating point for your target audience, a method used in comparing broadcast media. One rating point equals 1 percent of your target audience. Divide the cost of the schedule being considered by the number of rating points it delivers.
  • Impact. Does the medium in question offer full opportunities for appealing to the appropriate senses, such as sight and hearing, in its graphic design and production quality?
  • Selectivity. To what degree can the message be restricted to those people who are known to be the most logical prospects?

HOW TO SELECT THE RIGHT MEDIA MIX?

  • What is a media plan?
  • Define the following concepts:
    • earned-owned media;
    • paid media;
    • shared media;
    • intramedia;

intermedia

ama-higher-ed-2014-marketers-as-masters-of-the-mix-53-638

Media planning = The process of establishing the exact media vehicles to be used for advertising .

 A media plan = Document describing objectives, strategy, tactics, resource allocation, and media schedule and media mix to be used in reaching a targeted audience.

How to create a media plan = 

  • Step 1: Define and write down your objectives for your public relations or media plan. How will you design your public relations campaign? Will it be designed to:
    • Establish your expertise among your peers, the press, or your potential clients or customers?
    • Build goodwill among your customer, supplier, or your community?
    • Create and reinforce your brand and professional corporate image?
    • Inform and create good perceptions regarding your company and services?
    • Assist you in introducing a new service or product to your market?
    • Generate sales or leads?
    • Mitigate the impact of negative publicity and/or corporate crisis?

    You may be wondering why I am asking you these things at the beginning of a tutorial that is supposed to show you how to create and your develop public relations plan? The answer is easy. In order for your public relations and media plan to be successful it’s first most important to determine and define your objective. With a clear objective in mind you have laid the ground work to the complete the remainder of this tutorial.

  • Step 2: Define your goals in achieving this objective. It is important that your goals be specific, measurable, results-oriented and time-bound. These goals must be in-line with your overall business, marketing, and sales objectives.
  • Step 3: Determine who your target audienceconsists of. Who is it that you want to reach with this campaign? What do you want your key message to be?
  • Step 4: Develop a schedule for your public relation campaigns. Create synergy by coinciding your public relations plan with other marketing and sales efforts.
  • Step 5: Develop your plan of attack. What communication vehicles will you use to get your message to the public? Examples may include:
    • Press releases
    • Articles
    • Customer Success Stories
    • Letters to the Editor
    • Press Conferences, Interview, or Media Tours
    • Radio, Television, or Press Interviews
    • Seminars or Speaking Engagements
    • Event Sponsorships

    Select three from the list and beginning researching and developing your approach.

  • Step 6: Put measures in place to track the results of your public relations campaign. After each campaign sit down and review the results. Did you achieve the defined objectives and goals of this campaign? Should you consider modifying your original plan? If so, how and why?

Earned/owned media/paid media = 

trifecta2

paid-earned-owned-shared-media

http://pearanalytics.com/blog/2014/sample-marketing-plan-with-paid-owned-earned-and-shared-media/

Sources :

https://books.google.fi/books?id=U17MAwAAQBAJ&pg=PT32&lpg=PT32&dq=Media+planning+is+generally+the+task+of+a+media+agency+and+entails+finding+media+platforms+for+a+client’s+brand+or+product+to+use.+The+job+of+media+planning+is+to+determine+the+best+combination+of+media+to+achieve+the+marketing+campaign+objectives.&source=bl&ots=HUzG23ws2C&sig=ACjrB0EGniabz5t_MnHXCX1pHEQ&hl=nl&sa=X&ved=0CDUQ6AEwBGoVChMI6ZeFvvSDyQIVQREsCh1xOwGP#v=onepage&q=Media%20planning%20is%20generally%20the%20task%20of%20a%20media%20agency%20and%20entails%20finding%20media%20platforms%20for%20a%20client’s%20brand%20or%20product%20to%20use.%20The%20job%20of%20media%20planning%20is%20to%20determine%20the%20best%20combination%20of%20media%20to%20achieve%20the%20marketing%20campaign%20objectives.&f=false

http://www.tmdwinnipeg.ca/10-types-of-winnipeg-advertising-agencies

https://www.linkedin.com/pulse/5-benefits-hiring-social-media-agency-josh-sexton

http://www.smartinsights.com/managing-digital-marketing/planning-budgeting/marketing-agency-costing-and-budgeting-models/

http://www.entrepreneur.com/encyclopedia/media-planning

http://pearanalytics.com/blog/2014/sample-marketing-plan-with-paid-owned-earned-and-shared-media/

 

 

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