Paid Media Fundamentals of Media Planning and Buying - Session 2 - PDF

FUNDAMENTALS OF MEDIA PLANNING AND BUYING Session 2 What media planning and buying are and how they work together The steps to identifying, planning, negotiating, buying and monitoring The terms associated with media planning and buying AGENDA RECAP CONTEXT DEFINITIONS THE PROCESS BEHIND The compone...

FUNDAMENTALS OF MEDIA PLANNING AND BUYING Session 2 What media planning and buying are and how they work together The steps to identifying, planning, negotiating, buying and monitoring The terms associated with media planning and buying AGENDA RECAP CONTEXT DEFINITIONS THE PROCESS BEHIND The components of the media plan More aspects to consider THE BRIEF MEDIA PLAN EXAMPLES Paid Media External marketing efforts that you pay to place Inbound marketing centers on creating and distributing content that draws people to our brand Outbound marketing involves proactively reaching out to consumers to get them interested in a product. Social media ads, retargeting ads, and promoted pins are pieces of a larger and integrated marketing strategy. INTEGRATED MARKETING STRATEGY Your overarching marketing strategy includes not just paid media, but owned, earned and shared media as well. PAID MEDIA SHARED MEDIA OWNED MEDIA EARNED MEDIA Owned media includes channels your brand controls, like your website or blog. The benefit of owned media is that you have complete control over the content and messaging and can use it to build your brand and promote your products or services. OWNED MEDIA Earned media is driven by your users, customers, and fans who promote your brand by word-ofmouth. EARNED MEDIA The benefit of earned media is that it can be more trusted and authentic than paid media, as it comes from a third-party source. However, it is incredibly difficult to distinguish earned media from paid media. Shared media is any type of content that your customers or followers share on social media: user-generated content, shares, comments… The benefit of shared media is that it can help to increase brand awareness and reach a wider audience. SHARED MEDIA And paid media includes content that you pay to promote: sponsored posts on social media, website display ads, paid search ads… The benefit of paid media is that you have (nearly) complete control over the message and target audience. PAID MEDIA IN SUMMARY ü Paid media provides complete control over the message and audience ü Earned media can be more trusted and authentic ü Owned media allows complete control over content and messaging ü Shared media can help increase brand awareness and reach a wider audience. SOME EXAMPLES OF PAID MEDIA ADS Think of display ads, search ads, and even sponsored content. Do you feel like the internet is listening to you? Well, that is probably because of retargeting ads. If you are looking for flights to Portugal for a vacation, you may start seeing retargeting ads. Google Maps is in the paid media space too with promoted pins. KEEP IN MIND Advertising (Paid media) can fit in the flywheel of the customer experience: ads are content. It’s almost as if the customer has a seat at the table in creating that concept. How to align initiatives around your business goal When creating a campaign, there is a lot to do, many actors, and a lot to think about and to coordinate. How do you combine all of our paid marketing efforts to maximize their impact on your business? 