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BUDGET BUZZ: Utilizing Research To Plan And Allocate Advertising Budgets

BUDGET BUZZ: Utilizing Research to Plan and Allocate Advertising Budgets

It’s no secret that the way people consume media has changed significantly over the last decade. More and more advertisers are allocating media dollars to online, mobile and social media channels.

However, according to July 2013 Neilsen Online Research, TV still leads in terms of time spent, with the average US TV viewer watching 156 hours of TV per month, the average PC owner spending 29 hours online, and the average smartphone user spending 24 hours on apps and web each month.

Companies are dabbling in shifting dollars from traditional media to online, constantly trying to keep up with the trends. The questions we are often asked by clients are, what are the appropriate media platforms for our business to invest in, will it make an impact, and how much of my budget should I allocate? The answer is not as simple as it seems. Sure, you could decide to put a portion of your advertising budget into social media because all your colleagues, friends & family are “liking” on Facebook, “tweeting” on Twitter, and “pinning” on Pinterest. Or, you could decide to spend more in online ads because that is what everyone else is doing. But what is really the right media mix?

To answer this question we first identify what the most effective media platforms are in order to reach your best customers. The best way to find out this information is to ask your customers, and survey what the trends are in your marketplace. We uncover what we like to call “gold nuggets” in the survey results. Data is sliced and diced to look at different age segments, spending habits and media consumption. The real “A-ha” moments are often realized while pouring over research results from your customers and the market. These “gold nuggets” are then used to develop strategic marketing plans, creative campaigns, and provide budget allocation recommendations.

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