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Media Companies Can't Afford to Ignore

10 Business Basics. Media Companies Can't Afford to Ignore. Tracy Hasson Alex Enriquez Tim Kelly. Decreasing advertising budgets coupled with increasing costs have made marketers scrutinize every dollar spent.

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Media Companies Can't Afford to Ignore

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  1. 10 Business Basics Media Companies Can't Afford to Ignore Tracy Hasson Alex Enriquez Tim Kelly

  2. Decreasing advertising budgets coupled with increasing costs have made marketers scrutinize every dollar spent Recent economic downturn has accelerated the need for organizations to re-evaluate how they do business.

  3. How to Re-organize • Ernst & Young's Howard Bass: Beyond Advertising-Budget Slash and Burn

  4. Number One Revisit Inventory Management • Yield-management and scheduling tools can help get more value from your inventory and bolster thinning margins

  5. Number Two "Fact Up" Your Business • "I make decisions by the facts or by the clock, but all too often, the clock wins." • Leading firms treat data as an asset and foster a culture of fact-based decision making and performance measurement

  6. Number Three Embrace Measurement • Digital and direct have set the bar for media measurement Expectations in all media now go beyond basic delivery and fulfillment metrics

  7. Number Four Develop Creative Packages • Marketers, agencies and planners are selecting media partners based on their ability to drive consumer engagement, as well as impressions across multiple media platforms, brands and geographies Creative packages deliver greater engagement, and enhances greater consumer brand affinity

  8. Number Five Partner for Innovation • Be opportunistic as well as strategic New trends can present immediate opportunities

  9. Number Six Build an Adaptive Organization • Organizational hazards -- from misaligned skills to internal competition for valuable resources -- damage productivity. Leading media firms react with the speed, skill and flexibility

  10. Number Seven Make it Easier to do Business • Operational issues create unnecessary friction and hurt client relationships Ensure transactions are easy, transparent and well-executed

  11. Number Eight Don't Lose Sight of the Little Things • Operational setbacks negatively affect margins, cash flows and client relationships

  12. Number Nine Promote Areas of Expertise • This is simple positioning based on comparative advantage • Bring your expertise to light. Avoid being viewed as a commodity; demonstrate your audience insight by using internal research and data

  13. Number Ten Deliver on Promises • Marketing plans are about driving product awareness and consistent messaging, not just about getting gross rating points and demographic exposure • Identify the root causes of underdelivery and place better controls across media scheduling and execution to minimize lost revenue • Could be done with Pareto Analysis

  14. Article was found on AdvertisingAge.com 10 Business Basics

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