There are plenty of buzzing articles out there about how “How Digital Media should be applied within your Media Planning”. Those articles are forcing Marketeers to quickly respond on digital transformational changes – especially when it comes to their standing within the company as Innovation-drivers.
From Buzz words like “Mobile” to “great case-studies”, most companies seem to plan their digital media on high-level knowledge and leave the insights to their (Media) agencies that are promising fantastic CTR’s, CPL’s and CPA’s. But do you really know in what you are buying in?
Before you plan your media budget you should create a step-by step-plan (e.g. strategy) how to reach your target audience. Key learnings from past years should give a guidance but also should be questioned as media quickly changes from month to month especially because of digital transformation.
So here are the steps to start with:
Marketing Media budget is the biggest cost-killer for most of the companies. Especially within bigger companies, media budget owner are not deciding careful enough when it comes to media as their responsibility is hidden behind couple of management levels.
Decision makers are not legally liable for the money spend, so they are behaving like that. If the media budget would be their own money, they would spend it more carefully and question their actions in more detail instead of just finding save argumentations for their higher management. The decision of the amount of media budget and rough split should start with extensive screening of analytics of past campaigns, owned and future target-audience touchpoints.
Based on the insights, define the touch-points where the upcoming target audience is and how they are involved within different touchpoints (user-journey). Then you will be able to create a rough media split and dig deeper within each channel. Hereby you should let your agencies come over and present their thoughts on how users interact within these channels and how to reach them – and define the content to engage with them.
After all input you will need to make a decision on how to split digital and classic media budget of your brand/ product. Don’t get into the “same-as-last-year” laziness and try new ways. Especially within digital media you will need to try out and learn from new results. And here comes the big challenge: If you try to convince your top-management with your plans, you have to take risks to gain greater results than before.