Key Features of Report
Procurement Best Practices
Cost Saving Opportunities
Supplier Capability Matrix
Magazine Advertising - Category Spend Analysis
According to procurement analysts at SpendEdge, the transition toward digital advertisements such as e-mail, social media, and paid search marketing is gaining momentum across regions due to their wide reach, ease of content modification, and convenience in terms of accessing content for end-consumers. This is leading to the negative growth of the global magazine advertising market.
One of the challenges faced by this market is the environmental issues related to magazine advertising. Service providers encounter environmental issues related to the production and execution of magazine advertising when compared with other techniques of advertising. Some of the environmental issues affecting magazine advertising are as follows:
- Deforestation: Trees are a major source of raw materials for paper production. Hence, cutting down of trees to produce paper will lead to global warming and will affect the biodiversity of plants and animals.
- Air pollution: The use of solvents, inks, and alcohol in the process of printing causes emissions related to VOCs and toxic compounds in the environment.
- Water pollution: The wastewater released from paper mills may contain chemicals such as chlorine, solvents, plate coatings, acids, and alkalis.
Therefore, to curb environmental problems, governments across have imposed regulations to ensure environment-friendly magazine advertising production techniques. Incorporation of such magazine advertising production techniques has increased operational costs for suppliers. This, in turn, has led to a decline in supplier's profit margins; thereby, decreasing the overall magazine advertising market’s growth.
Magazine Advertising - Procurement Best Practices
One of the procurement best practices for buyers is to opt for service providers that have digital asset management capabilities. Digital asset management systems are applications designed to maintain repositories of media files (such as photos, audio files, and video files). These systems work as a centralized digital library that provides peers, employees, and client-controlled access to digital assets. These systems can also be utilized for optimizing operational efficiency, increasing asset utilization, and improving safety and environmental integrity; thus, aiding buyers to maximize their ROI.
Magazine Advertising - Procurement Challenges
According to this procurement research, one of the key procurement challenges faced by buyers is the difficulty in identifying the appropriate agency. Buyers face issues in identifying agencies (service providers) that possess skills and expertise in creating innovative magazine advertising campaigns. As a result, buyers should ensure that the campaigns can attract a potential audience and stand out in the magazine advertisement space. Also, engaging with agencies that have low proficiency may result in poor campaign performance in terms of converting leads.
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Magazine advertising is a type of printed form of advertising which is placed throughout magazine publications. Strategically placed advertising in magazine publications can drive up sales significantly. Additionally, buyers must advertise their products/brands in relevant magazines to drive up sales. This upcoming procurement research, which is part of SpendEdge’s marketing category, would provide actionable insights on the pricing strategies, market drivers, procurement best practices, and the supply landscape in the global magazine advertising market.
Category overview of the global magazine advertising market
Analysts at SpendEdge consider the various segments within the market. Furthermore, magazine advertising can be categorized into:
- Display ads- Display the product/brand in a full page or half page of magazine with minimal text written
- Advertorials- These are written in story form with a catchy headline. They majorly cover an entire page in the main section of the magazine
- Classified ads- These are found at the back of the magazine. They mainly contain contact information and call to action with a few lines of text
- Special promotions- These include featured products or brands in an article on a particular topic.
Additionally, the report also considers key market segments including cosmetics, FMCG, automotive, food and beverage, fashion and lifestyle, tourism, personal care, pharmaceutical, educational, government, real estate.
This upcoming procurement research on the magazine advertising market would provide detailed analysis into the continuously evolving supplier landscape to help improve source-to-contract cycle performance. Moreover, it would help procurement professionals develop enhanced category strategies, understand supplier and market challenges, boost savings, and implement sourcing best practices.