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MEDIA COMPANIES CAN'T AFFORD TO
IGNORE
10 Business Basics
Tracy Hasson Alex Enriquez
Tim Kelly
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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.
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How to Re-organize
Ernst & Young's Howard Bass:
Beyond Advertising-Budget Slash and Burn
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Revisit Inventory Management
Number One
Yield-management and scheduling tools can help get more value from your inventory and bolster thinning margins
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"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
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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
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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
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Partner for Innovation
Number Five
Be opportunistic as well as strategic
New trends can present immediate opportunities
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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
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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
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Don't Lose Sight of the Little Things
Number Eight
Operational setbacks negatively affect margins, cash flows and client relationships
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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
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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
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10 Business Basics
Article was found on AdvertisingAge.com