When companies are facing stagnation, the exploration of new media channels and methods of driving demand is a natural progression in media strategy. However, a common pitfall is the reliance on immediate results to inform performance, which results in the dismissal of traditional channels such as TV and radio, often based on the perception of high costs.
To help deliver an effective media strategy, businesses must adopt a holistic approach and carefully consider the key elements outlined in this article.
1. Define Clear Business and Communication Objectives
What does success look like in both the short and long term? Whether the goal is to increase brand awareness, drive immediate sales, or establish a long-term market presence – Having a clear understanding of your targets, KPIs, and timelines is paramount before any planning work begins.
2 Define your target audience and any key geographic regions
Without a clear targeting strategy, campaigns are unlikely to be effective, as wastage will be high with your message being transmitted to an audience and region that is not relevant to your business.
3. Understand the Media Market and Competitor Landscape
Understanding the media market, competitor strategies, and comparative costs across channels are key factors in informing key decisions on campaign budgets, weight of activity, seasonality, and channel investment.
4. Align the campaign budget with objectives and negotiate with media owners
Allocation of budgets is a strategic process and alignment with overall objectives, targeting and the share of voice within your competitor set are key considerations. Additionally, negotiation with media owners and an understanding of the cost benefits of longer-term v short-term commitments with key partners can unlock significant savings
5. Review creative strategy and assets
Different media channels require unique creative approaches. Crafting assets that resonate with each channel while maintaining synergy across the entire media strategy is essential. The visual and messaging elements must align cohesively and reflect your objectives to ensure a seamless brand experience that delivers on KPIs. This approach not only enhances the campaign’s effectiveness but also reinforces brand identity.
6. Develop a comprehensive measurement and evaluation strategy
Implementing a test, learn, and optimise framework is crucial for ongoing success. Periods of evaluation and reflection between campaign bursts allow for adjustments based on performance insights. This iterative process ensures that the media strategy remains adaptive and aligned with business goals.
7. Plan across the long term
Aligning key sales periods with periods of lower media costs, and leveraging short-term media buying opportunities can maximise the impact of campaigns. Strategic planning of media investment across the full year can significantly influence cost efficiency and overall campaign success.
8. Plan across multiple media channels and touchpoints
Evaluating the merits of all available media channels and seamlessly integrating them will amplify the total campaign reach and impact. An integrated strategy, reaching the target audience across multiple touchpoints will yield the greatest return on campaign investment.
9. Use a specialist
Navigating the complexities of media planning and buying demands experience and expertise. Agency selection and finding the right fit for your business is not easy, but the right partner will not only save time and money but also bring insights and solutions, propelling the business to the next stage of growth.
An integrated and carefully planned media strategy is key to unlocking business growth. Through clearly defined objectives, the use of effective creative assets, a strategic planning approach, and continuous measurement of KPIs, businesses can evolve from a reliance on achieving short-term performance goals to a strategy that will deliver long-term growth.
If you’d like to discuss your circumstances and explore the path forward, please get in touch. We can help you plan, activate, and deliver an effective strategy to drive your business forward to the next stage of growth.