1. Media planning (incl. Media Strategy) 2. Media buying 3. Media optimization Not only are you able to understand how that dollar/euro was spent and what you got in return, but you're able to learn from what that dollar/euro did. Let’s start with the definitions Media Plan The goal of the media plan is to find that combination of media that allows the marketer to communicate the message in the most effective manner to the largest number of potential customers at the lowest cost (considering resources and budget). A media plan is the blueprint for our campaign efforts. Media planning -> GETTING THE RIGHT MEDIA MIX Media planning is the process of determining how, when, and where your ads are shown to a targeted audience. Media buying The process of purchasing your paid media placements (inventory). This includes setting bids and automating purchases. What Is Media Buying The complementary, secondary process by which an individual/agency takes the insights from the media planner and negotiate buying ad space across the intended media channels. This can be automated or done manually depending on preference, objectives, audience, budget, etc." The paid media plan sets the vision and goals for your business, and media buying executes on the strategies in a way that maximizes the Budget for the campaign. Media optimization Includes tracking performance and refining your campaigns over time. The goal of media optimization is to refine targeting, decrease spend, and increase the return on investment. The main actors The marketing department (or digital, brand..) The agency (if any) The stakeholders The campaign brief - The expected output and goal - The budget The audience WORKING MODELS 100% INHOUSE HYBRID EXTERNAL AGENCY (CREATIVE, MEDIA…) Who is a Media Planner? Media planners are the people figuring out which media platform to use for a new campaign. Their tasks: Conduct research to figure out how to achieve what the client wants. Outline objectives and goals for the campaign Choose more than one platform if necessary and set a budget for each medium Required certain skills: Attention to detail, Commercial awareness, Understanding of numeracy and data analysis, Confidence, Organizational skills, Interpersonal and communication skills. Media Buyer We can call a media buyer “The Executor” because they’re responsible for getting the things done. Media buying is the process of purchasing ad space across various channels and platforms. This means evaluating platform formats and rates to ensure they coincide with the plan and negotiating costs and building relationships with counterparts at various channels and platforms. The goals of buying media are to take ad creatives and get them in front of the brand target audience in the right context at the right times and in the best formats. Media buying often leverages one of the following popular strategies: Manual bidding Direct buys Programmatic buys Real-time bidding (RTB) The difference between Media Buying and Media Planning Media planning and buying should be closely integrated to create a cohesive, successful ad campaign. You can see media planning as more of the strategy element in a campaign and media buying as the means of implementing that strategy. Both processes are integral to a successful ad campaign. When you skip the planning stage and launch straight into buying, you are not likely to optimize your spending or your results. You cannot limit yourself to just planning, you need to put the plan into action. The components of the media plan Intelligence analysis Target market coverage The media mix Budget considerations Geographic coverage Scheduling/ Phasing Media Goals: Reach vs frequency Creative aspects and mood Measurement Flexibility THE COMPONENTS OF THE MEDIA PLAN: Geographic coverage Media strategy is based upon market coverage. If media planners want to market products nationally, they will select all-newspapers and magazines or TV. However, if market is limited to a particular region, they shall select vernacular media popular in that region. In this way, media planners do not waste resources by advertising product in the regions in which itis not available and invest in more potential areas THE COMPONENTS OF THE MEDIA PLAN: Reach vs Frequency Reach: the estimated number of potential consumers who could see