You’re ready to launch a campaign promoting your latest product or newest seasonal offering. You know that the key to getting more eyes and ears on your brand is through a comprehensive media buy.
So your team puts together a plan. You see the spreadsheets, they show you flow charts, you approve a media plan, and you cut a big check. Then, you see your ads on billboards and the glossy pages of magazines, and hear your jingles on the radio. But when it comes to actual results, something is coming up short. You’re not seeing an increase in rooms booked, and you’re not seeing any new visitors.
In this blog, we’ll explain why it’s paramount that you understand the “why” behind your media buy, and three insights that should drive your media strategy.
Why you need to know the “why”
The “why” behind your media buy is the strategy driving the combination of media and markets chosen by your marketing team to create the best success for your brand. Your media buy should be guided by your organization’s goals, and it should produce results – increased bookings, reservations, sales, etc. – that are linked directly to your bottom line.
If you’re confused about the “why” behind your most recent buy, it could be that your media team hasn’t explained the strategy behind it. Don’t hesitate to ask questions and learn about the research, insights and what should be a sound media strategy driving the recommended media channels.
When research isn’t analyzed to create insight, the strategy has no justification. At that point you’re left with your gut, shallow generalizations, or maybe decisions based on pros and cons of individual media tactics. None of those are a solid approach.
In today’s noisy media landscape, research – especially insights focused on your brand, your audience and your competition – should reveal a sound media strategy.
During the research phase of the media buying process, it’s critical to study the brand and understand how it exists within the marketplace. What does it stand for or convey to audiences? Why is it relevant? What feelings do people get from it?
In addition to understanding your brand, know your audience. What motivates them? How do they feel? Ultimately, a brand is faced with a challenge or opportunity. How does the audience address the challenge or opportunity, and what impact could that have on media?
Understanding your industry landscape includes research revolving around your competitors. It’s not exclusively about knowing who the competition is, but instead, what impact that competitive set has on the brand, the audience, etc. Has your competition saturated the market? Is there consistently a new competitor on the scene, always grabbing the spotlight? These implications should be studied, as they could shape the media strategy and tactics used in the media plan.
At Morgan & Co., we believe that data is important, and the analysis of data drives strategic planning for our clients. But data can fall short if you don’t understand what it means in the context of your brand, your audience and your competitor landscape, and the implications that come with it.
If you’re scratching your head about the strategy behind your media buy, or if you’re wondering if there’s a strategy at all, give us a call. We can explain how to analyze data to create insights and build a solid media strategy. When we’re done, you will understand the “why” behind your media buy.