How to ensure the transparency of your media agency?
Last year the Association of National Advertisers and Forrester Research surveyed about 150 senior marketers and found that 46% expressed concern about the transparency of their media buys.
This is almost HALF of marketers who were not entirely sure what the process of their media buying entailed.
With millions of dollars at stake, it’s certainly an expense you should fully understand. We get it though. You’re busy running your business. So, you’ve surrounded yourself with trustworthy and strong partners in all areas to help push your business forward. One of those partners is your media agency who is in charge of your TV campaign implementation. Although, you may have the resources to put together an in house team, you instead trust the experts who can do the job much faster and perhaps even cheaper.
Unfortunately, there is no agency relationship manual to help set appropriate expectations for achieving accurate results. However, trust your gut feeling because often times you can certainly get higher performance for your TV ad campaigns. Here are a few questions to ask a new media agency or your current one as a check up to ensure you’re getting the most out of the relationship:
- What does the relationship with our account manager look like?
- How to contact and how will results be communicated/tracked/changed?
- How does the agency work on deadlines?
- What are the consequences if goals are not met?
- How does the agency measure success and effectiveness of TV advertising and how are metrics like ROI tracked?
- What does the agency do to keep up with new marketing trends and new technologies?
- Have them share examples of past clients who have done something above the status quo.
Through these questions, you’ll want to ensure that you’re given the right amount of attention from your agency. Also, you want to work with an agency that is open to new possibilities and is excited about using new marketing technologies that will help boost your business forward.
Once these initial questions are answered, you’ll need to ensure that the agency actually follows through on them. Your next step should be to set up a plan to keep your agency accountable. Be clear on your key performance indicators, specific goals, deadlines, and other communication directions. Examples include:
- Account manager communication: weekly call to discuss performance of recent TV ad campaign(s) and review actionable items.
- KPI: to increase conversion by 25% in 2015 through targeted TV ad campaigns (tracked monthly).
- Deadlines: bought TV air times should be communicated within 1 business day, and results should be communicated within 2 weeks of airing.
Once you agree on the accountability plan, it will be much easier to track how the partnership is really working.
Your agency may use Nielsen ratings along with Google Analytics as it is able to show specific “online” performance reviews at the visitor/user level, along with conversion rates for different campaigns and traffic sources. Yet, these analytics are typically not readily available for offline ad campaigns. Often times, an agency may not have the in house ability to derive deep analytics from your TV campaigns as they do with your online ad campaigns. This is a crucial part of your agency relationship as much of the budget relies on these specific metrics.
This is where ResultsOnAir comes in. We work as a partner between the agency and brand. ResultsOnAir, in no way takes away the crucial work of your agency, we just enhance and optimize on it through our analytics dashboard. We provide deep analytics and performance reviews to ensure you are getting the highest returns on your TV ad campaign.
We provide a dashboard specific to your KPIs which shows visual, interactive data. After a quick setup process, you and the account manager from your agency will have complete access to the dashboard which will show specific results on how the ad campaign did in an easy to understand format and in near real-time. Examples of valuable insight include the best time to buy air time that is cost effective and drives the most traffic to the website. The agency should then act on these recommendations when buying new air times. This will ensure that you get the greatest return on your marketing investment.
With this new information, you may want to allocate a certain percentage of your budget to ResultsOnAir recommendations to see the true difference of analytically driven decision making vs. traditional methods your agency may be using. In this way, both you and your agency will see actual results through comparison should there be any doubts on using ResultsOnAir.
We believe in building strong and trustworthy partnerships that are transparent and have the same goals of driving your business forward. We look forward to working with you and your agency soon!
What does your agency use to track metrics and analytics for your TV campaigns? .