our specific campaign or advertising medium. Frequency is a different but complementary concept, as it measures how many times each unique user views an ad within a predefined time frame. Frequency is typically expressed in terms of an impression to time ratio. For example, 8 impressions on a single user within a 24 hour period would yield a frequency rate of 8/24. There should be an attempt in the media objectives to balance the reach and frequency. MEDIA SCHEDULING 1. CONTINUITY 2. FLIGHTING 3. PULSING Content is KING Do consider creative aspects was well Time is KEY The process behind Media Plan: a system of steps (4) 1. DISCOVERY Conducting a market research Identify target audiences 2. STRATEGY & PLANNING Build a strategy Establishing Media goals 3. EXECUTION Media Buying process Execution 4. MEASUREMENT Track and adjust Final measurement 2. STRATEGY & PLANNING Media Strategy Media Strategy is the way we realize our MEDIA GOALS. It is the game plan that we use to win or at least not to lose the match of users’ attention and final conversion. Media strategy defines and provides the rationale for the recommended media, pointing out the specific role each one plays. 2. STRATEGY & PLANNING Media Strategy tips Be creative in using and combining media: the use of the media should complement and supplement each other. The ad should be consistent with the editorial environment of media The placement should be strategic, and the media’s creative potential fully used. The ad should provoke the readers to look at it more than once. 2. STRATEGY & PLANNING MEDIA GOALS Media objectives often are stated in terms of reach, frequency, conversion, leads… Who is the target market? What is the advertising message? Where are the market priorities? When is the best time to advertise? How many, often, long? TYPES OF GOALS appeal to a new segment of the market attack an existing competitor's product increase sales of a product introduce a new brand or product support an existing brand. reach the target audience to spread awareness to provide information FCA TEAM THE CAMPAIGN BRIEF Example: template THE BRIEF BUSINESS BACKGROUND & OVERALL KPIS MARKETING OBJECTIVES BUDGET COMMUNICATIO N CHALLENGES CORE TARGET AUDIENCE MEDIA OBJECTIVES &KPIS CAMPAIGN PHASING & TIMINGS CAMPAIGN ASSETS THE BRIEF MEDIA PLAN EXAMPLE LUXURY BRAND DIGITAL CAMPAIGN OVERVIEW DATES: 16TH DECEMBER - 5TH JANUARY BUDGET: 182.000€ OBJECTIVES: MAXIMIZE THE VIEWS AND REACH, DRIVING QUALITATIVE TRAFFIC TARGET AUDIENCE: WOMEN 20-50 + MEN (GIFTINGS) KPIS: IMPRESSIONS: 3.729.959 VIEWS: 1.530.127 STRATEGY: AWARENESS &CONSIDERATION VOL 29% DISPLAY 26% SOCIAL 45% CALENDAR WEEK 52 WEEK 1 BUDGETS 23/12– 23/12 38K€ VOGUE (LIVING) 23/12– 29/12 7K€ VOL Vogue (CHRISTMAS PREMIUM SPONSORHIP) ATRESMEDIA 16/12 – 05/01 16/12 – 05/01 16/12 – 05/01 16/12 – 05/01 16€ 14 K€ 5 K€ 17€ SOCIAL DISPLAY WEEK 51 FACEBOOK 16/12 – 05/01 40K€ INSTAGRAM 16/12 – 05/01 40 K€ MEDIASET MOVISTAR YOUTUBE TOTAL 182 K€ DISPLAY OVERVIEW EST. IMPRESSIONS EST. CLICKS BUDGETS (EUR) CPM AUDIENCE SIZE LANDING PAGE VOGUE 1.843.000 1.650 45.496,00 € 24,6 1.104.000 TBD TOTAL 1.843.000 1.650 45.496,00 € 24,6 OBJECTIVES -MAXIMIZE REACH WITH IMPACTFUL MOBILE AND DESKTOP FORMATS -DRIVE QUALITATIVE TRAFFIC BUDGET: 45.496,00 € DATES: : DECEMBER 23TH – 29TH FORMAT: BILLBOARD 970X250 RICH, DOUBLE MPU 300X600 RICH, SKIN, MPU 300X250 MOBILE, BILLBOARD MOBILE 320X50 PLACEMENT: HOME, FASHION, CATWALKS, BEAUTY & LIVING BUYING MODEL: FIXED COST CPM: 24,69 € RATIONALE: KEY TITLE WITH HIGH AUDIENCES ABOUT FASHION AND BEAUTY CONTENT WITH HIGH AFFINITY TO BRAND’S TARGET. PREVIOUS CAMPAIGN PERFORMANCE CTR 0,11% AND +145 M UU VOL OVERVIEW VIEWS EST. IMPRESSIONS BUDGETS (EUR) CPV AUDIENCE SIZE LANDING PAGE MEDIASET 633.182 777.273 16.000,00 € 0,02 10.539.000 TBD ATRESMEDIA 656.329 808.917 14.046,17 € 0,02 14.025.000 TBD MOVISTAR 240.616 300.770 5.413,86 € 0,02 1.491.000 TBD YOUTUBE - - 17.000,00 € - 17.405.000 TBD TOTAL 1.530.127 1.886.959 52.460,0 € 0,02 OBJECTIVES -MAXIMIZE THE NUMBER OF VIEWS AND COMPLETION RATE OF THE VIDEO WHY MEDIASET? Drive qualified traffic to the dedicated new minisite SMART TV: App MITELE Smart TV allow us to reach the audiences with higher purchase power. MITELE APP OLV on all websites of Mediaset in affinity contents MEDIASET is one of the 2 National TV players in our market. It is constantly investing on new digital media to reach their audience Mitele App on Smart TV, telecinco.es, divinity.es….