Owned Media

  • By Greg Allardice
  • 30 Jan, 2017

Owned media. Why it is important

Media Futures recently interviewed Angus Frazer of Sonder Communications on the topic of Owned Media.
Why is Owned media important? Angus tells us why.

1. Is owned media more valuable than we think?

Angus

Invariably yes, we did our own study last year that showed 96% of marketers use their owned media for communication, but 9 out of 10 don’t know the value of their assists. So they're flying blind in terms of the value of their owned assets. Establishing an accurate value is important because it completely changes the way a business views their owned assets. The problem is, until recently, there has never been a way to measure your owned media asset value.

And when you think about your digital audiences, your store foot traffic, transport, customer databases, packaging… these are all owned assets that have incredible value and potential.

Plus, consider that 100% of growth will come through an owned channel.

 

2. How do I leverage my owned media?

Angus

Start by putting accurate value to your owned assets. You need to audit your assets and crystallise how they are being used in the context of paid and earned media.  

To make best use of owned assets, a business must step back, look at how they are using owned in the context off all their communications and then develop a clear strategy and guidelines that put owned at the heart of communications. We call it inside out planning and essentially means you start with the people who are closest to your business (i.e. customers) rather than those furthest away (i.e. TV audiences).

Once a business is using their assets well for their own communications, they can explore more exciting ways to leverage their owned channels. Recognising the value of owned assets in supplier or partner negotiations is one way to leverage owned assets powerfully. Where it’s relevant and appropriate, a business can look to monetise their owned assets by creating an advertising channel that other relevant brands can utilise.

This must be done sensitively and with great care and consideration to your brands audiences, but it is possible. We’ve done it recently with George Weston Foods where we unlocked the power of their packaging. George Weston Foods have audiences similar to traditional media owners. We created a simple and highly targeted way for relevant brands to advertise on bread packs. We call it Bread Connect and it has a commercial potential of $8m per year. Owned assets like these are going under the radar and are prime examples to be tested and and utilised in a smart and sensitive way.


3. How do I stand out from the crowd with owned media?

 Angus

Right now it’s really easy to stand out from the crowd because businesses in general have done so little with their owned asset leverage. Simply putting a value on your assets will have you ahead of the majority of businesses. Invest more time and energy into the experience a customer has at an owned asset, rather than the minutia of an advertising commercial. And once you know the value of your assets, orientate everything around them first before considering earned and then paid.

And if you really want to shake-up your category then start thinking of yourself as a media owner. Create solutions for other brands and you will unlock highly profitable revenue streams. We’re seeing a big focus on the commercial side of marketing in the USA right now and I think it will filter down to Australia very soon. CEO’s and boards will be putting more and more pressure on the marketing function to demonstrate new revenue streams and owned is a highly profitable one.

The secret code if you’re going to do this is to improve the customer experience through the creation of an advertising channel, create an effective marketing channel for another brand and generate highly profitable revenue streams. The thing is, you can’t have 2 out of 3. You need 3 out of 3 to be sustainable.


4. How much should I invest in owned media ?

Angus

Most businesses don’t really need to invest much more. It’s not about spending more, it’s about capitalising what you already have. In these early days progressive marketers are spending 20-30% of their budgets in owned media. It’s about recognising the customer experience you create through owned media assets and ensuring that it is congruent with the advertising promise which minimises the expectation gap that can occur when an experience doesn't match the advertising… what a brand advertises itself as and the interaction with the brand. It’s not about changing your advertising. It’s the focus you put on your own assets. Orient your owned channels first before paid advertising.

Get your house in order, before customers come to your owned media.

The more you spend in advertising, the more you need to orientate yourself to owned channels first, otherwise advertising becomes a wasted investment. The IPA in the UK recently did an analysis of their recent effectiveness awards submissions and found that there was a 13% increase in effectiveness when owned channels were strategically planned with paid and earned channels.


To find out more about Owned Media contact Angus Frazer at Sonder Communications. Email angus@sondercommunications.com.au

If your Media Policy, Media Strategy, Media Planning and Media Buying are in need of an overhaul, Media Futures recommends you contact an independent media specialist.

 


By Greg Allardice 19 Jan, 2018
If you feel that your media is not working, that your media is starting to drag the chain or that the current policy and strategy simply do not work anymore, these are clear signs that your media is in need of a relaunch.

The media model created to do the job well can alter without you actually seeing the subtle changes that occur behind the scenes. 
Things such as rate fluctuations, seasonal media audience variations, new media undercutting your preplanned audience numbers and over spending in one category are common traits that effect your media results.

When you find out about what is truly going on it's too late. You have spent your money and it's too bad you won't get it back.

How do you relaunch your media amidst constant change and generally too much information that leads you in the wrong direction.
What are the true market conditions ?

Your relaunch should take into account your business needs, revenues, profits and growth plans. Most importantly relaunch with a measured approach where you can change course without locking in large sums that a fixed and only become money wasters. 
A media relaunch becomes an integral part of your operation, not an added expense that drifts off to one side. 
With media audiences becoming more fragmented on a daily basis, a media relaunch sometimes is essential.

