Have you considered Remnant Advertising?
There is an old adage in advertising. “I know I’m wasting half of my budget. I just don’t know which half.” The reason the adage has held for so long is the difficulty in assessing advertisings value.
For example, if there was an earthquake in California:
California Penal Code 396: “prohibits price gouging, generally defined as anything greater than a 10 percent increase in price, once a state of emergency has been declared.”
You can only have such a law because we generally agree on what the price of milk or gasoline should be. But most media outlets are selling an intangible. And that commercial does not have value until you pay for it, which means you determine its cost. This is a critical concept and mindset when negotiating.
You have money, and they have air time. You determine the value of their product.
With the great migration of ad dollars moving over to digital, traditional broadcast media outlets have unsold inventory (also known as remnant inventory) available. Remnant inventory could give you the proper price point. If you combined this lower cost with the proper messaging, your company grows.
When putting together a media plan here are a few tips;
- Usually, a good rule of thumb is no matter what your purchasing, you should get it for half off.
- Sometimes for premium inventory, it’s acceptable to pay rate card for a while and then retract the spend as you optimize. We have found that psychologically its easier for the media outlet to save existing business rather than capitulate at the beginning of the negotiations.
- Work with the media outlet to understand their seasonality. Are they sold out during the political window? Are summers better than winters? When are the times they have open inventory?
One of the most significant expenses a company can have after personal is advertising. If that’s the case, then an advertising agency is essential to the company’s growth. We can help to reduce your advertising cost while increasing performance.
Advoke Media was founded in 2008, and for more than a decade, we have dedicated ourselves to getting the best deal we can for our clients!
We would love the opportunity to see if we are a good fit for you and if so we would love to represent you!