What is the best way to buy a market?
Posted by jdblair | May 29, 2012
This is a question I hear a lot from a potential new client. How should we buy a market? Well my answer is pretty simple, that's why you hire us...or any agency for that matter. Here is the problem with answering this question - it isn't a simple answer. It is one that requires an in depth needs analysis, understanding how best to negotiate and bring in the market, understanding the medium for which you are buying and why. Let's not forget the target demo and the proper research that goes into understanding how best to reach them. See there are several reasons to hire an ad agency, but at the end of the day it is two things, or at least it should be two things - 1. Creativity and 2. Expertise of the market. There is a ton of waste that is occurring right now in every market in the country, Jacksonville included: DUPLICATED AUDIENCE REACH (DAR). DAR = WASTED AD BUDGET. Did you know that there should always be at least one, if not two rounds of negotiations when it comes to buying a TV or Radio schedule? How much is your seat on the plane worth? To the TV/Radio stations it is worth how ever much they can squeeze from your budget. In radio if you don't know to ask for the "unduplicated" reach you will get a full hour cumulative number on a radio station - which means you are paying for one person counted 4 times. It takes proper understanding and research to craft a proper media plan. Ever more knowledge on how to actually buy the plan...trust me DO NOT try to do this on your own, and please do not try to have a few meetings with some experts and think you are ready to buy the market. It will almost always lead to wasted money!