Data is media agencies’ hidden treasures
Data is among the most valuable commodities on earth now with technology constantly revolutionising the data economy and how we use it.
Media agencies have the kind of data that marketers and advertising agencies would give almost anything for, but appear to be less skilled at advertising what they do and have and its value to the industry as a whole.
We know that media agencies have superb negotiations skills, but not using their “jewel in the crown” data alongside those skills is undermining their real worth. This includes not only the quality of their data but also its impact on business strategy.
An unbiased view of media
The best way to unlock marketing spend is to combine solid strategy with creative brilliance in media that reaches the audience the product or service is intended for. So, where is the magic that was media?
While digital has become pervasive – and more valuable as it grows – it may be time to re-evaluate the media mix and make use of the myriad platforms available for the broadest reach.
Looking at the mix requires an unbiased eye and a sense of what a media agency can do. A relationship with one of the world’s leading independent global marketing and media consultancies has highlighted the importance of media auditing and understanding precisely which media platforms offer best-fit solutions.
Checking that the media, a client has bought, is optimally and competitively placed is vital, as media is usually the single largest line-item in the marketing budget. And for some corporate organisations, media space or time is the single biggest purchase they make – ahead of any single raw materials cost.
Reviewing performance via a standard comparison benchmark method with no preconceived ideas is key – and the same goes for reviewing media agencies, taking into account the value of their data.
Regular media auditing is only one element of best practice marketing governance – but it’s an important one, as the top teams today create a sustainability strategy that includes marketer, procurement, creatives and media agency; ensuring client satisfaction by optimising budgets and managing data.
Armed with robust data, media agencies can once again take their rightful place in the pitch process and beyond.
Source: Bizcommunity
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