Is Consolidated Media Buy a winning strategy? Let’s find out.
Since the stone-age in marketing, marketers have always wondered, how they could enhance their ad, so that the budget they spend on it gets justified. But they usually get dumped with wasted impressions, redundant ideas and trends, and lack of measurement capabilities. Despite the technical advancements across industries and sectors, businesses are still pondering on the question- how can ads be employed in a more cost-effective and efficient way? Well we have come across an interesting approach to answer this query- a consolidated media buy approach.
Benefits of Consolidated media buy
After the ‘dot com’ boom, marketers started to engage in direct relationship with publishers inorder to reserve their premium digital ad inventory. However, with technological advancement in marketing sector, marketers started shifting towards programmatic auction buying, as it offers an efficient way of reaching people at scale.
Problems started to raise when these two approaches weren’t optimised to work in sync with each other. Due to these silos amongst the two systems, marketers started to loose focus across parameters that matters the most. When these two systems are combined under one single streamlined workflow, performance and efficiency can be enhanced and doubled. This is because when marketers buy media with a single tool (that consolidates both media approaches), they were able to reach unique audience by saving precious time.
Industrial experts conducted various test runs to find out how a siloed adbuying approach, and traditional reservation deals and programmatic auction buys, performed individually and how these approaches performed under one consolidated media-buy approach. Here are the findings.
Improving the reach Efficiency
Using a consolidated media buy approach, brands can now control how many audiences they reach and how they reach this audience. This method brought forth a better consumer experience as it reduces and ultimately avoids overexposure.
The consolidated media buy approach also termed as Programmatic Guaranteed, allows the buyers to employ programmatic ad technology to reserve inventory directly with the publishers. Programmatic Guaranteed method helps in reducing inefficiencies, manual work, and recouping wasted ad dollars from siloed media buying. With this method brands were able to experience an 11% increase in reach efficiency which in basic terms, means that with the same investment that they had for siloed approach they were able to reach 11% more unique audience or users, using consolidated media buy approach.
On using consolidated media buy approach, industrial experts were able to deduce that there was a considerable amount of time savings for all parties involved. The study brought forth the following result
- from insertion order to billing, media buyers spent only 29% less time with programmatic guaranteed approach when compared to the original siloed approach.
- media buyers spent 57% less time on setup and ongoing management when compared to the traditional method of reservation.
- On process and workflow point of view the result proves that traditional process creates operational waste for agencies, marketers and publishers when multiple types of ads are bought parallelly for the same campaign. It ends up in duplicated work in budgeting, forecasting and reviews. However, this can be overcome when programmatic guaranteed approach is employed as it uses well planned and executed software to combat the above mentioned mishaps.