Media planning

What is a media plan?

A media plan is a vital element of marketing that helps you effectively manage product promotions and budget allocation and predict the outcomes of advertising campaigns. Simply put, it is an investigative document, typically presented in a table format, detailing important elements such as communication channels with your target audience, advertising objectives, release frequency, scheduling, campaign duration, and other key metrics. Without this organised plan, managing ad placements, adhering to deadlines, and improving responses-especially when multiple promotional channels are employed-becomes significantly more challenging.

Marketing media planning

As we've established, a media plan is an essential tool in advertising, assisting with effective campaign management and oversight. It is inherently linked to promoting products and services whilst also addressing related aims such as increasing brand awareness, improving customer loyalty, attracting new consumers, and enhancing reputation.

What is media planning?

Media planning involves creating a comprehensive blueprint for an advertising campaign. This includes outlining various phases, such as the selection of communication channels, the target audience and their interests, the campaign objectives and related tasks, and your anticipated outcome.

Media planning entails creating a document, which company marketers usually manage. Alternatively, these services may be outsourced to advertising agencies that specialise in developing marketing strategies and unique projects to promote clients' products.

What is the purpose of a media plan, and why is media planning essential?

In marketing, as in many fields, having a plan is vital. A media plan offers a structured framework for your advertising strategy or campaign, enabling you to set clear objectives, establish key performance indicators (KPIs), assign responsibilities for both preparation and execution, set deadlines, and accurately calculate and stick to your budget. Ultimately, a well-crafted media plan ensures consistent progress towards achieving your goals, such as building audience awareness, attracting new customers, and driving increased sales.

Therefore, media planning is integral for:

• Formulating a detailed action plan. In other words, the media plan offers managers and staff a clear understanding of the necessary steps to be taken, the timeframe for enactment, and the resources needed to execute the strategy effectively;

• Identifying the most effective advertising platforms. A media plan identifies the most suitable communication channels, ensuring that resources are allocated effectively and unnecessary expenditure is prevented;

• Creating, allocating, and adhering to budgets. In a media plan, it is vital to assign separate budgets for each communication channel and subsequently calculate a total amount from this data, ensuring the company does not exceed its established budget;

• Establishing and following deadlines. Accurately knowing the start date, duration, and end date of the advertising campaign enables effective time management and resource allocation;

• Evaluating progress. It is crucial to assess the effectiveness of the strategy in use, allowing real-time adjustments to the plan. This helps prevent future errors and guarantees repeating successful practices.

Alongside identifying more cost-effective communication channels, predicting traffic, and analysing financial metrics, a media plan also acts as a platform for idea generation. While it is a structured document filled with precise information and KPIs, it can still embrace the creative elements of advertising campaigns. For example, a designated column in a media plan table can outline potential advertisement ideas, elaborate on concepts and implementation possibilities, and incorporate slogans or appeals.

In summary, the absence of a media plan may lead the company to mismanage resources for ineffective or low-performing advertisements. However, with a media plan established, even if mistakes happen-such as low traffic or choosing an unsuitable communication channel-the team can regroup, make the necessary adjustments, organise their efforts, and progress towards achieving the desired KPIs.

Steps to create a media plan: a detailed guide and useful tools

A well-crafted media plan, which is essential for achieving the company's objectives, must be based on accurate and factual information. Therefore, it is vital to develop this document in stages:

Stage 1. Market analysis

It is essential to thoroughly assess your market position and conduct a detailed analysis of the demand for your products. This will help identify whether there is a shortage or an oversupply of similar products. Furthermore, at this stage, you can determine the budget required for an advertising campaign, as heightened competition or reduced demand for the product typically leads to increased advertising costs.

Studying competitors is also useful for examining your strengths and weaknesses, including finding the advantages of your products and identifying possible risks. For this, you can use a tool such as SWOT analysis. Its essence is to conduct a full multi-faceted study of the current position of the company relative to its competitors. The easiest way to do this is in the form of a table like this:

We have previously offered a more thorough explanation of how to conduct a SWOT analysis and its advantages, which you can delve into in detail here.

Stage 2. Analysis of the target audience

The more insight you possess into your target audience, the greater the likelihood of engaging their interest in your offer, effectively conveying your advertising message, choosing a compelling format, and determining the most appropriate platform for your advertisements.

At this stage, it is crucial to segment the analysed market by grouping potential customers based on shared or similar traits. From this, you can create a comprehensive yet general representation of your ideal buyer, commonly known as a customer profile. To develop this profile, the following details should be outlined:

• Gender

• Residence details - country, region/city/district

• Age

• Income levels and social status

• Work or study location, hobbies

• Challenges and requirements

• Concerns and hesitations prior to purchasing

• Information sources

Various marketing tools can be used to create an accurate customer profile. One effective method is the 5W framework by Mark Sherrington, the founder of the consulting firm Added Value. This simple approach consists of building a client profile by addressing five key questions:

• What is it-specifically-that you are offering as a product to a prospective customer?

• Who would be interested in buying it, who might express interest, and who would consider it most relevant?

• When - in what circumstances or at what time is it most appropriate to offer this product? Consider specific circumstances or even the ideal seasonal weather.

• Where will the buyer choose to make a purchase? It is essential to identify the key points of sale for your product, whether in physical locations or on online platforms.

• Why should the customer choose your product? What unique benefits and advantages does it provide over competitors?

