As you develop your plans for 2017, we’ve prepared a top 10 list of media ‘to-do’s’ for marketers. You will be making many strategic decisions but this list is designed to ensure you are better equipped to fully optimise your media budgets in 2017.
Review your contract – it almost certainly needs updating
Look at your contract to ensure it’s fit-for-purpose, reducing potential value/data leakage and minimising avoidable costs. There’s a lot at stake, ensure you are in control and not at the behest of your agencies and partners.
Be pro-active about optimising your media investments – it won’t happen without a plan
Set up a pro-active management process to ensure your agencies and internal teams have plans and targets in place to optimise your media investments. This won’t happen on its own, specific actions and goals should be negotiated and agreed.
Make sure you know what working media you are buying
Understanding where and with whom your budgets are being spent is imperative – ‘media owner’ provenance is important here as it goes to the heart of value creation, transparency and performance.
Make sure you’re on top of media performance – no point discovering you could’ve done better in Q1 2018
Budgets are unlikely to be up in 2017 so making media £$€s work harder will be a priority. More effective, more efficient, more viewable and more human! Soft legacy metrics won’t cut it – update your KPIs to drive desired behaviours and targeted outcomes (and don’t forget to recalibrate your PBR).
Effective use of ad tech/mar tech is a game-changer – make sure it’s working for you
Whether in or outsourced, stress test your tech to ensure it’s delivering and is aligned with your business requirements. If it isn’t working for you, fix it – change the tech, the processes or the people. When implemented and deployed properly, it’s too powerful to ignore.
Get to know your key media and technology partners – if you don’t your competitors will
There are many exciting advancements happening in the media and technology industry but only a handful of really great opportunities – knowing first-hand your key media owners, content creators and technology companies could pay huge dividends.
“If you don’t know where you’re going, any road will take you there.”
To really understand customers, most marketers need to be developing/have a strategy for omni-channel marketing analytics – if you’re not getting high quality analytics and insight you should be asking why, and seeking it out.
Customer first. Period.
If you’re being encouraged to think platform, media or tech first – don’t! You’re almost certainly getting the wrong advice and probably for the wrong reasons.
Review your scope of work and FTEs to make sure the right team resources are in place
As marketers’ requirements change, so will the scope of work and the capabilities and resources necessary to execute them. Make sure you have the right people doing the right things at the right time in the right proportions, otherwise you’re wasting money.
Data is king
Properly leveraged first party data, underpinned by smart technology and well governed data strategies will enable marketers to deliver demonstrable value in 2017. If you don’t currently control your own data, make this a priority.
As global media advisors, empowering leading brands take control of their media, we are managing these challenges every day for our clients. If you need support to tackle any of the topics raised, we’re here to help.