If your media has reached a plateau and lacking that certain sizzle, Media Futures recommends you seek out an independent media professional. Media policy, media strategy, media planning and media buying are an art not a science.

Media Futures presents industry articles in the constant quest for improving return on media investment.






By Greg Allardice 28 Dec, 2017
Media is a cycle business. It never stays the same and has constant shifts and changes to keep the alert media policy maker, media strategy specialist, media planner and media buyer on their toes.

Why is this so?  The answer lies in the fickle nature of the illusive audience. When programmes , media formats and content changes, audiences go in search of something new. The media goes into a new cycle and essentially whilst some things remain regular such as a base audience , traffic flow or bolted on loyal users, the rest alters in a flash. 

This is evidenced in dramatic rating variations in free to air mediums and the constant scramble for share of voice in social and online platforms where attention spans are short.

How do you stay on top of the game?  Engage an independent media specialist who not only predicts the market but can assess the cycles to your advantage as a client or buyer.

This comes with experience and is not a job for juniors. It is a wealth of market experience built up at the coalface and knowing that cycles come and go regularly.

If your media policy, media strategy, media planning, media buying and media audit have not addressed Media Cycles it's time to seek out an independent media specialist.

Media Futures presents industry related articles in the constant quest for improving return on media investment.








By Greg Allardice 18 Dec, 2017
Media comes in all forms, some a perfect fit and some that does not make sense for your brand or service

Good media stacks up when the following fall into place

* The medium or mediums have a format or style that suits your product or service
* The audience is audited and you can measure usage patterns  by day parts
* The medium can supply effective frequency to drive recall and recognition
* Cost effectiveness is high 
* Value add is an option to extend impact to the target audience 

Bad media is not an option in any form . Avoid the pitfalls of investing in bad media that simply is not a fit.

Good media will make sense from the beginning, it flows naturally and the process of buying into good media time or space ticks all the boxes

If your media policy, media strategy, media planning, media buying or media audit have not addressed Good Media, Media Futures recommends you seek out an independent media specialist

Media Futures presents media articles in the constant quest for improving return on media investment
By Greg Allardice 13 Dec, 2017
The general industry perception is that media takes a holiday over summer, audiences drop away and rates crash through the floor.

However media does not take a holiday, it operates 24/7 365 days and this time of the year has always been a great environment for smart advertisers who are ready to take advantage of the market conditions.

Consider these points as to why seasonal summer media in Australia makes sense.

* Regional markets come alive with tourists and holiday makers who do watch, read and listen to local media 
* Capital cities have an influx of foreign tourists
* Sport dominates media coverage and represents good buying for targetted audiences
* Seasonal retail, food and lifestyle products are ideal for online targetting particularly via mobile phone
* Selling of seasonal specials and clearance of stocks in readiness for the new year offerings make sense
* Back to school is always an important market for parents at end of school holidays

If your media policy, media strategy, media planning , media buying and media audit have not yet addressed Seasonal Media , then Media Futures recommends you seek out an independent media specialist.

Media Futures presents industry articles in the constant quest for improving return on media investment.











By Greg Allardice 11 Dec, 2017
Media Futures has long promoted the mobile phone as a medium that cannot be ignored. Recent industry figures show that for 2018 Mobile phone digital expenditure is estimated to be 54 % of total digital spend with increases to as much as 72% by 2022.  These growth figures cannot be ignored and only serve to reinforce the "Media in your pocket" concept.
It is without a doubt the medium that makes sense on every media plan particularly in the 12 to 70 years markets.

As with all new mediums that have a hot run, everyone wants to be there. However consider these salient points-

* All growth mediums eventually plateau out in audience and time spent using

* The cost of doing business with new mediums that have rapid uptake of usage always become too expensive over time because of demand levels and greed of media owners to maximise profits

* New mediums of this type are best served with fine tuned targetting to improve ROI

* Work on short term buying patterns due to the influx of competitive low costs digital formats that only serve to erode audiences in your chosen market and with similar formats to the market leader

If your media policy, media strategy, media planning, media buying and media audit have not yet addressed
Mobile Growth, Media Futures recommends you seek out a n independent media professional.

Media Futures presents industry articles in the constant quest for improving return on media investment.











By Greg Allardice 30 Nov, 2017
The discipline of media targetting is front and centre of every media planning undertaking. The fact is there is always going to be some wastage and no matter how well you target your message there will be people who see it or hear it that have no interest in your product or service. 

What do you do to minimise this wastage through your media targetting. 

* Factor in an estimate of the amount of wastage 
* Off set that predicted wastage against the rate negotiated for a unit of time or space
* Does the medium have a response channel where you can measure who and how many responses you achieve
* Is it sales or awareness only you are looking to achieve
* What clutter surrounds your message, how prominent will you be

Media targetting is key to maximising your return on investment but keep in mind that 100% effectiveness is unlikely.
Be realistic when approaching this segment of your media undertakings .

