There are many effective ways to build your media buying efficiency and doing so is an incredible way to reduce ad spend while increasing productivity.
Efficiency in media buying is critical for saving ad-spend and having the best outcome for new and existing ad campaigns.
“Media Efficiency” is often thrown around to describe the cost of different media, usually defined at the cost per thousand impressions(CPM) of the media vehicle. This is a critical factor used to make buying decisions and reduce overall spend.
Additionally, there is always a push for increased productivity in the workplace and that productivity doesn’t have to come at the cost of work-life balance or budget. With the right strategy, advertisers can increase their productivity by improving the efficiency of their media buying, all while saving on ad-spend.
The dictionary definition of efficiency is “effective operation as measured by a comparison of production with cost (as in energy, time, and money).” In terms of media buying, this means getting the very most out of one’s time and money. It also means getting the very best ROI (return on investment), both in terms of labor and ad-spend.
There are many opportunities to create efficiency in the world of advertising and media buying is one area in which efficiency can be greatly improved.
Where efficiency fails
There are several factors that can directly impede efficiency in media buying. One of the biggest issues is delays in planning and execution. When planning and executing ad strategies, relying on siloed, outdated practices can delay output and require more human resources than necessary.
Another roadblock for efficiency is making cross-channel decisions separately. For example, by planning CTV and Digital Out of Home strategies separately, advertisers risk over-spending on redundant points of contact.
One platform means less work
According to Ketaki Sheode, Senior Product Manager of Display and Video 360 at Google, “using a siloed strategy means you’re at risk of unintentionally reaching the same people more often than desired.” By breaking down silos and looking at strategies from a single perspective, advertisers can more efficiently target audiences and reduce their overall ad spend.
In order to improve efficiency in media buying, advertisers should use a platform that lets them plan and forecast their reach in one place. Ideally, they can also access various inventory sources and manage their ad frequency in that same platform. By combining efforts into one, single space, advertisers can make better use of their time and make decisions quickly and effectively.
Efficient planning means combining CTV, linear TV, web, and audio advertising into a single strategy. In centralizing cross-channel forecasting activities into a single space, plans become more accurate, reducing the amount of overlap cross-platform. Additionally, using a planning solution that is closely connected to, if not the same as, your buying solution lets advertisers assess and adapt plans quickly.
Media inventory can also achieve more efficiency by using a single space. Advertisers can potentially access hundreds, or even thousands of publishers. By accessing those publishers in a single space, they can execute their plans faster and more effectively.
Additionally, control over media frequency greatly impacts efficiency. Ensuring that ads are not over-exposed across media is crucial for saving both time and money. This is also made easier by planning cross-channel activities in a single space.
Media Efficiency can be easily improved with a single, cross-platform solution. Simplifying procedures this way reduces ad-spend and gives employees a much deserved break, providing them the time to think creatively and plan unique and impactful strategies.
Lastly, efficiency is critical to making smarter buying decisions. Advertisers can increase their efficiency and overall productivity by re-addressing their approach to media buying and removing roadblocks while bringing all of their strategies together into a single space.