Identifying Value When Strategically Sourcing Media Buying and Planning Agency Services
STRATEGIC SOURCING AND MEDIA AGENCY SERVICES: MEDIA ENVIRONMENT
In today’s media-centric environment, the competition for ideal ad space is higher than ever. At the same time, advancing technologies offer more media channels for marketers to utilize than ever before. Determining the optimal placement strategy, while factoring in cost and ROI, can be difficult. At Source One, our strategic sourcing team can help marketers establish a media strategy directed at your target market with a clear message and at the lowest price possible.
STRATEGIC SOURCING AND MEDIA AGENCY SERVICES: SELECTING A MEDIA AGENCY
Media buying and planning requires a devoted team of researchers, negotiators, and strategists to constantly evaluate buying opportunities and monitor the market for changes. Similarly, media agencies must be in constant correspondence with creative and brand teams to effectively communicate the desired message. Source One’s strategic sourcing and media buying experts understand these challenges and work with your internal marketing team to source agency partners that can optimize your current budget. By partnering with your marketing team, we develop a collaborative, strategic plan to ensure that all of your media buying and planning needs are met, including:
- Media Plan Development
- Market Research
- Media Channel Monitoring and Analytics
- Media Buying and Placement
- Traffic Advertising
STRATEGIC SOURCING AND MEDIA AGENCY SERVICES: MARKET INTELLIGENCE
Our group of strategic sourcing marketing experts has worked on media projects of all sizes. Our strategic sourcing and procurement teams have experience necessary to assist your organization in identifying the agency with the capabilities and resources that best suit your scope of work. Source One has developed media buying strategies for television, radio, print, and online ad placement, and has capabilities in the following areas:
- Media agency identification and selection
- Obtaining cost-per-targeted-rating-point, while maximizing media outlet special programs and value-adds
- Collaborating with current media buyers to perform an agency review and/or for budget optimization
- Evaluating commission structures
STRATEGIC SOURCING AND MEDIA AGENCY SERVICES: THE SOURCING PROCESS
Source One’s strategic sourcing marketing services team seeks to collaborate with internal marketing groups to understand the needs of the project in order to identify a supplier who can provide your company with a competitive advantage in the market. Our role in the selection process is active from start to finish, including:
- Identification of media agencies with desired capabilities
- Conflict screening of potential bidders
- Creation and execution of Request for Information (RFI)
- Creation and execution of Request for Proposal (RFP) with pitch presentation details and scope of work
- Evaluation and summary of agency responses
- Pricing and contract negotiations
If your organization is in need of a media agency to assist in your buying and planning requirements, Source One’s strategic sourcing and procurement experts know the criteria and evaluation methods that can help to explore all of the available options.
Strategic Sourcing Marketing Services
Our Marketing Services Strategic Sourcing Expertise
HEALTHCARE MEDIA BUYS
A large healthcare provider with over $5.5 billion in revenue was looking to reduce their spending based on changing market conditions that were affecting hospitals and most of the healthcare industry. They contacted Source One to engage in strategic sourcing initiatives in multiple categories where spending could be reduced.After working with Source One to realize savings in initial spend categories, the client decided to include media buys in the scope of their strategic sourcing project. The client was able to achieve 14% savings in their media buys spend category through Source One’s strategic sourcing initiatives.
Similarly, a healthcare workers union with over 1.8 million members was looking for a mobile billboard advertising provider in order to promote their message to their target market more effectively.
Source One was able to identify multiple mobile billboard providers that could meet the requirements of the clients advertising campaign. After negotiations, Source One was able to assist the client in realizing 36% savings on mobile billboard advertising. Not only did the client receive significant savings, but by switching providers they were able to gain value-adds that they would otherwise not have had with their previous supplier.