- Super Admin
Working Media vs Effective Media
According to eMarketeer, “Only 23% of CMOs feel they are producing the right information for the right audience, and delivering it at the right time and correct format.” While the companies are increasing their media advertising budgets day by day, most businesses fail to reach the heights they intend to. There has been a raging debate on working media vs effective media. But how do the companies decide where to invest and what exactly makes your working media an effective media?
Working media is basically a constant procedure a company follows to target audience. Effective media, on the other hand, depends on current trends and other demographic stats of the targeted audience. Therefore, it is necessary to try different methods before you learn what is your effective media. But it just means that you need to keep investing in the working media with changing trends. That’s why there’s a debate on this topic.
The trends and demands of the public are everchanging. So, there is a requirement for a good team of analysts, who can observe the market and provide details according to the studies. Assuming the needs of the audience and the targeting the correct audience is the most important part of advertising institutions. You cannot spend the budget on advertising hair shampoo to bald men. That hampers the growth of your company. Ads must also have an incremental value. Bombarding ads with excessive frequency just make them ineffective. Taking the real cost of advertisements in account, it is important to take care of the amount that goes into the ads that are just proving themselves a waste of money and time. If the same budget is used on effective ads, you can gain 60-80% more revenue.
How to Find the Right Media for Your Business?
Choosing the right media depends on the collaboration between human and machine process. New technical things like machine learning can be implemented to improve the decisions of your marketing team. Machine learning processes allow us to easily analyze the data from potential clients and then target the ads accordingly. Artificial Intelligence can also adapt to the changing needs of the clients and help in suggesting the current and upcoming trends. All this data is highly beneficial in engaging impressions. After all, only right input can provide right output.
But actually, general models like CPM (Cost per Mille) ignore this fact. CPMs dictate an impression quota which, instead of focusing on buying effective ad impressions, promotes paying higher amounts for inactive traffic. Therefore, it is important to change the way we engage with our clients and rate quality over quantity. Only then we can optimize our advertisement methods and transform our working media into effective media. Investing in Effective Media instead of Working Media is clearly the ideal deal but still, most businesses are reluctant to change their working methods. A majority or tech partners associate the success of a media campaign with either fixed CPM or % of media costing model. This model is based on the theory that more revenue is made when more media gets bought. Thus, buying less media is a threat to revenue even though all the ineffective spending can be reutilized. We need to change this perception and redesign the models to improve efficiency. It has already been tried by numerous agencies and the results have been astonishing. We can get closer to maximized revenues and efficient marketing by remodeling the campaigns to focus on quality instead of quantity.
The formula to derive correct and strategic effective media channels for a business is –
Effective Media = Working media – (Ads not in view + Ads served to irrelevant audience + Ad channels not getting response + Excessive repeated Ads)
It’s time to re-evaluate the methodology followed in Media Advertisements. A business cannot be run successfully by ignoring the efficient methods and the latest technological advances. Change is imminent and it is important to change for a brighter future.