Marketing Essentials: Advertising and Paid Media
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This session provides attendees with an opportunity to gain an understanding of the components of effective advertising and paid media campaigns; how to evaluate various types of media; learn advertising industry terminology; examine emerging advertising issues in traditional and new media, plus examples and rationales of common practices. All types of media will be explored and analyzed including, but not limited to, television, radio, magazine, newspaper, outdoor and the Internet.
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Marketing Essentials: Advertising and Paid Media
- 1. Marketing Essentials WEEK 2 Advertising
- 2. Advertising âAdvertising says to people, âHereâs what weâve got. Hereâs what it will do for you. Hereâs how to get it.â â ~ Leo Burnett, Ad Industry Pioneer, 1891-1971
- 3. Advertising Expand your Definition of Media Paid Owned Earned
- 4. Advertising Expand your Definition of Media Paid Owned Earned Advertising Blog Public Relations Email Reviews Packaging Word of Mouth Social Media
- 5. Advertising Paid Media / Advertising Formats ⢠Print â Magazines / Newspapers ⢠Broadcast â TV / Radio ⢠Digital â Web / Mobile ⢠Out Of Home (OOH) - Billboards / Transit ⢠Other â Free Standing Insert (FSI) / Direct
- 6. Advertising Advertising Terminology ⢠CPM ⢠CPA/CPC ⢠CPP ⢠CTR ⢠Impression ⢠Frequency vs. Reach ⢠Avails ⢠Roadblock ⢠GeoFencing
- 7. Advertising Advertising Terminology ⢠CPM - Cost per Thousand (Impressions) ⢠CPA - Cost per Action ⢠CPC - Cost per Click ⢠CPP - Cost per Point (Gross Ratings Point) ⢠CTR - Click Thru Rate ⢠Impression - Ad viewed once by a visitor or displayed once on a web page
- 8. Advertising Advertising Terminology Frequency vs. Reach ⢠Frequency - the number of times an ad unit occurs in a specific amount of time (how often?) ⢠Reach - the total number of different people or households exposed, at least once, to an ad medium during a given period of time (how many?)
- 9. Advertising Advertising Terminology ⢠Avails - An ad availability spot; a time period that is available for the insertion of a media segment such as an available 30 second advertising spot.
- 10. Advertising Advertising Terminology ⢠Roadblock - buying all of the ad impressions for a specific web page or section of a site for specific period of time, providing a form of exclusivity to the advertiser. The Roadblock guarantees an advertiser's branding exposure for that page/section and also prevents competitors from sharing the content space.
- 12. Advertising Advertising Terminology ⢠Geo-Fencing - a virtual boundary around a physical geographical space (i.e. - event, retail store, booth) Commonly used in mobile advertising to trigger the delivery or eligibility to receive notifications or ads based on the location of a device.
- 13. Advertising Advertising Objective Define exactly what you want the advertising to accomplish⌠Do you want the advertising to get people to: Think? Feel? Do something? A combination of the three?
- 14. Advertising Advertising Objective Whatâs the most important task for your advertising? Is it to encourage an emotional connection with the brand? To challenge or offer an incentive to re-appraise the brand, give the product another try?
- 15. Advertising Advertising Objective Whatâs the most important task for your advertising? Is it to convince an audience that your product/service delivers better value for the money? To get consumers to change their usage patterns, to try your product instead of what they always buy?
- 16. Advertising Advertising Objective You will get the best return on your advertising spend by getting your message in front of your customers during the decision-making and buying cycle.
- 17. Advertising Identify the Proper Media Channels ⢠Define your Audience ⢠Review your Competitors ⢠Set your Budget
- 19. Advertising Define Your Audience Demographics ⢠Age ⢠Gender ⢠Location ⢠Education Level ⢠Marital Status ⢠Income ⢠Ethnicity
- 20. Advertising Define Your Audience ⢠What are their media consumption habits? ⢠What are their expectations and aspirations? ⢠What are their priorities? ⢠How much disposable income do they have? ⢠What are their buying habits? ⢠Are they likely to have children? ⢠How many vacations do they take each year? ⢠How much money do they give to charity? ⢠How can you help them?
- 21. Advertising Define Your Audience Commonly used market research methods: ⢠Sales analysis and buying patterns ⢠Questionnaires ⢠Web/Social Media statistics ⢠Focus Groups ⢠Face-to-face interviews ⢠Specialist Market Research Companies
- 22. Advertising Define Your Audience Psychographics: Attitudes / Values / Lifestyles / Opinions ⢠How will the customer approach the purchase decision? ⢠Is it high or low involvement? ⢠Rational or Emotional? ⢠Are they looking for security? A thrill?