+11 MM u.u. /+5 MM u.u. in younger audiences. BUDGET: 16.000 € DATES: DECEMBER 16TH – JANUARY 5TH FORMAT: PRE-ROLL 30/20SEC PLACEMENT: 1ST POSITION 1ST BLOCK MAX FR 3 IP SPAIN. AFFINITY PROGRAMS/ SMART TV BUYING MODEL: CPM CPM: 20€ PREROLL / 22€ SMART TV CLICKABLE: YES SKIPPABLE: NO RATIONALE: KEY PLAYER IN PROFESSIONAL CONTENTS , TOP PROGRAMS AND SERIES. CAPITALIZE THE AUDIENCE THAT WATCH VOD. SOV: CAP 3 PREVIOUS CAMPAIGN PERFORMANCE: AVERAGE CTR 1,17%. VTR 90,77%. WHY ATRESMEDIA? Drive qualified traffic to the dedicated new minisite Mobile App ATRESPLAYER Mobile App allow us to reach the audiences with a higher digital consumption, as well as youngest ones. ATRESPLAYER APP OLV on all websites of atresmedia in affinity contents ATRESMEDIA is one of the 2 National TV players in our market. It is constantly investing on new digital media to reach their audience: Atresplayer App,antenatres.com, lasexta.com….+10 MM u.u./55% traffic from Mobile. BUDGET: 14.046,17 € DATES: DECEMBER 16TH – JANUARY 5TH FORMAT: PRE-ROLL 30/20SEC PLACEMENT: 1ST POSITION 1ST BLOCK MAX FR 3 IP SPAIN. AFFINITY PROGRAM / SMART TV BUYING MODEL: CPM CPM: 16€ PREROLL / 22€ SMART TV CLICKABLE: YES SKIPPABLE: NO RATIONALE: VOD TO DEVELOP BRAND STORYTELLING WITHIN AFFINITY CONTENTS IN ORDER TO CAPITALIZE THAT TARGET. SOV: CAP 3 PREVIOUS CAMPAIGN PERFORMANCE: AVERAGE CTR 3,73%. VTR 91,13%. BUDGET: 5.413,86 € DATES: DECEMBER 16TH – JANUARY 5TH FORMAT: PRE-ROLL 30SEC PLACEMENT: 1ST POSITION 1ST BLOCK MAX FR 3 IP SPAIN. AFFINITY PROGRAM BUYING MODEL: CPM CPM: 18€ CLICKABLE: NO SKIPPABLE: NO RATIONALE: QUALITY CONTENT AND QUIALIFIED AUDIENCE. INTEGRATED ADVERTISING. SOV: CAP 3 PREVIOUS CAMPAIGN PERFORMANCE: N/A BUDGET: 17.000€ DATES: DECEMBER 16TH – JANUARY 5TH FORMAT: TRUEW VIEW AND BUMPER AD PLACEMENT: TBD BUYING MODE: TBD CPV & CPM: TBD RATIONALE: KEEP INSTALLING THE TVC AND MAXIMIZE THE NUMBER OF VIEWS SOV: NA% PREVIOUS CAMPAIGN PERFORMANCE: NA SOCIAL OVERVIEW IMPRESSIONS VIEWS/CLICKS BUDGETS (EUR) FACEBOOK TBD TBD 40.000 INSTAGRAM TBD TBD 40.000 TOTAL CPV/CPC AUDIENCE SIZE 80.000 OBJECTIVES -KEEP INSTALLING THE NEW CAMPAIGN AND MAXIMIZE THE PERFORMANCE FOR THE XMAS SEASON LANDING PAGE BUDGET: 40.000€ DATES: DECEMBER 16TH – JANUARY 5TH FORMAT: TBD PLACEMENT: TBD BUYING MODE: TBD CPC/CPV: TBD SOV: NA PREVIOUS CAMPAIGN PERFORMANCE: NA BUDGET: 40.000€ DATES: DECEMBER 16TH – JANUARY 5TH FORMAT: TBD PLACEMENT: TBD BUYING MODE: TBD CPC/CPV: TBD SOV: NA PREVIOUS CAMPAIGN PERFORMANCE: NA RETRO PLANNING BRIEF PLAN RECO FEEDBACK BRAND PLAN RECO 2 PLAN APPROVAL BRAND CENTRAL SENT DIGITAL MATERIAL LOCAL FORMATS BRAND CENTRAL APPROVAL Nov 5th Nov 8th Nov 12th Nov 13th Nov 18th 2 B/F with central team (central team needs 72h to send feedback) PLAN APPROVAL + 2 weeks* LIVE PLAN APPROVAL + 3,5 weeks Dic 16th SCREENSHOTS 1ST WEEK MID CAMPAIGN REPORT REPORT POST CAMPAIGN ANALYSIS FORMATS INTEGRATION FORMATS LOCALIZATION Oct 29th PREVIEW LINKS BRAND CENTRAL APPROVAL 2 B/F with central team (central team needs 48h to send feedback) BRAND central send redirection links to BRAND local BRAND local send formats + redirection links to media agency *Depending on how long local BRAND takes to localize Dic 17th Dic 26th Dic 26th Jan 15th THE MEDIA VENDOR PROCESS Once the digital media buyer and planner have taken the time