Media Buy - Media Placement
“Half the money I spend on advertising is wasted, and the trouble is, I don't know which half.” [Source: David Ogilvy's Confessions of an Advertising Man (1963) Ch 3]
Using Custom Cluster Groups in Marketing Targets for Accurate Media Buys
In advertising, when it comes to mass media buys such as television, advertisers play a high stakes game. Advertisers anxiously spent $390,000 for a 30-second Super Bowl 2004 ad spot!. Obviously hoping to reach the magic 18–49 demographic and realize a profit on their risky advertising investment.
Advertisers, spending three hundred ninety thousand dollars to reach 24.8 million consumers may sound incredible but; in risk / reward context properly placed advertising can add up to equally incredible sales. The obvious reward; if the consumers in that audience are your brand's (your company's service and or product) target consumers. The risk is that it can add up to an enormous waste of money if they are not. Advertising doesn't need to be a vast hole to pour money into. Historically companies that advertised stayed in business. This is not to say that advertising is a guarantee of success. Successful companies strike a balance between cost effective advertising and sales revenue. Sounds easy, it is not. Successful advertising campaigns have clear requirements and successful businesses adhere to them. See Chart 1.
1. Product branding.
2. Market targeting.
3. Marketing plan.
4. Plan implementation
7. Plan reimplementation
Media Targets v Brand Targets - Vague v Precise
Notice that it is the brand target and not the media target that is the desired target, as discussed above. The distinction between the brand and media targets is vital. Brand target audiences are precisely defined clusters of lifestyle segmentation, carefully selected to reflect the section of the overall audience interested in your service and or product. The development of this requisite cluster of lifestyle segment and associated brand target audience, should be at the center of your business marketing strategies. Advertising, trade and consumer promotion decisions are made in an effort to reach and motivate the coveted brand consumer target group. Reaching this group is the goal of all marketers and is the life blood of businesses like your. Media targets, on the other hand, can be described in one word—broad. Media planners generalize consumer objectives into easy-to-handle demographics. The purpose is to fit consumer descriptions into generic measurements to simplify media buys. The generalized targets are typically cast in terms of age and gender with occasional qualifiers like the presence of children or income. Major advertisers then merge these already broad planning targets into a couple of even broader buying demographics to corporately negotiate and manage many brands.The unfortunate disconnect in this process; the inherent differences within these broad demographics. Example: Sex-Female – Education-College. One consumer could be a 20-year-old college student and the other a mom with three teenage kids, neither with very much in common with the other, from a marketing standpoint. In the high stakes game of advertising, broad nondescript media targets will not deliver sales. The trick is to connect marketing analytics and consumer target definitions to identify and isolate Brand Targets.
Filtering Consumer Data to Find Your “Brand Target”
Building a bridge between marketing and media targets requires a clear understanding of your business needs and access to sophisticated market segmentation data [See Chart 2 Below].
Targeting' Data Sources – Expensive Plan A or Imagery's Cost-Effective Method
As discussed above, high media price tags are only part of the marketing dilemma that businesses find themselves in.
A properly structured marketing plan / media buy requires viable target audience information which can be expensive and hard to find. Demographic data services offer a wide array of accurate marketing information, from basic demographic data to complex market segmentation. This data has a price tag which can range from a few cents per datum to hundreds of dollars for current, accurate and or specialized data. This "store bought" data has limitations such as accuracy, detail and selection size (US privacy laws prohibit data services from providing data in smaller sets that census tract size about 250 households). Imagery offers a more cost effective and far more accurate approach “ Client Specific Data Mining”. All companies have a client database of some kind. Some databases consist of phone numbers scratched on matchbooks others utilize the latest data management software. This data is unique because it is client data specific to your business. People who are already doing business with your company. This client data is far more valuable to your company because it contains data relative to your company, unlike “store bought” data which is limited by law. An added bonus is that this data is geo-specific, is can be mapped. Mapping (the ultimate in data visualization) gives your business additional marketing control (More about this at Imagery Mapping & Marketing).
Turning Potential into Profit
Depending on the amount of detail contained in your companies database, this information can be ‘mined', to uncover the marketing diamonds buried within your companies customer database. This will allow you to leverage all of the information available within your database and your markets, including:
1. Identify which customers and prospects represent your best opportunities.
2. Understand the total market potential for each product category.
3. Determine how much market share you've already captured.
4. Behavior-based consumer segmentation.
5. Specific product usage.
6. Channel preferences.
7. Technology adoption.
8. Media usage.
9. Lifestyle and other consumer behaviors.
10. Life cycle data
By skillfully combining the demographic segments contained with in your companies database, Imagery can assist your business in developing “clusters of segmentation” unique to your business.