3 Bs for Creating a Killer Advertising RFP
Posted by Jessie Johnson on Fri, Mar 04, 2011 @ 09:19 AM
A good way to get the information you want is to ask for it. In media buying, including specific questions on proposal requests results in better information with which to compare advertising opportunities and less time spent in negotiation volleys.
The local media buyers we talk to all have different processes for planning and measuring their buys. No matter what the process or depth of information collected on an RFP, being specific means being efficient.
The questions on an RFP don’t need to be cryptic and complex. But asking them in that initial communication touc
h—the RFP—not only saves time spent in the evaluation and negotiation process, but helps the buyer communicate goals and objectives to the seller.
The request itself indicates to the seller how the buyer is measuring and comparing the media buys for a campaign. This allows media outlets to respond with competitive proposals that focus on what matters most to the buyer (i.e., target audience delivery, overall reach and frequency, CPP, CPM, and so on).
Think about an upcoming media buy. If you could ask three specific questions of the media seller, what would they be? And what answers are you looking for?
The Three Bs
Until a magic formula or template exists that can be standardized for every local advertising RFP, suitable for campaigns of every size and shape, here are 3 tips for getting the information you need the first time around:
1 – Be strategic in your RFPs. Develop a planning strategy before sending proposal requests, not the other way around. Know what metrics you want to collect and how, rather than waiting to see what the media outlet provides.
Let the media outlet know who the client is and the purpose of the campaign—branding, immediate sales, introduce new product or service, event promotion, etc. It will help the media seller prepare a proposal tailored to the goals and parameters of the advertising campaign.
2- Be clear in what you’re looking for and how media outlets can win your business.
- Duration of campaign
- Budget range. Let them know approximately how many stations/sites/publications/etc. will be included in the buy.
- Target audience (Primary demographic? Secondary?)
- Is the purpose of the campaign to remarket to existing customers, or raise awareness in a new location?
- Specific programming or editorial?
- Specific placements or dayparts?
- What’s more important—as many eyes and ears as possible, or the eyes and ears of a specific demographic, alongside specific programming/content? If it’s a rated station, for example, ask for audience delivery information for the specific demographic you’re targeting.
3 – Be consistent. Collect the information in a consistent format from each media outlet (and for each media channel) in your consideration set for more accurate and efficient evaluation once all proposals have been received. At minimum, get proposals in spreadsheet format rather than pdf for easier cross-media analysis for the entire campaign. Or do it better with media buying automation technology.
Gather information from each media outlet in a consistent format, put it all together, and run your formulas to evaluate and place media. (For example, if you run your own calculations for CPP and 3+ Reach, request TRP, Reach, and Frequency in the RFP.)
Keep it Simple
The questions on an RFP don’t need to be cryptic and complex. A large factor in determining the complexity of an RFP and analysis of proposals is the degree to which the buy is based on ratings data. For many stations, ratings data is unaffordable, but they are still viable advertising mediums for a client’s message. For these buyers, the information request may be as simple as “looking for placement next to Widget Parade story.”
The number of questions on an RFP and their complexity depends on and varies by each campaign, no matter what media channels are used (traditional, online, or any combination). Knowing what information you need to evaluate and place media for a local ad campaign is the first step in saving time in the request and negotiation process and ultimately gathering better information for analysis and decision-making.
Learn more about Avenue Right’s web-based media buying software and how it streamlines local media planning, information analysis, and scheduling.