Advertising expenditures are held to a higher level of accountability, making it critical to maximize the return on investment of every dollar spent on local media.
Here are a few ways to increase your local media ROI:
1. Negotiate, Negotiate, Negotiate
You have gone through the planning process, selected your media tactics and you may think all of the tough decisions are over. A media vendor submits a proposal and meets the budget … you are done, right??
Not so fast. Negotiating your media schedules is your top responsibility. Remember, everything is negotiable and make sure your buy is as efficient as possible. An initial proposal or rate card is simply a jumping off point, not the final result. Ask for lower rates, improved placement or increased targeting options.
This is the key to generating more exposure of your message, for a reduced expenditure.
2. Require Added Value
You have negotiated your schedule and it has much greater value than when you started, but you aren’t finished yet. Discuss how you can further increase your ROI by including additional added value elements.
There are a variety of options for added value, such as, billboard mentions, bonus inventory or inclusion in a promotion, sponsorship or charitable event.
Always keep your campaign goals and target audience in mind when you are negotiating added value. Do you just need additional coverage to meet your goals, or would exposure at an event like a health fair or a food drive add value to your campaign? Use these opportunities to complement your media expenditure and increase the reach of your message.
3. Audit Your Invoices
This may seem a little too straightforward … of course you will pay the bill. Don’t just check that the total on the invoice is the same or less than you purchased, then process for payment.
A critical part of increasing your ROI is to ensure everything ran exactly as you ordered, and question charges that did not run correctly.
You need to evaluate the run times and rotation of a broadcast schedule, placement or quality for print or out-of-home and digital campaign performance.
This can be overwhelming, especially for local advertisers who work with a number of vendors in every local market. But, it is worth the time investment, to ensure you received the schedule you agreed to.
What are some other ways that you increase the value of your local media campaigns?