to create media strategies and discuss them with the brand, it’s time to start developing digital media plans. There are four different stages to this phase. DEVELOPING DIGITAL MEDIA PLANS (traditional way) 1. MANAGE RFP PROCESS 3. FORECAST MEDIA RETURNS 2. EVALUATE AND NEGOTIATE MEDIA PROPOSALS 4. FINALIZE MEDIA PLAN 1. The first step is to send out the RFP, should include a nondisclosure agreement to which protect sensitive brand information, and provide media vendors with a proposal deadline. RFP REQUEST FOR PROPOSAL 2. Vendors send back the media offering and specifications on technical capabilities that the buyer has to review– the sites, placements, custom creative options, rates and pricing, cost models and added value impressions included – (if the RFP process includes self-service buying platforms, key stakeholders may need to help assess whether the platform meets the technical requirements of this and future campaigns). 1/2 THE AGENCY ASSESS TECHNICAL AND DATA REQUIREMENTS FOR THE STRATEGY! WE SHOULD ASK: DOES THE VENDOR X MEET THE REQUIREMENTS? THE PROPOSAL THAT WE PLAN SHOULD BE THE ONE THAT ANSWER TO CLIENT GOALS FOR THE BEST PRICE 3. Once proposals have been evaluated, the digital media buyer or planner will provide a written response to each vendor and re-negotiate any items they’d like to see altered. RFP REQUEST FOR PROPOSAL 4. While finalizing negotiations with each vendor, they’ll begin to create a consolidated media plan. Once terms have been agreed to, a final contract - will be signed: either an insertion order (IO) or an MSA (a master services agreement). IT IS A NEGOTIATION PROCESS SO: THE PLANNER RECEIVE A PROPOSAL BUT CAN GO BACK AND ASK FOR EXTRA DISCOUNTS OR REQUEST SOME CHANGES, TECHNICAL FOR EXAMPLES (DIFFERENT FORMATS, PREMIUM PLACEMENTS ETC…) 2/2 THE IO (INSERTION ORDER) IS THE WAY TO “BUY” THE SPACE AND BOOK IT FOR THE BRAND X THAT NEEDS TO COMMUNICATE VOCABULARY & TOOLS TO STUDY RECAP Media PLANNING is the process of selecting the optimal combination of media outlets for advertising a particular marketing message. It involves researching, identifying, analyzing, comparing, planning, and working around a brand’s budget. Media Buying is the complementary, secondary process by which an individual or agency takes the insights gleaned from the media planner and begins to find and negotiate buying ad space across the intended media channels. Media Plan is the entire, collective result of both of the above including a final evaluation of the campaign’s effectiveness. Media optimization includes tracking performance and refining your campaigns over time. TO STUDY Inventory – a term that is used often interchangeably with ad placements. It can also describe the amount of ad space a publisher has to sell, or a media buyer chooses to buy. It applies to ads in traditional and digital advertising. Media Mix – the entire combination of media channels an individual or agency uses to achieve their specific marketing objectives. If you use social media, radio, and TV to promote your marketing campaign, that’s your media mix. If you’re using direct mail, SEM, and online videos, that’s still your media mix. Scheduling – the specifications a media planner and buyer puts around a marketing campaign that indicate what time and day certain ads will be served across their various media. Typically depends on target audience. Hypothetically speaking, while 5am on Tuesdays may be a good time to feed Facebook ads to outdoor enthusiasts, Fridays at midnight on YouTube might be better for reaching music lovers. Media Planning Vocabulary Targeting – the act of identifying the ideal audience that should receive a marketing message. Part of the internal and external market research portion of media planning. Target Market (or Audience) – the final audience that has been chosen. These can be broad or specific. A specific example