Price Negotiation Strategies for Media Buying Through Procurement Intelligence Study
The recent procurement market intelligence study by SpendEdge on media buying and planning helps companies in the FMCG industry to assess the supply market landscape and shortlists media agencies that have strong capabilities and the best prices for its substantial media budget.
Trends in the media buying market
Media buying and planning primarily deals with negotiating, strategizing, and evaluating procuring time of advertising spaces on several media channels such as radios, televisions, newspapers, magazines, and the Internet. An effective media buying strategy will help companies to reach the target audience most economically and efficiently that results in maximized ROI. The increasing media spend on digital platforms, and the introduction of programmatic buying and real-time bidding platforms is fueling the demand for these services in the market. The development of new businesses and start-ups in the emerging nations of India, China, and Mexico is boosting spending on ads and content in the region. Service providers are focusing on expanding their businesses in these regions to increase their revenues and profitability. SpendEdge’s procurement intelligence study on media buying provides a detailed understanding of the supplier engagement models, suppliers’ evaluation, and selection criteria, and cost breakup and positioning for companies in the FMCG sector. This study also offers a complete overview of the sourcing and procurement best practices, current market trends, and pricing models.
The increasing focus using correct content and marketing it efficiently is the new emerging trend in the digital media space. Companies are leveraging the quality of the content to build brand value amongst the external and internal stakeholders. Furthermore, creating and distributing valuable and relevant information on online media platforms will help enterprises attract and acquire more customers. Developing effective content marketing strategies will help companies analyze the consumer buying patterns through their social media interactions.
Programmatic buying to automate media marketing
Programmatic buying allows companies to target a specific group of people and demographics thereby, optimizing and automating the media buying process. By adopting these solutions, companies ensure efficiency in transactions as it cuts down complex tasks in the media buying process and results in cost-effectiveness by eliminating the middlemen. Programmatic buying helps enterprises buy advertisement slots on a real-time basis and significantly reduces the costs associated with digital media planning and procurement.
Adoption of social media analytics
The leading FMCG companies are implementing social media analytics tools to identify their target audience and select the most effective media placement for advertisements and marketing campaigns. The increasing use of social media platforms such as LinkedIn, Facebook, YouTube, and Instagram is encouraging companies to develop effective marketing strategies for these platforms and boost the requirement for media buying services. This analytics identify the behavioral patterns of the target audience and understand which platforms will help achieve desired visibility objectives.
Solutions SpendEdge offer to businesses
The recent procurement intelligence study by SpendEdge on media buying provides an overview of the key suppliers operating in the market, latest trends in procurement, and the service level agreement terms. The solutions offered are listed below:
- Offer a better understanding of the supply market, which helps identify the key media buying and planning service providers
- Design effective strategies on cost structure, price negotiation, sourcing and procurement best practices, and supplier engagement models
- Provide information on cost-saving opportunities, pricing models, price negotiation strategies, service level agreement terms, and contract terms and conditions
- Deliver comprehensive insights on supplier engagement models, suppliers’ evaluation and selection criteria, and cost breakup and positioning
- Analyze the supply market landscape and shortlist media agencies
Read our complete case study titled – Procurement Market Intelligence Solution Helps a Leading FMCG Company
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