Why should advertisers audit their media? The overall answer is simple, says Johanna McDowell. Clients need to manage their media investment. It is not always about how much they spend on media but how these companies are investing in the media.
The advertising media spend of any advertiser is typically the company’s second or third highest outgoing cost and it is for this reason that most companies wish to assess this spend regularly, to ensure maximum efficiency is being achieved.
If companies view their expenditure in media as an investment, they then of course will want to look after it as they would any major investment.
Here are a few guidelines and benefits about how companies can manage their media investment including the benefits of a media audit.
- Setting targets –What do advertisers want to achieve and by when do they want to achieve it?
- Accountability – Cost improvements bring great benefits, but cost improvements together with quality improvements will bring greater benefits in the long- term.
- Measurement –Advertisers need to set the measurements of their investments at the beginning of their media campaigns.
- Allocating – All three parties – advertisers, media agencies and media owners – are accountable for their responsibilities.
- Effectiveness – Improves the marketing decisions and makes sure all the planning is done effectively.
- Efficiency – Ensuring value when a media audit is being done.
- Independence of a media auditor is vital, this guarantees that there is no vested interest and that the feedback is neutral.
Among procurement professionals within all major advertisers and marketers, there is a commitment to ensuring that all monies are well spent and are delivering a strong return on investment. Media auditing can at least ensure that the first part of the equation is delivered.