would be if Bertolli Pasta was launching a new line of frozen, microwavable, single-serving pastas and they chose to market to young professionals between the ages of 25 and 35 working 60+ hour weeks and renting single bedroom apartments. Manual Bidding – this is the act of manually changing the bid on a particular set of ads based on factors such as keyword performance, engagement, cost, etc. *This is the opposite of automation or programmatic buying. TO STUDY Automatic Bidding (or Programmatic Media Buying) – the automated process of digitally buying and selling ad space and optimizing ad performance. It is based on algorithms with digital technology replacing manual negotiations. When done in real-time, this is called RTB or real-time bidding. Real-Time Bidding (RTB) – allows media vendors to sell ad impressions (views) through an ad exchange platform where each impression is sold as it becomes available, in real time. Advertisers can automatically adjust their bid based on changing market conditions. Guaranteed Inventory (or Direct Buys) – this strategy allows a media planner and buyer to secure bulk inventory (or ad placements) at a fixed CPM. There are situations when this method makes most sense, like when a business wants the security of knowing that a certain number of eyes will be on their ad and they have the budget to support the higher cost of that guarantee. It’s a “bird in the hand is worth two in the bush” type mindset. Media Planning Vocabulary Non-Guaranteed Inventory – sometimes referred to as real-time bidding, this is an auction, of sorts, where advertisers bid against each other’s rates in an attempt to secure better ad placement. But, as the name suggests, there is no guarantee that an ad will place at a certain dollar amount. Furthermore, guaranteed inventory typically has top priority. This method is ideal for advertisers with smaller budgets or those who can commit to monitoring ad placement and performance continually in real-time. Cost Per Thousand (CPM) – this means the cost of an ad per 1,000 people who see it. So, if ad space is selling at $3 CPM you can expect to be paying $3 for every 1,000 people who come in contact with your ad. Understandably, lower CPM is more desirable but if a desired media channel is especially competitive, CPM will likely be higher. Request For Proposal (or RFP) – a document submitted by an agency (in our case a media planner) often via a bidding process; intended to express interest to a supplier (or media vendor) in buying particular ad. TO STUDY Tools Recommen dations For Research For understanding and analyzing media usage by consumer, media channel, demographic, psychographic, etc. we recommend the following resources: International Telecomms Union (ITU) – A global leader in measuring digital device usage and trends. Nielsen – A global measurement and data analytics company providing media and consumer insights for markets worldwide. Global WebIndex – A massive database tracking global and country-by-country social media statistics. comScore – A resource for understanding internet usage and ad spend by country. IAB Research – Utilize for reports about the success of online advertising as it pertains to the US, UK, and European markets. For Planning Whether you’re engaging in programmatic ad buying or manually bidding, it’s very useful to have a platform where: All of the media plans can live and be shared in real time Data from the ad performances can be consolidated You can assess planned budget vs actual spend Said data can be analyzed and formatted into easy-to-understand charts and graphs Some tools: HubSpot Media Planning Template, Bionic Media Planning Software, Kantar SRDS Media Planning Platform, Media Plan HQ, BluHorn, Quantcast, Basis by Centro, Comscore, Nielsen, HubSpot Social Media Software, Scarborough from Nielsen, MRI-Simmons. Tools Recommen dations