Media planning is developing a strategy to help your business reach its target audience through the medium of advertisements and campaigns, thereby getting maximum ROI and increased overall customer conversion rate.
One thing that needs to be kept in mind when developing a campaign is –being at the right place at the right time.
This is the driving quote for every marketer out there, especially in today’s time. With ever-changing demands from customers and a highly competitive marketing arena, marketers have to be quick in serving the target audience with the right message at the right time, through the right medium of advertisement to get maximum ROI, and they need the expertise of a media and communications agency to achieve this goal.
This is exactly where media planning comes into play, media planning helps you to figure out these “rights”. Business/Marketing officials reach out to advertising agencies to carry out effective media planning for their businesses.
Develop the Perfect Media Planning Strategy for your Business
Media planning requires a firm understanding of the organization’s brand, objectives and goals, target audience, and its competitors. Few things need to be kept in mind when trying to create the perfect plan –
Carry out a Situational Analysis: Conduct a SWOT analysis to study the internal and external factors of the company as well as its competitors. The internal factors are mainly evaluated by focusing on the 5 M’s which are Men, Money, Machinery, Markets, Materials. These 5 M’s lay the foundation for the internal environment of the company whereas the external factors are audited based on the company’s micro environment and macro environment.
Identifying your Target Audience: “Running a business without a target audience is just like hitting the arrow in the dark”. – Arbaz Alam.
The success of any business lays within the positive experiences of its consumers. It is important to study your target audience. Research their demographics, identify their niche and find out which media they spend most of their time on and what kind of messages will appeal to them. The more you know your target audience, the better your marketing strategy will be.
Itemize your Objectives and Goals: Once clear goals are established, you will be able to craft the message your brand wants to convey and set a timeline to achieve your goals.
Finalize a Budget: Assigning a marketing budget will ensure that there is a balance between your estimated costs and the actual costs. It will prevent you from overspending and it will be easier to dissect your budget and assign a specific amount to each objective.
Select the Right Media Outlet: Set media objectives in terms of coverage, reach and frequency of advertisements and select the right media outlet to display your advertisement concerning your target audience.
Suppose your target audience belongs to Gen-Z, then social media would be an effective platform for you to reach out to your consumers. Modern advertising makes use of multiple forms of media, and a media plan helps to build centralized information that can be presented across all platforms. Hire one of the top media buying agencies to get this job done.
Most importantly evolve with changing time, trends and advertising algorithms.
Media Planning is something best left to the experts at hand. Prachar builds diverse campaigns for brands belonging to different industries. Having decades old experience allows us to ensure that the new trends are beautifully tied to the older ones to make the most out of every single campaign.