MEDIA COMPANIES CAN'T AFFORD TO

IGNORE

10 Business Basics

Tracy Hasson Alex Enriquez

Tim Kelly

Decreasing advertising budgets coupled with increasing costs have made marketers scrutinize every dollar spent

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Recent economic downturn has accelerated the need for organizations to re-evaluate how they do business.

How to Re-organize

Ernst & Young's Howard Bass:

Beyond Advertising-Budget Slash and Burn

Revisit Inventory Management

Number One

Yield-management and scheduling tools can help get more value from your inventory and bolster thinning margins

"Fact Up" Your Business

Number Two

"I make decisions by the facts or by the clock, but all too often, the clock wins."

Leading firms treat data as an asset and foster a culture of fact-based decision making and performance measurement

Embrace Measurement

Number Three

Digital and direct have set the bar for media measurement

Expectations in all media now go beyond basic delivery and fulfillment metrics

Develop Creative Packages

Number Four

Marketers, agencies and planners are selecting media partners based on their ability to drive consumer engagement, as well as impressions across multiple media platforms, brands and geographies

Creative packages deliver greater engagement, and enhances greater consumer brand affinity

Partner for Innovation

Number Five

Be opportunistic as well as strategic

New trends can present immediate opportunities

Build an Adaptive Organization

Number Six

Organizational hazards -- from misaligned skills to internal competition for valuable resources -- damage productivity.

Leading media firms react with the speed, skill and flexibility

Make it Easier to do Business

Number Seven

Operational issues create unnecessary friction and hurt client relationships

Ensure transactions are easy, transparent and well-executed

Don't Lose Sight of the Little Things

Number Eight

Operational setbacks negatively affect margins, cash flows and client relationships

Promote Areas of Expertise

Number Nine

This is simple positioning based on comparative advantage

Bring your expertise to light. Avoid being viewed as a commodity; demonstrate your audience insight by using internal research and data

Deliver on Promises

Number Ten

Marketing plans are about driving product awareness and consistent messaging, not just about getting gross rating points and demographic exposure

Identify the root causes of underdelivery and place better controls across media scheduling and execution to minimize lost revenue Could be done with Pareto Analysis

10 Business Basics

Article was found on AdvertisingAge.com