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How to build an effective Media Planning?

How to build an effective Media Planning?

What is Media Planning?

Media planning consists of various activities such as identifying the media outlets, selection of media outlets, and investment in each media outlet. There are different media outlets such as television, radio, newspapers, magazines, internet websites, social media, and other outdoor platforms. A person who is responsible for evaluating different media platforms is called a media planner. Advertising organizations usually hire a media planner. Companies reach advertising organizations to run their advertising campaigns for their products or services rendered by them.

The media planner first evaluates the nature of the product offered by the company, the audience that they need to reach, and the budget of the advertising campaign. Based on this information, he selects the different media platforms to get maximum output.

An effective media planning requires a coordinated plan to reach different segments of the audience through different media platforms within the budget limit of the company. A media planner is needed to take care of various factors.

For example, the selection of media platforms, the number of audiences to be reached through different media platforms, frequency of ads on each platform, and last but not least is the budget of the advertising campaign. It is easy for large organizations with huge budgets to advertise on different media platforms. But small organizations with a limited budget requires strategic media planning to maximize their media outreach.

Factors in Media Planning

Each media platform has its pros and cons. For example, some advertising media is cost-effective, and some have a vast reach. The followings are the factors that a media planner should consider before selecting a media platform for advertising and promotion.

1. Reach

The reach of an ad is the most crucial factor that influences the decision of a media planner. The reach of media can be defined as the number of individuals who see an advertisement or post through different media platforms. Traditional media platforms like television and newspaper have greater reachability as compared to media platforms like radio.

However, in the era of the internet, the social media platform has maximum reachability. If a company is planning to target youngsters, then the social media platform is the best platform to reach them. Therefore, it is essential to consider the reachability of the media platform before you invest your money in it.

2. Cost per thousand

In advertising, the cost of advertising is divided per thousand people. How much the company needs to pay to a newspaper to reach one thousand people? The total cost of advertising is calculated by multiplying the cost per thousand with the total number of people.

For example, if a newspaper has 100,000 subscribers and it takes $100 for an advertisement to reach 1000 subscribers, then the advertising company is required to pay $10,000 to the newspaper to get its ad printed in the newspaper.

As a media planner, you would like to choose a media platform with lower cost and high reachability.

3. Frequency of advertisement

The frequency of advertising can be defined as the total number of times an ad would be shown to an individual. It is considered that an ad is required to show at least three or four times to make an individual familiar with the brand.

Therefore, the higher the frequency of advertisement better will be the outcome. However, the cost is also an essential factor that affects the frequency of advertisement. You are required to pay more if you want your ad to be shown frequently.

4. Impact

The impact of the media platform means how likely the chosen media can persuade your audience to take action. Different media have different effects on the audience. For example, an advertisement for perfume in a fashion magazine is more impactful than in a local newspaper.

Similarly, the ad of millennial products should be advertised on internet websites and social media platforms. An advertisement for food items will be more impactful on television. Therefore, a media platform should be selected based on the kind of product that you want to advertise.

If you choose the wrong media platform to promote your product, then the outcome will not be as good as you would expect it to be.

5. Selectivity

This factor focuses on the number of logical audiences in the advertisement of your product. The high reachability of your media platform will be ineffective if the percentage of the valid audience who can afford to purchase your product is low.

For example, a full front-page advertisement of Porsche car in a local newspaper will not get you enough return on investment because the percentage of the audience who could afford your car will be meager.

Therefore, the role of media planner becomes essential as an expert who can calculate the return on advertising investment and can choose the right platform to advertise your products.

Process of media planning

  • Know Your Target Audience

You should have a clear idea of your target market’s age, gender, income level, and media habits – where they consume media during the day – before you spend a single dollar on advertising. Some ad planners even create an ‘avatar,’ a composite ‘person’ who has all the traits of their target customer. They then use that avatar to find out where their target audience consumes media – on-line, in print, on television, or on the radio – and is, therefore, more likely to be exposed to your advertising.

 

  •  Your Goals

You can’t measure the success or failure of your media planning efforts unless you set clear goals from the start. Perhaps you want a 3% conversion rate from media exposure to actual sales. Perhaps you want 7% of people who see your message to visit your site and sign up for your newsletter. Only by knowing your goals can you measure whether your media plan is performing as you wish.

 

  • Use Smart Tools for Media Planning

The days of flying blind while putting together a media plan are over. Online services like mediatool.com allow you to plan, organize, and analyze your media spending all in one place. With the ability to collaborate with others in your business and keep all your media planning files, tasks, and communications in one place, mediatool.com is ideal for small, medium, and big businesses who want a comprehensive media plan their whole team can view and understand, as well as the tools to see whether their media buying is achieving their goals.

 

  • Determine the Perfect Media Mix

With the help of smart services like mediatool.com, you can complete your ad planning by deciding on the best mix of online, print, radio, and TV ad buying. Features coming soon to mediatool.com include customized dashboards and reports that help you visualize your media spend data in an understandable way, and the ability to compare your business data with your media planning data to discover which media are giving you the best ROI.

 

  • Execute Your Media Plan

With the media planning templates available on mediatool.com, you’ll know exactly when to send out the right message at the right time in the right media channel.

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