Organizations that depend on ad sales revenues must understand changes in their markets and adapt to those changes or they will not thrive. The past decade has witnessed tremendous change in the media markets: not only in the way media is bought and sold, but also in the media offerings themselves.
To better understand these changes, the James G. Elliott Co., Inc. has partnered with Kantar Media SRDS over the past three years to jointly conduct industry-wide research, the Study of Media Planning and Buying. This year, we added a Seller’s component to the study so we could learn more about how the perspectives of media buyers and sellers differ.
We have always known that it is important to sell the way buyers want to be sold, and that is still true today. But buyers now have different wants and needs than just a few years ago. Here are three current trends all sales executives must understand:
1. Sellers Need to Demonstrate Relevance — Fast
Media planners and buyers are too busy to spend much time with low priority media, so it is essential for salespeople to learn how to find the relevant story and lead with it. There are many more sellers presenting more media options than ever before, and agency media planners and buyers are responsible for understanding all those relevant to their clients. Planners and buyers reported that they now work with 4 clients and 6 brands on average.
2. Sellers Value Meetings More Than Agency Planners and Buyers Do
Reflecting the importance of the client, 80% of seller respondents said meetings with clients are extremely or very valuable. Meetings with agency planners and buyers are valuable to them as well, but only 43% of seller respondents said they were extremely valuable. However, only 9% of agency respondents said meetings are extremely important, showing the glaring discrepancy in how the two groups see this.
3. Seller Organizations Must Be Very Nimble
Agency people are responsible for analyzing more media than they could possibly meet with, so they rely heavily on responses to Requests For Proposals (RFPs) sent to selected media sellers. Ninety-three percent (93%) of media planners and buyers acknowledge that they give up to 10 days for response, but 75% of sellers report that they must submit proposals within 5 days. Either way, it is a very small window. During planning, agencies are often not sympathetic about delays caused by vacations, illness, travel, or other schedule conflicts the seller may have. To avoid missing the opportunity, selling organizations must establish a way to back up every seller with office staff or selling partners. This is important; 33% of sellers say they are never given an opportunity to change a proposal that was excluded or denied.
We invite you to download your own free copy of the entire study or the summary, The Publisher’s Guide to Understanding the Buyer/Seller Dynamic, at www.adsandideas.com.
Announcing the new Ads&IDEAS™ Division of the James G. Elliott Co., Inc.
Each year, a number of publishers and media owners have asked the Elliott Co. to help them with advertising strategies and product positioning. Although many of these executives have no plans to outsource their advertising sales operations, they recognize the value of the Elliott Co.’s current knowledge and seek to avail themselves of our current experience with the wide variety of media we represent as advisors.
So, to accommodate the growing demand and to reduce possible confusion between the consulting services and the Elliott Co.’s sales arm, we created a new name. Ads&IDEAS™ is still connected to the Elliott Co. but with a different mission. Research, marketing services, consulting and our newsletter by the same name now will be grouped under the Ads&IDEAS™ umbrella. The James G. Elliott Co., Inc., will continue to be the outsourced sales company.
The biggest advantage this new division offers to publishing executives is our constantly updated knowledge of best practices, strategies and tactics that work in today’s advertising environment gained from the sales company.
Here are some of the kinds of services available from Ads&IDEAS™ :
Confidential consulting services and strategic planning
Evaluation of opportunities to monetize non-productive assets
Evaluation of sales processes and systems
Market and competitive set analysis
Reader panels and custom research
Whatever else you might need related to advertising sales strategy
If you would like to find out how you could put our experience and expertise to work for your company, please call Jim Elliott at (213) 624-0900, ext. 1514, or send an email to firstname.lastname@example.org.