- 23. Advertising Identify the Proper Media Channels ⢠Define your Audience ⢠Review your Competitors ⢠Set your Budget
- 24. Advertising Review Your Competitorsâ Media Strategy ⢠What channels do they use? ⢠How often? (Frequency) ⢠What message are they delivering? ⢠What new outlets are emerging? ⢠How will your company/brand be positioned in the marketplace?
- 25. Advertising Create Your Positioning Statement ⢠Who is your brand? ⢠What is your business or industry? ⢠Who is your target audience? ⢠What are their needs and/or problems? ⢠Who are your competitors? ⢠What is your key/unique benefit or differentiator over your competitors? ⢠Why should your target audience believe you can deliver the benefits?
- 26. Advertising Create Your Positioning Statement ⢠What is your key/unique benefit or differentiator over your competitors? Your position defines your competitors. Your competitors define your position.
- 27. Advertising Create Your Positioning Statement - Template For (target audience), (brand) is the (category) that delivers (benefit/point of difference) by (reason to believe).
- 28. Advertising Create Your Positioning Statement - Example For upscale American families, Volvo is the family automobile that offers maximum safety.
- 29. Advertising Define Your Positioning Statement - Example For healthy, proactive preventers, 25-40, who want to do as much for the health of their mouth as possible, Listerine is the germ killing mouthwash brand that gives you the confidence of a cleaner, healthier mouth, because Listerine has been clinically proven to kill the germs that cause gingivitis.
- 30. Advertising Identify the Proper Media Channels ⢠Define your Audience ⢠Review your Competitors ⢠Set your Budget
- 31. Advertising Setting your Advertising Budget ⢠Fixed Percentage of Sales ⢠Competition Based ⢠Objective/Task Based ⢠Maximum Amount Available
- 32. Advertising Setting your Advertising Budget Fixed Percentage of Sales ⢠LY gross sales (or avg. sales for the past few years), then allocate a specific percentage ⢠Common is 2% to 5% of annual revenues. $300,000 sales = $6,000 - $15,000 ad budget
- 33. Advertising Setting your Advertising Budget Fixed Percentage of Sales PROS: Easy to understand and safe; keeps your budget in relation to sales volume -- the very thing advertising is attempting to drive. CONS: Based on past performance -- canât capitalize on shifts in the business climate or customer trends; assumes that sales are directly related to advertising -- other factors affect your sales.
- 34. Advertising Setting your Advertising Budget Competition Based ⢠Adopt an âIndustry Averageâ for ad budgets Auto = less than 1% Retail = 2.5% Service = 3.5% CPG = 8% - 10% Pharmaceutical = 20% ⢠Trade Associations / Publications
- 35. Advertising Setting your Advertising Budget Competition Based PROS: Easy for companies with predictable sales patterns. CONS: assumes the industry average applies to ALL businesses in the marketplace; ignores local market forces -- missed opportunities to increase market share.
- 36. Advertising Setting your Advertising Budget Objective/Task Based ⢠Set specific marketing objectives and decide on the tasks required to meet those objectives. (Ex: Increase out-of-state clients by 5%) ⢠Determine your budget by estimating the costs of carrying out those tasks; prioritize if you canât afford to fund all of your ideas.
- 37. Advertising Setting your Advertising Budget Objective/Task Based PROS: Accurate -- ties the use of funds directly to the tasks you want to accomplish; if properly executed, advertising becomes an investment, not an expense. By spending whatever is needed, the company may grow at a faster rate. CONS: If your advertising campaign fails, it can be costly -- very difficult to recoup expenses on a bad promotion.
- 38. Advertising Setting your Advertising Budget Maximum Amount Available ⢠Set aside just enough money to sustain the business (and yourself) and spend the rest on advertising ⢠Common with start-ups and fast growth businesses
- 39. Advertising Setting your Advertising Budget Maximum Amount Available PROS: Rapid growth CONS: Risky, unless you have deep pockets
- 40. Advertising Media Buying Firms: OMD, Carat, Zenith, Tempus, Initiative Ad Sales Reps: Print, TV, Radio, Online
- 41. Advertising Evaluation ⢠How will you track sales? ⢠How will you link sales to advertising? ⢠Who in your company will do that? Branding focused campaigns are not easy to directly link to sales
- 43. Advertising âDoing business without advertising is like winking at a girl in the dark. You know what youâre doing, but nobody else does.â ~ Stuart Henderson Britt
- 44. Advertising Resources www.Adweek.com www.AdAge.com www.Clickz.com (online) www.MarketingProfs.com (online) www.MediaPost.com www.ThinkLA.com (Southern California) www.DOmedia.com (OOH Marketplace)