How does a media agency work?
Media agencies work to connect the client and their customer. Media professionals use their real-world skills along with data and insights to determine the appropriate tactic for clients to connect to their target audience by knowing what they want, why they want it and how they want it.
Top media agencies put themselves in the consumer's shoes to work out the best course of action that will promote behavioural change in the customer.
What is media agency accreditation?
Media agency accreditation is a thing of the past, the formal existence anyway. Some say it breeds corrupt dealings and unqualified agencies, and some say it places a dose of accountability upon the business, promoting a healthy amount of competition and drive to prove your worth as an agency.
In 1996, the ACCC revoked the advertising agency accreditation system administered by the Media Council of Australia.
Presently, it's the responsibility of the media agency to deliver transparent, quality deliverables that clients can see and measure. Having a solid reputation, client reviews and case studies are the best forms of media agency accreditation.
What is the Media Agency business model?
Media agencies are either part of a network (nationally or globally) or an independent. Both have their obvious pros and cons, but in our slightly biased opinion, we'll outline a few.
If you're working with or for a media agency that is part of a more extensive network, you can bet some outside pressures and constraints will affect the output or work. Usually, KPI's come from overseas and have no real relevance or understanding of the Australian advertising landscape.
Smaller, independent agencies in Australia account for a large portion of the media industry and for a good reason. We're known for being nimble, forward-thinking and a little more personable if we do say so ourselves. We want to deliver the best outcome possible for our clients, not for someone sitting in Accounts on the other side of the world.
Working with an indie agency gets you the benefits of media discounts, adaptable media planning and tailored, data-driven strategies unique to each individual client.
What is a media agency fee structure?
The fee structure of a media agency is entirely dependent on how the business is structured, what works for the client and exactly what type of work is being undertaken.
Here are a few ways media agencies bill their clients and why:
Hourly. Billing on an hourly basis is popular for consultant and contractors in the media industry. It is beneficial when you're working on a specific project or if you require comprehensive and thorough 'one on one' guidance. If you're going down this track, take hourly notes to record the work.
Flat Retainer. A flat retainer is a pre-approved monthly fee, agreed upon by both parties. Often this one of the most simple and straight forward billing methods. Just make sure there is a clear understanding of all the work required.
Percentage of Spend. This fee structure is popular with many agencies as they firmly align the success of the client and agency alike. After all, most advertising budgets are a % of sales, so it stands to reason if the agency can grow the client's sales, future budgets will increase.
Revenue Share / Performance-Based. Another popular billing method used by some agencies to prove they're serious about wanting the best for their client by investing as much risk as the client is. There are quite a few risks with this method and require the client and agency to have a profound level of trust within each other.
What is the definition of a media agency?
Defining a Media Agency isn't as straight forward as you might think as media agencies specialise in different things. One thing they all have in common is Media Buying. We help clients market their products through a variety of channels by buying media or slotting it in at the right place and time. This can be Google ads, Instagram Ads, TV slots, Radio Spots, Magazine covers, the list goes on.
To be able to do this, we develop strategies and plans backed by data that are in tune with the clients marketing goals. We advise clients on how to best present their product and brand by researching the target audience, the product and the immediate industry landscape. This provides valuable insights for the client to sell their offerings effectively.
Just like in any other consulting field, our job varies depending on what the client needs. We can be your advisors, data analysts or buyers.
Media Agency Ecosystem
The media agency ecosystem is anything but straightforward. It's a complex, interconnected system that varies dramatically on your specialisation or range of client needs.
The supply chain comprises of demand from several factors such as; Broadcasting demand, demand from advertising agencies, business confidence index, demand from internet publishing and broadcasting, TV consumption and demand from newspapers & magazines.
What is the media agency discount?
The Media discount is more than just a negotiated rate we provide for our clients.
It's the knowledge of how much a placement is worth, what's worth negotiating and for how long.
Think about it as 'Media Agency Value' instead of a discount; a good Media Agency knows precisely where and when your ads need to be placed, so we're able to get the value from the placement. Of course, we have relationships with media owners, and that's how we're able to negotiate the best prices, but the process and knowledge are essential in bargaining spots.
What are media agency services?
Generally, media agencies provide clients with a range of different services depending on their needs. Usually, these include but are not limited to:
Buying and negotiating TV, Radio, Billboards and online placements.
Professional advice, direction and advertising counsel
Data and analytic sharing of key target audiences
Advertising and marketing of brands, services or products
Media planning and strategy development
Media agency tools
One luxury of working in an agency is access to tools. A dizzying array of data and intelligence at your fingertips ensure access to the latest trends and insights.