If your media policy, media strategy, media planning, media buying and media audit have not addressed media targetting it's time to seek out an independent media professional.

Media Futures presents industry articles in the constant quest for improving return on media investment.






By Greg Allardice 26 Nov, 2017
If your media exposure patterns have become stale, boring, or just running out of ideas, then a media spectacular makes sense. This does not mean spending all your budget in one hit. The golden rules of reach , frequency and effective frequency still apply.  A media spectacular essentially means stepping into a new form of communication versus your tried and proven methods. It may involve sponsorship and key branding in a sporting code, event participation, big large outdoor formats, philanthropic giving that brings media coverage of a positive nature, seasonal festivals or creating a major media event which you design and control. Media is an open book, not just confined to units of  time and space. The purpose of this article is to open the thinking patterns to achieve a break through when media has become stale or cluttered and you are just not getting results. 

Think Media Spectacular if you are not cutting through with current media practices.

If your media policy, media strategy, media planning, media buying and media audit are not working effectively consider an independent media professional.

Media Futures presents industry articles in the constant quest for improving returns on media investment.








By Greg Allardice 19 Nov, 2017
Time was when the small screen meant TV or small media meant a small press advt. However in 2017 small media means your computer screen or mobile phone.

According to Sensis Report 2016 Laptop ownership is 70%,  Smartphone ownership 76%,  Tablet 53%,  Desktop 54 % 
Internet usage more than 5 times per day is 55 % 

In fact the numbers are much higher. Walk down the street , sit in a cafe, travel on public transport and you will see much higher percentages using the small screen.

The purpose of this blog is to put out a wake up call to all marketers and advertisers.  " Think small!!! "
Yes, think about how to capture the attention of your current and new customers on the small screen and then work backwards into TV and large screen formats such as outdoor and cinema.

Why is this so?? 

The attention span of the average consumer is about 3 seconds, if you don't grab then then , they are gone.
There is so much clutter on all media and the small screen is a smorgsabord of choice.  The need to create powerful effective " small " communications has never been greater.

This involves a turn around in thinking and both at a creative and media usage level. Using tried and proven practices of even 2 years ago is a lazy approach to creative development. 

Think" small" and your world instantly becomes bigger.

If your media policy, media strategy, media planning, media buying and media audit are not thinking" small" it's time to talk to an independent media professional.

Media Futures presents industry articles in the constant quest for improving return on media investment.



By Greg Allardice 09 Nov, 2017
In this current economic cycle, media budgets are under great pressure. That means they are being cut, reduced or just not actioned.

Why is this so? Commercial media budgets are set by accountants and CEO's, despite the best efforts of the
Marketing Director to set a budget to grow sales, improve market share and  attract/retain new customers.
Sadly this trend will continue.
The media budget cycle will continue to spiral down in real or indexed terms till the powers that sign off on media budgets recognise that media is an investment, not a cost item.

So how to go about creating a media budget in this current sick state of the media economy?

* Recognise that if competitors in your category are also chopping media budgets then you have the opportunity to increase your budget over a shorter space of time to gain market dominance.

* Set media budget numbers over a 3 year year cycle, but manage quarterly to keep track of unforeseen impacts

* Set your media budget not based on past budget numbers, but  as a percentage of forward sales calculations 

* Budget for growth. Make your budget a part of forward business planning in line with the overall goals and objectives 

* Set regular measurement bench marks against media budget and have guarantees in place if results fall short

* Be brave and don't allow the back room bean counters to dictate the media budget and put you in a  "no win "position

If your media policy, media strategy, media planning, media buying and media audit have not addressed media budgets, Media Futures recommends you seek out out an independent media professional

Media Futures presents industry articles in the constant quest for improving return on media investment
By Greg Allardice 07 Nov, 2017
Media is a seductive beast. It lures you to watch it, read it or listen to it. When making commercial media decisions this seductiveness can take over which leads to poor decisions on how to invest your media budget. The media pitfalls are many and there are millions of cases where poor choices have resulted in the media campaign being a total waste of time and money.

Here are some common pitfalls -

* Believing that media will solve your business issues
* Putting all your eggs in one basket and stacking your media buy into one particular medium
* Failing to check the detail of your media buy before it commences
* Not looking closer into how your media buy will translate in a cluttered media environment
* Believing everything you are told and relying on glossy presentations to win your media spend
* Working initially with a senior media operatives only to have a junior with no practical experience handle the detail
* Failing to conduct post campaign audit and analysing what you actually got

The common thread here is making decisions based on emotional beliefs that the media process will deliver in bucket loads. When you look at the big picture your media spend is only a very small fraction of the total output and therefore what might seem big and impressive to you is really quite insignificant when it happens.

If your media policy, media strategy, media planning, media buying and media audit have by passed the pitfalls of commercial media, it's time to engage with with an independent media professional.

Media Futures presents industry articles in the conquest quest for improving returns on media investment.


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