Media buying pros are a great value to community banks wanting to make efficient use of their advertising budget. In a recent ABA Marketing Journal article entitled “Say ‘Buy-Buy’ to Media Buying Woes!” Deborah Cover-Lewis, owner of Media Vision details the value of hiring a media buying professional. After reading this and drawing on my own experiences working with ad agencies I wrote the following article.
This article is intended to
· Recognize that most media buying companies in the market today are not actively recommending digital signage as part of their customer’s marketing strategy.
· Outline how incorporating digital signage would benefit both their agency and their customers.
· Suggest tips on getting started.
Advertising agencies have not caught on yet.Digital signage is obviously a point of decision merchandising technique and would be best compared to print/ship/hang static “in lobby” advertising. Media buying companies traditionally focus on getting customers into the bank through newspaper, TV, Radio and direct mail but are often times responsible for the entire merchandising campaign for the bank. Most agencies are in position and have the expertise to guide the bank to a successful digital signage campaign but usually default to static signage. Why is that?
Digital signage is relatively new as compared to printed in store merchandising. Ad agencies have developed relationships over time with printing companies and have a comfort zone with the process. They know the order and fulfillment process, their margin and it is what they have always done. Considering that there are only a handful of digital signage companies specializing in digital signage it is understandable why this hasn’t caught on yet.
Digital signage is complex. It involves expertise in a unique combination of audio visual, software, networking and graphic design. Confusion says no. How can an advertising agency or other media buying company get through a learning curve like that and succeed?
How can digital signage benefit my agency? What’s in it for me?
Digital signage is simply another medium to display the expertise and work of an ad agency. In most cases, there is a software component that allows the marketing department to upload content to a hosted library. Once uploaded, the media can be scheduled/distributed to desired screens at the desired times remotely. It is at this point that ad agencies can provide the most value to their client and be compensated for it.
In the aforementioned article there is a paragraph entitled “Use a rifle not a shotgun” which describes the expertise of a media buyer to determine the target audience. So, who better than an ad agency to guide the bank as to which media plays on the screens and at which times? If an ad agency creates content and/or brokers the content creation, determines the target market for specific branch locations, and helps determine brand strategy; doesn’t it make sense to leverage that work into a dynamic eye catching medium that is displayed daily to a captive audience of decision makers at the branch level where 96% of all core banking products are purchased? (ABA Marketing Journal/August 2005)
Another enormous benefit to the ad agency is having the right tool to run a promotion instantly and affordably. In another article written by this author entitled Digital Signage: A Dynamic Strategy for Credit Unions and Community Banks the advantages of running instant campaigns through digital signage are outlined.
How can I get started?
The first step is finding a vendor you can partner with. The good news is that you do not have to be an expert at digital signage. The key is finding the right partner that you can trust to demonstrate their product directly to your client, make the appropriate needs assessment and deliver a quality service without violating the protocol set forth by your agreement with the bank. The following questions will help you get started.
Can my client monitor and schedule media to multiple locations remotely?
Can the vendor buy and install the equipment?
Can my client upload media our ad agency created without an additional charge?
Does the vendor create media at an affordable price and is there a revenue opportunity for our agency?
Can I keep my client’s logo/brand prominent in the media displayed?
How much time will my staff have to invest in a digital signage campaign?
How much will training cost?
Will the system eat up my client’s available bandwidth?
Can my client buy the PC?
Can my client use existing display screens?
Will my client be charged annual maintenance fees on the equipment?
Can my client get access to local news, weather etc?
Do you have a revenue sharing plan? Does it include recurring revenues?
Another great resource for getting started is an article written by Brian Nutt, President of Captive Indoor Media entitled Tips for a Successful Digital Signage Deployment .
Media buying professionals are in position to add an enormous amount of value to their bank clients through digital signage. The expertise and work already accomplished by an agency can be leveraged into one of the fastest growing marketing strategies today.
About the Author: Greg Barrett, Director of Business Development, Captive Indoor Media.
