Whether you’re planning your own agency marketing campaign for next year or you’re working on behalf of a client, we’ve developed these five top tips to help you put together the most effective media strategy and budget.
There’s no secret formula to creating a media schedule it’s all about establishing goals and objectives, identifying your target audience and using a bit of common sense to reach them.
2. What do you want to achieve?
Very often clients will come out with such phrases as ‘raising brand awareness’ ‘increasing marketing share’ and ‘promoting product/service as best of breed’.
All seem plausible but in reality the main aim will be to sell more product or service – try not to forget this.
Putting together a strategy couldn’t be easier if you take the; what, why, who, how, where and when approach.
· What is the product/service?
· Why should people be using it?
· Who would benefit from using it?
· How you want to promote it/sell it?
· Where you want to distribute/target?
· When do you want to sell the product/raise brand awareness?
3. What is your USP?
Companies operating in very competitive markets such as retail need to clearly define their USP to help stand out. This is especially important if your agency or your client doesn’t have the same advertising budget as their competitor.
Before you start thinking of where to promote your product/service, collate all of your research and information in an easy to follow.
This will allow you to check that you understand where the client is coming from and if you’ve managed to identify anything new in your research, you’ll be able to encourage confidence in the client that you know how to help them.
4. How much money should we invest in advertising?
How do you calculate the cost of your campaign or advise your client on the budget they should allocate?
Advertising is an investment and should be viewed that way. You get out what you put in – In this modern day and age the internet is a vital recruitment tool and should be viewed as such, with online know-how you can make a budget stretch along way.
5. Calculating marketing budget
There are two methods of how to calculate your budget, they are:
1. Percentage of sales or revenue approach
The easiest way to look at budget is known as the percentage of sales or revenue approach,.
Take last years sales figures and forecast what you want this years’ to be, then you incrementally increase last years’ advertising budget by the same percentage you want this years to be.
2. Using your competitors
If you’re working with a client launching a new product/service you can look at competitors advertising coverage and work out what they’re spending. This will give you a good idea of what you/your client should spend to get a similar coverage.
If you’re lucky enough to work with a client with a limitless budget then your approach will slightly different and work on the basis of how much can you afford to invest to annihilate your competition.
Check out 12ahead, our brand new platform
covering the latest in cutting-edge digital marketing and creative technology from around the globe.
12ahead identifies emerging trends and helps
you to understand how they can apply to modern-day companies.
We believe 12ahead can put you and your
business 12 months ahead of the competition. Sign up for a free trial today.
||Read more inspirational content from