After payroll and merchandise, print media management is the largest business expense for a retailer. Effectively managing that expense can be a major challenge. Ensuring that goals for market penetration, market share and ROI are acheived is a complex task that many retailers outsource to print media management firms.
What should a retailer expect from an outsourced print media firm? What roll will the retailer have in the process. How much time will it take and whats the cost? A professional print media company should have the experience and resources to take a campaign from its inception and manage it to its conclusion. The retailers involvement, other than setting the original goals, is minimal.
An obvious first step for print management is planning the campaign. The firm has to take into account the desired psychographics, demographics and available budget and evaluate the most effective media types to achieve the retailers objectives. Evaluation is based on circulation, readership, reach, cost and the availability to meet the time constraints of the campaign.
A strong media buying history is an important qualification for a print media management organization. Being able to leverage relationships can be very helpful in obtaining the best price. Price by itself is not the only consideration however. Careful evaluation and insuring that there is no duplication of audience is essential as well.
Because the media buy represents the bulk of the expense in a print campaign, many management firms have structured their fees around accepting commissions from the media providers. This is a common practice in traditional advertising agencies but is one that does not encourage the best price for the client. Ideally the retailer can find a firm that has a policy of not accepting commissions and is fee based instead.
Analysis of campaign data is critical to its success. The management firm should have access to technologies like a Geographic Information Service that will map out the relationships between market, customers and stores. The ability to quickly evaluate performance and make informed changes greatly enhances the chances of success.
Accounting for the spend efficiently and having a strong auditing capability is also a desired trait for a print management firm. Monitoring the buys to insure they ran as agreed upon and matching Insertion Orders to media provider invoices is an important task and one that a professional firm should be able to offer.
Retailers evaluating print management firms should pay particular attention to their media buying history, available technologies and fee structure. After all, you are trusting this firm to manage your third largest expense. Best that they manage it wisely.
What should a retailer expect from an outsourced print media firm? What roll will the retailer have in the process. How much time will it take and whats the cost? A professional print media company should have the experience and resources to take a campaign from its inception and manage it to its conclusion. The retailers involvement, other than setting the original goals, is minimal.
An obvious first step for print management is planning the campaign. The firm has to take into account the desired psychographics, demographics and available budget and evaluate the most effective media types to achieve the retailers objectives. Evaluation is based on circulation, readership, reach, cost and the availability to meet the time constraints of the campaign.
A strong media buying history is an important qualification for a print media management organization. Being able to leverage relationships can be very helpful in obtaining the best price. Price by itself is not the only consideration however. Careful evaluation and insuring that there is no duplication of audience is essential as well.
Because the media buy represents the bulk of the expense in a print campaign, many management firms have structured their fees around accepting commissions from the media providers. This is a common practice in traditional advertising agencies but is one that does not encourage the best price for the client. Ideally the retailer can find a firm that has a policy of not accepting commissions and is fee based instead.
Analysis of campaign data is critical to its success. The management firm should have access to technologies like a Geographic Information Service that will map out the relationships between market, customers and stores. The ability to quickly evaluate performance and make informed changes greatly enhances the chances of success.
Accounting for the spend efficiently and having a strong auditing capability is also a desired trait for a print management firm. Monitoring the buys to insure they ran as agreed upon and matching Insertion Orders to media provider invoices is an important task and one that a professional firm should be able to offer.
Retailers evaluating print management firms should pay particular attention to their media buying history, available technologies and fee structure. After all, you are trusting this firm to manage your third largest expense. Best that they manage it wisely.
About the Author:
Dodson Marks examines the print management industry and reports on changes in technology, media buying stratagies and the reaction of print media to the increasing move to the digital space.
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