Monday, March 1, 2010

How Do You Buy Media In This Difficult Market???

Do you know what your Cost-Per-Point is? Do you really know why you are buying what you are buying?

Media buying for your law firm needs to generate both short term and long-term value for it to be effective. You have to calculate the true value of each buy, and utilize strategies to build and maintain your brand.

Cost-Per-Point
Before you can know what your cost-per-point (CPP) is, you have to know what CPP actually means. You probably have the general idea that CPP is the cost of reaching a certain number of people. Cost-Per-Point (CPP) analysis is used by most media planners in developing and allocating market budgets and setting rating point goals. It is defined as the cost of reaching one percent of the target audience within a specified geographic area.

This is not to be confused with cost per thousand (CPM). Cost Per Thousand (CPM) is the cost of reaching 1,000 homes or individuals with a specific advertising message. CPM is a standard advertising measure to compare the relative cost efficiency of different programs, stations, or media.

CPM is relatively easy to determine. CPP is more complicated, but it is the number that you need to know the real value of the negotiated rates. For instance, if you were offered a very low CPM to place a Workers’ Compensation ad on a program that is primarily watched by people 65 and older, it would not be a good value because only a small percentage of the viewers who see the ad are in your target audience. The CPP for the same ad during the same program would be much higher, and provide greater insight in the efficiency and value of running in that program.

Do you know the true analytics behind your current media spend?
You need the right software and media knowledge to analyze the real media costs. If you don’t have this information or effective evaluation tools, you might as well be placing your media dollars on the craps table.

At Network Affiliates we use media planning and placement tools and specialized buying software that allows us to evaluate the targeted demographics and ratings, as well as the cpm's and cpp's for each program and time period considered for each campaign.

How you buy is just as important as what you buy. You have to know how to work around crowded TV markets. And, you have to go beyond television to market effectively. Building a recognizable brand through TV advertising and exploring and including a careful mix of secondary media is both an art and a science.

With over 28 years of experience in attorney marketing, Network Affiliates knows how to bring all this together and help you make the most effective and efficient media buys within your budget. Please, contact us today.

posted by Harlan Schillinger at 5:29 AM

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