What is Media Planning?
The first question is that why we don’t even consider using the media plan process. At big brands, it is mandatory to have a media plan for getting the marketing budgets approved by the board.
Media Planning is how advertisers decide where and how often to advertise to optimise both interaction and ROI. The method entails choosing communication, channel and budget to increase exposure, interest, conversions, ROI, and other metrics. Other selling initiatives are stand-alone tactics that outline how companies want to use media (written, visual, audio, and so on) to communicate with supporters and clients.
Where can I get a media planning template?
In the last 15 years, having done media planning for several companies with a cumulative budget of over $50million, we realized there is no fixed media planning template.
The marketing plan cannot be the same for Product A and B, even within the same category. Each brand has its journey, therefore, a unique strategy. Let me share a sample of the media planning template.
Do Marketing Budgeting and Planning sound similar to financial investment?
Yes, Media Planning is quite identical to financial portfolio management.
You have short-term and long-term goals,
You have to balance time and risk appropriately,
You shouldn’t let personal bias dictate investment decision [If you read news in print, not necessary, your target audience will be doing the same. 56% of the news consumption between 18–32 years of age has shifted online.]
You should work with a trusted marketing partner
Marketing Investment Portfolio is similar to a Financial Investment Portfolio:
Media Planning is a combination of Financial Decisions, Process Mapping and Resource Choice. This is how you could plan yours: eventually, the goal is to maximize return on investment on your marketing expenditure
Core principles of Media Planning & Buying
Further, I share seven crucial principles of media planning and media buying for your business. These will help you implement your media plan with great frugality.
1st Principal
2nd Principal
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