Unfortunately, the media strategy decision has not become a standardized task. A number of problems contribute to the difficulty of establishing the plan and reduce its effectiveness. These problems include insufficient information, inconsistent terminologies, time pressures, and difficulty measuring effectiveness.
Insufficient Information While a great deal of information about markets and the media exists, media planners often require more than is available. Some data are just not measured, either because they cannot be or because measuring them would be too expensive. For example, continuous measures of radio listenership exist, but only periodic listenership studies are reported due to sample size and cost constraints. There are problems with some measures of audience size in TV and print as well, as demonstrated by IMC Perspective 10-1.
The timing of measurements is also a problem; some audience measures are taken only at specific times of the year. (For example, sweeps periods in February, May, July, and November are used for measuring TV audiences and setting advertising rates.) This information is then generalized to succeeding months, so future planning decisions must be made on past data that may not reflect current behaviors. Think about planning for TV advertising for the fall season. There are no data on the audiences of new shows, and audience information taken on existing programs during the summer may not indicate how these programs will do in the fall because summer viewership is generally much lower. While the advertisers can review these programs before they air, they do not have actual audience figures.
The lack of information is even more of a problem for small advertisers, who may not be able to afford to purchase the information they require. As a result, their decisions are based on limited or out-of-date data that were provided by the media themselves, or no data at all.
Inconsistent Terminologies Problems arise because the cost bases used by different media often vary and the standards of measurement used to establish these costs are not always consistent. For example, print media may present cost data in terms of the cost to reach a thousand people (cost per thousand, or CPM), broadcast media use the cost per ratings point (CPRP), and outdoor media use the number of showings. Audience information that is used as a basis for these costs has also been collected by different methods. Finally, terms that actually mean something different (such as reach and coverage) may be used synonymously, adding to the confusion.
Time Pressures It seems that advertisers are always in a hurry—sometimes because they need to be; other times because they think they need to be. Actions by a competitor—for example, the cutting of airfares by one carrier—require immediate response. But sometimes a false sense of urgency dictates time pressures. In either situation, media selection decisions may be made without proper planning and analyses of the markets and/or media.
Was this article helpful?
A business plan is an essential document for anyone commencing a new business, already in business and critical for anyone seeking funding from a venture capitalist. The business plan needs to be comprehensive, well thought and should contain sound business reasons. You can get all the info you need here.