Consumers and companies are pulling back spending, which seems to create a unique opportunity to re-evaluate media plans and budgets. Mediums and venues that have always worked before aren’t working as well right now. And while they may work again, the key to your survival is being flexible with your ad dollars.
Prosper Media PlanIQ, a media buy allocation tool created by Prosper Technologies, has evaluated the top three wireless carriers’ media buys and compared them to their research on how consumers say they are researching and gathering information on purchasing a cell phone. While this may not be your industry, we can still learn a lot from the data.
Finding the right mix for your ad dollars should be considered on a case-by-case basis. It’s important to not overspend on some media options at the expense of others such as magazines, outdoor, radio and Internet. The Internet works best for companies who already have a strong reputation and can provide information that would be actively searched by potential and returning customers. In fact, Prosper’s study finds that most consumers believe that many companies under-utilize the Internet. Magazines, outdoor and radio remain a very strong option for companies who don’t have immediate brand recognition or who have messages that need to be broadcast.
Wireless Carrier % of U.S. Advertising Spend in 2007 (Measured Media)
Recommendation: Media influence weighted by consumption and media cost for adults 18+ Prosper MediaPlanIQ is a result of analysis of BIGresearch’s Simultaneous Media Usage Survey (SIMM) by Prosper Technologies. Prosper Technologies collaborated with Martin Block, Ph.D., and Don Schultz, Ph.D., of the Medill School at Northwestern to analyze SIMM Surveys over six years to develop Prosper MediaPlanIQ.
Chart’s Source: Ad Age Domestic Ad Spending by Category (2007)/Measured Media from TNS Media Intelligence’s Stradegy, Prosper Media Allocation Model