You work hard for your money. So, spending your marketing business dollars wisely is important. But how do you know how much to spend, or where to spend it? I can tell you that your marketing budget should be spent on, well, marketing! And I’m not talking pamphlets or cold calls. I’m talking about the interwebs (yes, I just coined that phrase!). Media planning and buying, people!
In a nutshell, media planning is simply the way in which you establish what media vehicles you want to use for your advertising. Media buying is then going to those media vehicles and negotiating price and placement of your advertisements. You know those Facebook ads that pop up on the right-hand side of your screen? Those aren’t by accident. They’ve been tailored to fit your preferences and the specific times you are active on social media. And they have been purchased.
This may be blunt, but the saying is true: you get what you pay for. Media planning is an investment. Now, I’m not telling you to spend your entire budget on media planning and buying, but what I am suggesting is to find an experienced and knowledgeable professional to help you with the ins and outs of media buying. You want to make sure the money you’re spending is actually helping your business succeed – you want to get what you’re paying for. A skilled marketing company will help you do that.
Let’s get down to the nitty-gritty. The average cost of media planning for a small business is around $10,000. The type of industry and what platform you advertise on can significantly impact your cost. But, it is well worth the investment. I like to assimilate a media planner to a cold drink of water on a hot day. The icy libation fuels your body just like a media planner fuels your business. Choosing soda or caffeine wouldn’t provide the same sustenance as water does, nor would personally taking on media buying help your already over-worked staff. A media planner can determine a feasible annual budget to keep stress down, handcraft your advertising schedule to compliment your marketing strategy, and take advantage of the best media buying rates available.
Media buying can be complex. It depends on the market and the number of people who see and hear your advertisements. With the right planner, they’ll research competitor’s ads and examine cost-per-thousand, so you can purchase the ad that is most effective on your advertising vehicle of choice. The cost of media buying can also be lower with a planner as well, sometimes they can buy a combination of ads for more than one client, which gives you more bang for your buck.
The digital age has opened up avenues for advertising we could have never imagined. Sometimes, it feels like it also made us open our pocketbooks a bit wider, too. Media planning and buying expand your reach, and over time grows your ROI making it worth the investment.
Don’t haphazardly plan and buy on your own. Let us help you.
We regularly share insights on how we approach marketing. Get on the list.