Equally important at this stage is the development of a Customer Journey Map (CJM), also referred to as a customer path map. This tool allows you to visualise the customer's experience and interactions with your company. A CJM carefully outlines the journey a consumer undertakes-from recognising the need for a product to finally buying it. By adopting this approach, you can view your brand through the eyes of your customers, gaining insights into their goals, purchasing motivations, financial habits, concerns, and challenges. To explore the types and benefits of CJMs in greater detail, click here.

Stage 3. Establish clear objectives for the advertising campaign

Setting clear objectives and defining corresponding tasks are crucial steps before developing a comprehensive marketing strategy. These objectives provide the foundation for key decisions, such as choosing communication channels, selecting advertising formats, establishing KPIs, and monitoring progress. Without clearly defined goals, evaluating the effectiveness of an advertising campaign becomes difficult. Examples of these objectives may include gaining 5,000 new social media followers, reducing negative reviews by 40%, doubling sales, or increasing monthly revenue to $100,000.

To formulate a goal effectively, utilise the SMART or OKR methods. The former encapsulates the primary criteria for a goal, namely:

• S - specificity

• M - measurability

• A - attainability

• R - relevance

• T - time-binding

OKR, or Objectives and Key Results, is a highly effective method for goal setting. This method involves defining clear objectives alongside measurable indicators of their achievement and quantifiable results. A key principle of OKR is the collaborative interpretation and discussion of goals. Quantitative metrics are essential to determine whether a goal has been reached. Within the OKR framework, ensuring that key results are measurable is vital, as it removes subjectivity when evaluating the success of an advertising campaign. For further insights into goal setting, explore more here.

Stage 4. Choose the most suitable communication channels

Grasping the company's objectives and business nuances, as well as the audience's interests and preferences, is essential for identifying the advertising platforms that will deliver the most effective results. The efficacy of communication channels can be assessed using various metrics, such as reach data, audience demographics, and the costs involved in ad placement.

Bear in mind that influencer marketing is especially powerful at present. It's essential to choose an opinion leader who connects with your audience. We have explored the different types of influencers and how to collaborate with them in greater detail here.

Stage 5. Identify the advertising formats, frequency of publication, and performance timelines

Advertising formats can vary greatly depending on the previously selected communication channels, such as videos, teaser ads, targeted advertisements, banners, articles, and more. To achieve maximum effectiveness, it is favourable to run campaigns across multiple communication channels simultaneously. However, it is vital to accurately calculate the campaign's total duration, define its implementation schedule, and establish the frequency of publications for each platform.

Stage 6. Develop a precise budget

It is essential to base your planning on the projected costs for each stage and communication channel, as well as the overall timeline of the advertising campaign. The budget should be allocated strategically across all advertising platforms to improve returns. For example, prioritising communication channels according to their significance and anticipated conversion rates can effectively guide the distribution of funds.

Stage 7. Define KPIs

Key performance indicators should be established for the advertising campaign as a whole and each particular communication channel. Examples of primary metrics include ROMI/ROI, average customer spend, cost per lead, reach, and CTR (click-through rate). Ultimately, the selection of KPIs depends on the objectives defined at the outset of the media plan.

Stage 8. Keep track of progress and be prepared for any changes

Once the media plan is confirmed and the advertising campaign launches, it's essential to track real performance metrics alongside the set KPIs regularly. Keep in mind that significant assumptions regarding the effectiveness of a platform, the suitability of objectives, and task accuracy can usually be made only after a testing phase of 2-3 weeks, during which results can vary considerably. If, after this time, metrics do not meet expectations, it's important to adjust your strategy. This could mean exploring different platforms, re-evaluating performance indicators, or reassessing metrics' relevance. Going forward, aim to avoid such pitfalls and proactively adjust strategies when necessary. Conversely, if results exceed expectations, concentrate on utilising this success to amplify the effectiveness further.

Example of a media plan

Naturally, media plans can vary considerably based on the distinctive traits of the business and the company's objectives at any given stage. However, they share a common element-the table format. This allows you to use pre-prepared templates, adapting and refining them to fit each particular situation.

An example of a simple table for organising an advertising campaign for a local business might be structured as follows:

When organising a large-scale advertising campaign, it is normal to compile several tables. The initial step usually involves identifying the communication channels:

Next, incorporate into this table the budget percentage you are willing to allocate for each type of advertising:

The next step involves determining the publication and advertising schedule:

Next, a similar table is created to offer a detailed account of forthcoming advertising publications, anticipated results, and metrics for assessing progress.

The simplest way to create these documents is in Microsoft Excel or Google Sheets, though there are also specialised services for this. For example:

• iWork - this collection of office applications from Apple offers numerous features and additional tools. It also includes a diverse array of pre-designed templates for tables and other documents, catering to a wide range of user needs.

• LibreOffice - it is part of a free software package based on open-source code, enabling solutions to be tailored and improved to meet your specific needs.

• Zoho Sheet - a platform that resembles the familiar MS Excel interface, making it easy to understand how the program operates.

• Datawrapper - this tool enables the creation of tables, diagrams, maps, and graphs. Its versatility makes it beneficial for media planning and various supplementary tasks, including developing audience profiles, analysing objectives using the SMART method, and more.

• Tableau - a platform tailored for business analytics, featuring an intuitive interface and round-the-clock technical support.

Conclusion

Consequently, media planning is vital in determining the effectiveness of an advertising campaign and the long-term success of a business. A well-crafted media plan is essential not only during the stages of evaluating potential opportunities, budgeting, and forecasting but also throughout the campaign and even after it ends. Interestingly, creating a media plan does not require considerable financial investment. Instead, it necessitates a thorough and detailed analysis of the market and target audience, clear goal setting, and a systematic approach to achieving those goals in alignment with the chosen strategy.